High-volume restaurant lounge in a national franchise hotel located in Northern New Jersey, Bergen County, on a state highway. The business facility is 4,600 square feet, has a full food menu, and offers room service to hotel customers. The facility has been fully upgraded during the past few years and is very attractive, with a huge bar, a separate breakfast room, a large outdoor patio / bar, and a seating capacity of 185 customers. The business is located on a major highway with thousands of vehicles, and the restaurant serves a large business clientele. The business also has entertainment approval for live music. This wonderful restaurant is in Northern NJ and can be considered a premiere NYC-style lounge. The business offers quality dining, drinks, entertainment, and excellent service. This is a dependable, safe business opportunity. The 2019 yearly gross income represented by the selling group corporate tax returns is $1,969,124, and the business has a consistent net income based on the owner-operators and prior to any debt service. Also, due to a percentage of non-disclosed income, formal due diligence is recommended for the purchaser.
- Asking Price:
- $395,000 Furniture / Fixtures and Inventory / Stock included
- Sales Revenue:
- $1,980,000
- Cash Flow:
- $175,000
Property Information
- Real Estate:
-
Lease
- Lease Terms:
-
The business transaction has an assignable commercial lease which expires 2027, plus additional options available, with a monthly rent of $9,000, plus $4,500 cam, rent security $25,000.
- Lease Rent:
- $102,000 per sq ft per annum
- Location:
-
The business is located on a six-lane state highway in Bergen County, New Jersey. The restaurant is in a highly successful corporate franchise hotel with lots of daily customers. This restaurant lounge facility consists of forty-six hundred square feet (4,600) with a large bar, full dining room, office, separate breakfast room, outdoor bar, and a full commercial kitchen. The restaurant’s seating capacity consists of one hundred seventy-five patrons. The business is five years old, has been fully renovated with all updated equipment, and is in excellent condition.
- Size in square feet:
- 4,600
Business Operation
- Expansion Potential:
-
The business can be further expanded by the new operator with an onsite owner operator, improved marketing plan, improved web site, entertainment which can further develop the business yearly gross sales.
- Competition / Market:
-
To the best of our knowledge, due to various circumstances, no other new competitors are expected near to this business and limited liquor licenses area available. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser
- Reasons for selling:
-
Owner absentee.
- Trading hours:
-
This successful Restaurant Lounge business operation is active seven days per week, with hours from 11:00 am to 1:00 am.
- Employees:
- This restaurant lounge maintains approximately sixty full / part-time employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, the staff is fully expected to remain post-closing, and the monthly payroll expense is approximately $30,868.
- Years established:
- 1985
Other Information
- Support & training:
-
The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.
- Owner financing:
- Owner financing is available. Please contact the seller for more information.
- Financing available:
-
. Also, possible seller financing has been conditionally approved to a qualified buyer with an appropriate down payment, collateral and credit rating.
- Furniture / Fixtures value:
- $230,000 - included in the asking price
- Inventory / Stock value:
- $1,000 - included in the asking price
