Wonderful opportunity, Owner retiring, for this super prime affluent location of Somerset County New Jersey, The facility consists of five thousand eight hundred (5,800) square feet restaurant and tavern on an active commercial avenue with other successful businesses. The business has an average gross yearly income of $1,250,000 which includes discretionary income. The business consists of a restaurant and a bar; full commercial kitchen and two separate entrances. The pub is presently not in use due to the owner’s age and is available for immediate operation with a $10,000 weekly additional projected gross income and an estimated gross income of approximately $2,000,000. The sale includes the use of a very valuable consumption liquor license, and the selling price has been adjusted accordingly. The owner is retiring after forty years in this food industry and will finance the sale to a qualified potential buyer. This is a very usual business opportunity at the best possible location and based on the asking price, with substantial future growth, this business expects to supply a consistent return on investment to the owner operator.
- Asking Price:
- $599,900
- Sales Revenue:
- $2,000,000
- Cash Flow:
- $195,000
Property Information
- Real Estate:
-
Lease
- Lease Terms:
-
Lease and terms, the business transaction can include a long-term lease or will offer the sale of the business, assets, an option for the real estate with a monthly rent of $7,500.
- Leasehold Rent:
-
$90,000 per annum
- Lease Rent:
- $16 per sq ft per annum
- Location:
-
The facility consists of approximately 5,800 square feet, two separate operations, full commercial kitchen, lots of storage with an attractive appearance. The business is on a highly populated commercial avenue located in an affluent community with various other active businesses. This opportunity is in Central New Jersey, Somerset County, which consists of highly populated affluent communities.
- Size in square feet:
- 5,800
Business Operation
- Expansion Potential:
-
Regarding growth and expansion, the business opportunity can be further developed by opening the adjourning 2,800 square foot room, extending the hours for the tavern, improving the local advertising, and remolding the facility to promote the liquor sales. Additionally, the company has a poorly optimized web site and if adjusted can further develop the yearly gross sales.
- Competition / Market:
-
Regarding competition, to the best of our knowledge, no other new competitors are expected near to this business due to the unavailability of liquor license. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
- Reasons for selling:
-
The purpose of this transaction is due to the owner’s retirement after forty years of ownership.
- Trading hours:
-
Days Hours of operation, this restaurant tavern operation is active seven days per week, with hours from 11:00 am to 9:30 pm.
- Employees:
- Regarding employees and payroll, this tavern / restaurant has approximately fifteen employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, and some employees receive a weekly base salary. The staff is fully expected to remain post-closing, also the monthly payroll expense is $17,800.
- Years established:
- 1975
Other Information
- Support & training:
-
Training and owner support, the owner will remain post-closing and is prepared to supply a transitional period to the new owner.
- Owner financing:
- Owner financing is available. Please contact the seller for more information.
- Financing available:
-
Also, seller financing may be available to a qualified buyer with an appropriate down payment, collateral, and credit rating.
- Furniture / Fixtures value:
- $195,000
- Inventory / Stock value:
- $5,000
