High-volume restaurant with a valuable consumption liquor license in a prime area of Bergen County and Northern New Jersey. This modern steak house has a yearly gross income of $2,023,981 and a solid net yearly income for the present owner and operator. The restaurant, as a steak house, specializes in the finest USA prime dry-aged steaks, premium seafood, and Italian specialties. The goal is to offer quality food with only the finest food products and the best possible service with an outstanding staff. Their clients indulge in the ultimate carnivorous experience at Let's Meat Steakhouse. Their prime cuts are aged to perfection, ensuring every bite is a savory delight. From tender filet mignon to robust ribeye, their selection caters to every steak lover's palate. Prepared by their expert chefs, each steak is grilled to their exact preference, delivering unparalleled flavor and juiciness. Complement your steak with mouthwatering sides, from loaded baked potatoes to crisp, garden-fresh salads. Their clients pair their meal with a selection from an extensive wine list or choose from our array of craft cocktails and beers, curated to elevate your dining experience. Whether it is a special occasion or a casual night out, our warm ambiance and attentive staff ensure a memorable dining adventure for you and your loved ones. SBA Bank and seller financing are available for this transaction to a qualified buyer with an appropriate down payment, collateral, and credit rating. This is a wonderful, safe business opportunity with an excellent return on investment. The 2022 yearly gross income as represented by the owner was $2,023,981, and the business has a yearly net income of approximately $284,000 based on an onsite owner operator, which includes any seller discretionary income and prior to any debt service. 2023 was similar, and the 2023 income is expected to be possibly greater than the previous year. Also, formal due diligence is available for this transaction.
- Asking Price:
- $795,000 Furniture / Fixtures included
- Sales Revenue:
- $2,023,981
- Cash Flow:
- $384,200
Property Information
- Real Estate:
-
Lease
- Lease Terms:
-
Lease and terms, the business transaction will offer an assignable commercial lease which expires 2034-01-01, plus additional options available, with a monthly rent of $13,000 all in, cost per square foot is approximately $60.00 and rent security is required.
- Leasehold Rent:
-
$156,000 per annum
- Lease Rent:
- $56 per sq ft per annum
- Location:
-
This business opportunity is in northern New Jersey, Bergen County, conveniently located on an active county road and servicing various municipalities in the northern New Jersey area. This restaurant business facility consists of approximately 2,800 square feet with a modern, attractive appearance consisting of a free-standing structure conveniently location for its various customers.
- Size in square feet:
- 2,800
Business Operation
- Expansion Potential:
-
Regarding growth and expansion, this retail company can be further developed by increasing the number of days of operation, improving the marketing and local advertising. Additionally, the company has a limited non-optimized web site and if adjusted can further develop the business yearly gross sales.
- Competition / Market:
-
Regarding competition, to the best of our knowledge, no other new competitors are expected near to this business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser. Also, no other liquor licenses are currently available in this city.
- Reasons for selling:
-
The purpose of this business transaction is due to the owner noncompetitive alternative restaurant business.
- Trading hours:
-
Days Hours of operation, this business is active five days per week, closed Sunday & Monday, with hours from 4:00 pm to 10:00 pm.
- Employees:
- Regarding employees and payroll, this operation consists of twelve employees who are unaware of the pending sale. The payroll is based on an hourly basis and a portion represents a weekly base salary, The staff is unaware of the pending sale, is fully expected to remain post-closing, and the kitchen has a separate staff who maintains the food quality.
- Years established:
- 2018
Other Information
- Support & training:
-
Training and owner support: the owner is fully prepared to remain post-closing and is prepared to supply an appropriate transitional period to purchaser.
- Owner financing:
- Owner financing is available. Please contact the seller for more information.
- Financing available:
-
SBA bank and possible seller financing is available for this transaction to a qualified buyer with an appropriate down payment, collateral, and credit rating.
- Furniture / Fixtures value:
- $225,000 - included in the asking price
- Inventory / Stock value:
- $7,500
