Restaurant Lounge Bakery Nets For Sale

Property Information

Real Estate:

Lease

Lease Terms:

Lease and terms; the seller of this restaurant owns the property and will supply a new n fifteen-year commercial lease which will expire 2034-01-01, plus additional options available, with a monthly rent of $16,000 all in, cost per square foot is approximately $50.00 and rent security is required. This opportunity will also offer an option to purchase the real estate.

Leasehold Rent:

$192,000 per annum

Lease Rent:

$50 per sq ft per annum

Location:

This business opportunity is in norther New Jersey, Newark in the county of Essex on a highly active county road. This business facility consists of approximately 3,800 square feet, three floors, with a modern, and attractive appearance. The business is in a corner property on an active commercial avenue conveniently located for its various customers. The business also has exterior seating when weather permits.

Size in square feet:

3,800

Business Operation

Expansion Potential:

Regarding growth and expansion, this multi retail company can be further developed by increasing the use of the banquet-club second floor, offering valet parking, and improving the advertising position. 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.

Reasons for selling:

bank and owner financing is available for this transaction to a qualified buyer with an appropriate down payment, collateral, and credit rating.

Trading hours:

Days Hours of operation; this business is active seven days per week, Bakery 6 am to 8:00 pm, restaurant hours from 11:30 am to 10:00 pm and the club is open until 2:00 am.

Employees:

Regarding employees and payroll; this restaurant and company consist of twenty-one employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, and weekly base salary for kitchen staff. The employees are fully expected to remain post-closing, the monthly payroll expense is approximately $46,000.

Years established:

1985

Other Information

Support & training:

Training and owner support, the owner is prepared to remain post-closing and will supply an appropriate transitional period to purchaser.

Owner financing:

Owner financing is available. Please contact the seller for more information.

Furniture / Fixtures value:

$350,000 - included in the asking price

Inventory / Stock value:

$50,000