What business is for sale?
Guess which business is for sale. Can you figure it out?
I recently came across this business “listing” for a bar / restaurant that is for sale. Not sure if it’s in Hoboken or Jersey City (I’m thinking the latter – but could be wrong).
They purposely are vague about the actual business – but give enough “clues” for someone to figure it out.So, which business is this?
Hoboken / Jersey City Waterfront
“Wonderful Restaurant / Pub location near the Hoboken / Jersey City, New Jersey downtown Waterfront, close to the New York ferry’s and minutes from Manhattan N.Y.
This highly successful casual restaurant has a 2014 yearly gross sales of $1,093,821 and a reported yearly net income of $376,199. This transaction includes a valuable consumption liquor license and a full turnkey business operation. This restaurant has an established reputation for serving fresh, homemade Italian food and a full assortment of wines and beers.
As a locally owned and operated establishment, the restaurant is well known for its excellent foods in a relaxed atmosphere. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expect to supply a 40% investment return to the owner operator prior to debt service. This particular business has seventeen full & part time employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll approx $25,000.
The business has an assignable commercial lease which expires 2032-01-01 plus additional options, with a monthly rent of $3,500 and rent security $7,000.
The business facility consists of 1,500 square feet on an active commercial avenue with various successful businesses. The restaurant has a seating capacity for forty four customers and an additional outdoor seating area for an additional twenty customers. This restaurant which is well known for its Italian specialties and pizza is modern and fully equipped for high volume production.
The sale consists of a Restaurant which includes a full commercial kitchen, refrigeration & freezer units, POS system, wood burning oven, displays, shelving, tables, computers, fire suppression system including all the necessary equipment to maintain the day to day business operation and a list of assets will be supplied to purchaser upon request. The facility has appropriate municipal parking nearby to the restaurant.
The business is active six days weekly, closed Sunday hours from 4:30 am to 10:00 pm. The sale includes a NJ state issued consumption liquor license, certificate of occupancy from the particular municipality and the required food licenses from the city to conduct its day to day business. The owner will remain post-closing for 30 days in order to supply an appropriate transitional period to the new operator and additional training is possible upon request.
The sellers / owners have an alternative restaurant out of the area which requires their full time efforts. The business presently has no delivery, closed Sunday and does not offer lunch, if improved can further develop the business bottom line net income. To the best of our knowledge and due to limited liquor licenses, no other new competitors are expected near to this business and the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
The 2014 yearly gross income is $1,093,821 and the business can evidence from the corporate tax returns a yearly net income of $376,199 based on an owner operator and prior to debt service. The business has been valued at 2.5 times the net yearly income. The sale includes all of the business assets and liquor license.”
Can you guess which place this is?