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Businesses For Sale   >>   Essex Businesses For Sale   

Restaurant Lounge Near Prudential Center

Location  Essex County, New Jersey, United States
Asking Price Range  $250K - $500K
Gross Revenues  $1169000
Net Profit / Cash Flow  $150000
Cash Flow Type  EBITDA
Seller Finance  Yes
Year Established  2005
Number of Employees  10 - 19
Inventory  275000 Equipment & 1500 Inventory
Relocatable  No
Number of Employees  10 - 19
Real Estate  Leased
Training  Owner will remain post-closing for 30 days and supply a transitional period.
Reason for Sale  The owner is retiring from this industry due to family responsibilities.

Description  
Excellent opportunity to own this highly successful Restaurant Wine Bar Lounge which has been redefining the restaurant scene in Newarkk?s historic Ironbound District and walking distance to the Prudential Center. The business 2013 gross income is $1,169,000 and a consistent net yearly income to the owner operator. The sale includes a fully equipped operation with a stunning reputation. Great food, fine wine, top entertainment and special events have earned this restaurant a growing reputation among discerning diners. Building on traditional Spanish recipes with intriguing modern twists, the restaurant has raised small plate ?tapass? style dining to an art form. This particular business has twelve employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $16,000. The business has an assignable commercial lease which expires 2029-01-01 plus additional options, with a monthly rent of $5,000 and rent security $10,000. The restaurant is in a free stranding facility which consists of 3,000 square feet and has a capacity for approximately one hundred customers. The sale includes a fully equipped Lounge Restaurant, liquor license, wine storage, commercial kitchen, refrigeration & freezer units, POS system, displays, shelving, tables, computers, 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 & private mall parking close to the business. The business is active six days weekly (Sunday) hours from 12:00 noon to 12:00 am. The sale includes entertainment approval, a certificate of occupancy from the particular municipality and the required state or city licenses to conduct its day to day business.


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