Modern, high-volume pizzeria restaurant in an affluent community of Essex County New Jersey. Well known as a fine, family owned, Italian restaurant. This restaurant provides a casual setting, and they guarantee they will make you feel right at home the minute you walk in the door. They specialize in homemade pasta, seafood, veal, chops and their gourmet deli will cater to any corporate event to an intimate private party. The restaurant can hold up to 70 customers which is also perfect for corporate functions or family events. The restaurant can customize any menu to meet the customers taste and they also offer delivery service. The owner is retiring will finance the sale of the business or include the property if desired. This restaurant/pizzeria has 22 full / part time employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, the staff is fully expected to remain post-closing, and the monthly payroll expense is approximately $28,800. The business transaction includes a new commercial lease which will expire 2029, plus additional options available, with a monthly rent of $5,500, cost per square foot is estimated at $18.33 and rent security of approximately $5,500. This successful restaurant business is active 7 days per week, Monday-Thursday 10am-10pm, Friday-Saturday 10am-11pm, and Sundays 12pm-10pm. The business has been valued / priced at $285,000 which is based on a multiple of the net yearly income and includes the value of the specific business assets. Also, possible seller financing has been conditionally approved to a qualified buyer with an appropriate down payment, collateral and credit rating. Also available to purchase is a consumption liquor license. This is a dependable safe business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent return on investment to the owner operator. Based on a 25-year payout at 6% interest, approximately 20% down payment purchaser would obtain a consistent net yearly income return on investment after debt service. Please do not disturb business, this sale is confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and the photo does Not represent this particular business opportunity.
This successful retail facility which consist of approximately 3,600 square feet have a modern Italian flair appearance. The business is on an active commercial avenue with various other active and successful businesses. This opportunity is in Northern New Jersey, Essex County, which consists of various affluent and highly populated communities with continued demand for this industry.
Regarding competition, to the best of our knowledge, due to various circumstances, 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.
The business can be further expanded by the new operator, presently has a limited marketing plan, no local advertising, poor web site and if improved can further develop the business yearly gross sales.
Support & Training:
The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator. Also, if required the seller may be available to supply additional training, at a fair cost to the purchaser.
Available to qualified buyers.
Reason For Selling:
The purpose of this business transaction is due to the owner’s relocation.