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Restaurant Bar With Live Entertainment
Location: United States -> New York -> Richmond County
Industry: Food and Beverage > Restaurants and Fast Food (Non-Franchise)




Business Summary

Very unusual business opportunity for this highly successful ultra-modern lounge restaurant in a wonderful area of Richmond County New York. This unique high-end lounge which services an affluent group of customers, has a gross income of $1,145,843 which represent 70% liquor sales, 30% fusion style foods and a yearly net income of $133,869. This three-year young, Italian fusion style restaurant and nightclub combination with an Asian influence has it all with the best food, drink and service. The restaurant is located in a highly popular active outdoor commercial mall with many other successful retail businesses which attract a high volume of customers. The business is approved for entertainment which offers live music weekly. This restaurant has multiple outdoor areas for dining, drinking and smoking which increases the available customer venue. For qualification purposes, this business opportunity / industry requires New York State government licensing approval to purchase or operate due to the consumption liquor license, in addition to the standard required municipal licenses. Regarding employees and payroll, this Lounge Restaurant business routinely has 20 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 $16,600. The business transaction has an assignable commercial lease which expires 11/08/2026, plus additional options available, with a monthly rent of $13,777, all in, cost per square foot is estimated at $51.66 and rent security of approximately $25,000. The restaurants fixed assets has an estimated value of approximately $385,000 which is specifically based on the original equipment and licensing replacement cost in addition to the net yearly income. This successful lounge restaurant business operation is active six days per week (Closed Monday), with hours from 5:00 pm to 11:00 pm.


Financials

Asking Price Range:  $250K - $500K
Gross Revenues:   $1,145,843
Cash Flow:   $133,869
Cash Flow Type:  EBITDA
Inventory:  $385,000
Seller Financing:  Yes

About The Business

Year Established:  2016
Number of Employees:  20 - 34
Relocatable:  No
Franchise:  No
Current Real Estate:  Leased
Property:  Property For Lease

About The Sale

Management Training and Support:  The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.
Reason For Selling:  Due to the partners separation and absentee ownership.

Photos

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Restaurant Bar With Live Entertainment Photo 1




Print Listing Id: 700325308
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Related Searches: Catering Services  >  Food Production and Packaging  >  Grocery and Supermarkets  >  Liquor Stores  >  Restaurants and Fast Food (Non-Franchise)  >  Vending Machines  >  Other Food and Beverage  > 

Also See: Franchise Opportunities > Franchise Resales > New York Businesses For Sale > New York Franchises For Sale > New York Business Brokers



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