Restaurant/Lounge w. Live Entertainment
RESTAURANTS For Sale in NY
Financial & Assets Details
About the Business
Priced to sell profitable 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 $579,841 which represent 70% liquor sales, 30% fusion style foods and a yearly net income of $112,224. 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.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 $12,000. The business has been valued / priced at $175,000 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. This is a dependable safe business opportunity. 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.
Growth & Expansion
The business can be further expanded by the new on-site owner operator. The business presently has a poor marketing plan and no local advertising, and limited hours and if improved can further develop the business yearly gross sales.
Can be available with an appropriate down payment.
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.
This business opportunity is in Southern New York State, Richmond County, which consists of a highly populated city with continued demand for this industry. This successful retail facility which consist of approximately 3,160 square feet, three floors, elevated building has an ultra-modern appearance. The bar restaurant business also has multiple outdoor seating / smoking areas for its customers. This business is in a larger commercial mall with various national retail businesses.
Support & Training
The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.
Reason for Selling:
The purpose of this business transaction is due to the partners separation.