Urban Lounge In Passaic County For Sale

Business description

A Modern Lounge with live entertainment in a recently built 320,000 square foot Indoor mall, located in an urban area of
Passaic County, New Jersey. The facility which is two years old is 2,500 square feet and consists of two floors overlooking this large commercial mall. The business has a beautiful designed bar with private seating, lots of flat screen TVs which offer all the updated sports activities. The mall has private parking for 2,000 vehicles at no cost to the shopper and is included in the tenant s cam charges. This business presently has limited hours and has a $364,000 gross income which continues to develop and expand. The facility has a basic bar kitchen; however a menu has not been developed and no food is served at this time. The sale includes a consumption liquor license, commercial kitchen, walk-in freezer and refrigerators, POS computer system, numerous displays, etc with a value of $250,000. The business has a legal capacity for 140 customers with ample private and mall seating. This mall has private parking for 2,000 vehicles, which is free to the shoppers and is subsidized with the mall tenants Cam changes. The business is active seven days per week, hours 4:00 pm to 3:00 pm. The business has a NJ State issued liquor license, a municipal food handlers licenses and a CO for live entertainment. The sale includes a fifteen year lease term and a monthly rent of $5,000 yearly increases. The owners are an absentee corporate group and will finance the sale to a qualified buyer. This is an excellent and most unusual opportunity to operate an upcoming Lounge and should be seen to fully appreciate. All employees will remain and are unaware of the pending sale.

Property information

Real Estate:

Lease

Premises details:

This Lounge consists of 2,250 square feet, two floors overlooking a large commercial mall. The facility is recently built, ultra modern with a beautiful design. The facility has private seating and additional viewing from the mall area. This club lounge is located in an urban area of Passaic Count New Jersey just off US highway 80 & Route 46. The business is in a recently built 320,000 square foot commercial mall with hundreds of businesses which attract lots of workers and shoppers.

Business Operation

Expansion potential:

The owner is an absentee corporate group, with on site management and an improved marketing plan the business can be further developed.

Competition / Market:

The mall has a non compete clause preventing any other similar services at the site.

Reasons for selling:

This corporate group is investors and built the business in order to sell.

Trading hours:

Seven Day Operation
4:00 pm to 3:00 am

Employees:

5

Years established:

2009

Other information

Support & training:

Seller will supply a transitional period and will remain post closing for sixty days.

Financing available:

Some owner financing is available to qualified buyer.

Furniture / Fixtures value:

$275,000 (included in the asking price)

Inventory / Stock value:

$1,500 (included in the asking price)