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Banquet Facility And Property For Sale

Essex County, New Jersey
Asking Price:
Available on request Furniture / Fixtures and Inventory / Stock included
Sales Revenue:
$1,500,000 (USD)
Cash Flow:
$300,000 (USD)

Most unusual opportunity to own this long standing highly successful on-premise banquet & catering facility with the real estate. The owner is retiring after many successful years in the food and service industry. From the moment you enter the facility, you'll sense you've arrived in one of the most successful wedding halls in Northern New Jersey. This is an oasis where friends and family can gather in a relaxed & private setting and enjoy the exclusive use of this exquisite mansion. The facility is nestled in a convenient area of Northern New Jersey and minutes from the various entrances to Manhattan. Graceful structures merge with their natural surroundings with a touch of old Hollywood, combined with modern flare. Enjoy the splendor of marble fireplaces, crystal chandeliers, wrought iron railings, grandiose mirrors and a sweeping veranda overlooking the plush mansion surroundings. From a simple elopement to a grand affair, they offer everything you need for an exclusive, picture-perfect day. They will take care of all the details so you can savor every moment of your special event and is available year-round and can accommodate up to 500 guests with multiple rooms. This company has multiple employees who are unaware of the pending sale and fully expected to remain post-closing, and the monthly payroll cost is approximately $13,800. The business opportunity is near the entrance to the Garden State parkway, on an active county road, consists of approximately 15,000 square feet, with multiple rooms and has an estimated capacity for five hundred guests. The business fixed assets has an estimated value of approximately $1,400,000 which is based on equipment and licensing replacement cost and the sale consists of a fully equipped on premise banquet services which includes the real estate, consumption liquor license, two commercial kitchen, refrigeration & freezer units, POS system, displays, shelving, tables, computers, fire suppression system 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 private parking on site as part of the commercial lease. This successful banquet facility operation is active by appointment only. The sale includes all required documentation including a certificate of occupancy from the municipality and the required state or city licenses to conduct its day to day business. Please do not disturb business, this sale is confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this particular business opportunity. This is a wonderful business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent and dependable investment return to the owner operator prior to debt service. Based on a 25-year payout at 5% interest, 20% down payment purchaser would obtain a consistent net yearly income return on investment after debt service.

Property information

Real Estate:

Lease

Location:

This banquet facility located in Northern New Jersey and consists of a two-acre site and a 15,000-square foot facility. The building has two banquet rooms, one cocktail room and multiple kitchens. This opportunity is in Northern New Jersey, Essex County, which consists of various affluent and highly populated communities with continued demand for this industry.

Size in square feet:
15,000

Business Operation

Expansion Potential:

The business presently has a limited marketing plan, poor web site and if improved can further develop the business yearly gross sales.

Competition / Market:

Although competitors presently exist in the industry, 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.

Reasons for selling:

The sale is due to the owner is retirement after forty years in this industry.

Other Information

Support & training:

The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.

Owner financing:
Owner financing is available. Please contact the seller for more information.
Financing available:

Seller financing is available to qualified buyers.

Furniture / Fixtures value:
$1,400,000 (USD) - included in the asking price
Inventory / Stock value:
$2,500 (USD) - included in the asking price
Related Documents:

Contact Broker

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