This single tenant occupied bar, restaurant, nightclub and concert venue is a Scranton, Pennsylvania favorite that should deliver a 12.4% capitalization rate on a triple net lease. The tenant’s 5 year NNN lease commenced 6/1/16, with one 5 year option.
The three story premise plus mezzanine and basement level boasts a liquor license and dance permit, and the ability to simultaneously offer 2 live music shows, amplified music in the nightclub and a sedate atmosphere in the basement lounge. The steel frame and masonry structure has 5 bars, dance, lounge and entertainment areas.
The tenant is responsible for all expenses except for structural maintenance and repairs. The lease is secured with the liquor license, which will revert to the property owner in case of default. The venue has historically brought in over $200k on St. Patrick’s Day alone, as it is at the epicenter of the city’s famed parade!
The 21,225 square foot premise, plus additional unfinished space, is comprised of three floors that are approximately 6,000 square feet each, a 3,225 square foot mezzanine overlooking the ground level, as well as a basement is comprised of a 2,000 square foot lounge, band room and office. The third floor boasts a nightclub while the fourth floor, with a full bar, may be considered a music and alternative music dance hall.
The 50’ x 120’ building is a steel frame and masonry structure, with 2 separate entrances (front and rear staircases), rest rooms on each level, 14’ ceilings, central air and heat, sprinklers, an alarm and a freight elevator, a kitchen on the ground level (not currently in use), and many recent upgrades including a new roof. It is zoned C-D (Downtown Commercial).
Competition exists on several levels as this venue is in Scranton’s central business district, is within blocks of 3 colleges, and is, directly across from the courthouse and several county, state and federal offices. Since it is at the epicenter of the Saint Patrick’s Day parade, the celebrated venue benefits from a long standing local tradition of it being the starting (of oftentimes ending) place for parade day revelry. No other entertainment complexes in the area offers the variety of entertainment options that this premise has available or can accommodate the number of patrons that this one can.
Asking Price $989,000
Sales Available On Request
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