In 1991 a New York family purchased 1+ acres just off the Strip with the dream of building and operating an Italian Restaurant. The unit was a success and operated until early 2000's when health issues forced closing or leasing out the 5,000 square foot facility of which 1,000 SF is on the second level.
The facility has been leased out to several operators during the past 15 years. The facility has been utilized as (1) Restaurant, (2) Lounge/ Bar / Tavern, (3) Machine Gaming and (4) Adult Entertainment. Several of these activities occurred at the same time all being licensed by the appropriate authorities. Thus this opportunity currently exists to produce an operation of one or all four venues. Licensing is available for any of these past activities and other operational mixes. The individual or entity will be required to meet the appropriate licensing qualifications as determined by that authority.
A member of the selling family has been licensed in all four of the above venues. His licensing is currently inactive, however he would entertain the idea of activating the required licenses to function as a General Manager.
Two recent events affected this facility. An individual was looking to purchase the facility, remaining average and open an operation. That individual had an appraisal by local company, which produced a value of a reported $ 3.2 M, with no report available.
The sellers accepted an offer of $ 2.2M but the buying entity was unable to qualify for desired licensing. Currently the facility is non-operational with
$750k of improvements recently completed. The parcel contains
plenty of room to expand or establish other profit centers.
The facility
could easily be converted to a lounge with adult entertainment at minimal
cost. Today's price is $ 2.2M cash.
The terms are defined as $100K earnest money, 45 days due diligence and close 15
days later.
For a serious investor there is an individual that qualifies for all necessary licenses. He would be interested in talking with you about purchasing and funding the operational setup. He could be your onsite-licensed manager.
For a serious investor there is an individual that qualifies for all necessary licenses. He would be interested in talking with you about purchasing and funding the operational setup. He could be your onsite-licensed manager.
