This neighborhood institution is a great opportunity for someone who would like a turn-key investment property and bar and grill business. The rents from four of the tenants bring in around $37,000/yr, and the Sunset Bar & Grill could be leased for additional income or operated by a new owner of the property. The Sunset Grill business is included in the sales price (and is fully stocked, has all working appliances, an ATM and video poker [60/30]). The Treasure Isle Tavern is a net lease that currently pays $1,572/mo has one year left on the base term and has options with escalations up to 144 months. Upstairs there are three apartments which are totally furnished down to the dishes and silverware. Apartment A is split into two units – an efficiency ($500) and a 1,000 sf two bedroom unit ($500). Apartment B is 1,500 sf and rents for $1,000/mo. The property is 11’ above sea level, has an 18” concrete slab, and is largely a metal building. See below for inventory of FF&E and financial summary. There is only one water meter and one tankless water heater for the entire building. Both downstairs bars open to a back yard that has high walls, tables, umbrellas, and chairs, and has a place for a stage to feature live entertainment. The Sunset Grill and Apartment A have recently added solar power grids to greatly reduce utility bills. Original art murals on the first floor are from local artist Rainwebb. The Sunset side has two HVACs of 8 and 5 tons each. Taxes for 2017 were $7,442, and insurance was $7,801.
The multi million dollar restoration of Lakefront Airport and the opening of Tipitina’s nearby each demonstrate the recent revitalization of the area!
Sorry, I couldn’t get videos of the apartments upstairs.