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 now leased. 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.