120 S Montezuma Street, Prescott, AZ 86303 (MLS# 1008576)


$1,500,000
120 S Montezuma Street
Prescott, AZ 86303
MLS# 1008576
Status: Closed
5200 sqft


The Palace on Historic Whiskey Row in Downtown Prescott AZ
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The Palace on Historic Whiskey Row in Downtown Prescott AZ The Palace Logo The Palace Dinning Room The Famous Back Bar at the Palace Main Dinning Room with Faboulous Artwork Private Dinning Room Piano in Bar Museum Quality Displays of the Old West, Photos & historic Artifacts Recipient of numerous Accolades & Awards. Pencil Sketch of the Palace Building

Property Description
Known as Arizona’s Oldest Saloon that opened in 1877, the Palace Restaurant & Saloon is For Sale. Located on Historic Whiskey Row in Downtown Prescott, AZ, this iconic restaurant, is the anchor tenant within the Palace building which is on the National Register of Historic Places. The Palace has been in operations for the past 21 years and serves lunch & dinner daily and offers a monthly dinner theater show. The Palace also features museum quality displays of the old West photos, historic artifacts & memorabilia which attracts both locals and tourist from all over the world. The restaurant facility totals approximately 5,200 sf and includes two main dining rooms (147 seats), Historic Bar (57 seats), Patio dining (64 seats), 2 private offices and a full-service (Please Click the MORE TAB)

Details
Maps
Contract/Address/Legal
List Price/SqFt: 288
Business Op Type: Bus Op No Real Est
REO/Short Sale: Not Applicable
Business Type: Food/Beverage
Zoning: DTB
Business Name: The Palace Restaurant & Salon
Assessor's Book #: 109
Assessor's Map #: 2
Assessor's Parcel #: 11
Legal: PRESCOTT LOTS 19 20 21 ALL IN BLK 13
General Property Description
Aprx Acres: 0.26
Lot #: 19
Lot Size: 11326
Source of Measuremnt: County Assessor
Stories: 1
Year Est: 1996
CC & R: No
Total Liveable SqFt: 5200
Year Built: 1966
Remarks & Misc
Directions: Located at 120 S. Montezuma St. in downtown Prescott Arizona on Whiskey Row in the Heart of the Courthouse Square.
Remarks: Known as Arizona’s Oldest Saloon that opened in 1877, the Palace Restaurant & Saloon is For Sale. Located on Historic Whiskey Row in Downtown Prescott, AZ, this iconic restaurant, is the anchor tenant within the Palace building which is on the National Register of Historic Places. The Palace has been in operations for the past 21 years and serves lunch & dinner daily and offers a monthly dinner theater show. The Palace also features museum quality displays of the old West photos, historic artifacts & memorabilia which attracts both locals and tourist from all over the world. The restaurant facility totals approximately 5,200 sf and includes two main dining rooms (147 seats), Historic Bar (57 seats), Patio dining (64 seats), 2 private offices and a full-service (Please Click the MORE TAB)
Status Change Info
Sold Price/SqFt: 288
Financing: Conventional
Under Contract Date: 2018-02-07
Sold Date: 2018-04-03
Sold Price: $1,500,000
Construction
Brick: 1
Stucco: 1
Cooling
Gas Pack: 1
External Amenities
Fenced: 1
Handicap Access: 1
Other - See Remarks: 1
Heating
Gas Pack: 1
Natural Gas: 1
Possession
At Recordation: 1
Roof
Rolled/Hot Mop: 1
Bathrooms
Handicap Accessible: 1
Interior: 1
Separate M & W: 1
Business Location
Other - See Remarks: 1
Terms & Conditions
Conventional: 1
SBA: 1
Sold Furnished: 1
Other - See Remarks: 1
Utilities Installed
Cable TV: 1
Electricity: 1
Individual Meter: 1
Natural Gas: 1
Telephone: 1
Underground: 1
Water - City: 1
WWT - City Sewer: 1
Current Use
Restaurant/Bar: 1
Retail: 1
Internal Amenities
Fire/Smoke Alarm: 1
Kitchen: 1
General Lease
Deposits: 1
Option/Buy: 1
Other - See Remarks: 1
Info on File
Equipment List: 1
Leases: 1
P & L: 1
Tax Returns: 1
Sale Includes
Equipment: 1
Fixtures: 1
Tradename: 1
Training: 1
Other - See Remarks: 1
Tenant Pays
Other - See Remarks: 1
ContractAddressLegal
Original List Price: 1500000
Listing Date: 2017-12-21
Status: Closed
Listing Price: 1500000
Street #: 120
Direction: S
Street Name: Montezuma
St Suffix: Street
City/Township: Prescott
State: AZ
Zip Code: 86303
County: Yavapai
Tax Parcel: 109-02-011
Property Features
Bathrooms: Handicap Accessible; Interior; Separate M & W
Construction: Brick; Stucco
Current Use: Restaurant/Bar; Retail
External Amenities: Fenced; Handicap Access; Other - See Remarks
Internal Amenities: Fire/Smoke Alarm; Kitchen
Heating: Gas Pack; Natural Gas
Cooling: Gas Pack
General Lease: Deposits; Option/Buy; Other - See Remarks
Roof: Rolled/Hot Mop
Info on File: Equipment List; Leases; P & L; Tax Returns
Utilities Installed: Cable TV; Electricity; Individual Meter; Natural Gas; Telephone; Underground; Water - City; WWT - City Sewer
Sale Includes: Equipment; Fixtures; Tradename; Training; Other - See Remarks
Tenant Pays: Other - See Remarks
Business Location: Other - See Remarks
Possession: At Recordation
Supplements
Known as Arizona's Oldest Saloon that opened in 1877, the Palace Restaurant & Saloon is For Sale. Located on Historic Whiskey Row in Downtown Prescott, AZ, this iconic restaurant, is the anchor tenant within the Palace building which is on the National Register of Historic Places. The Palace has been in operations for the past 21 years and serves lunch & dinner daily and offers a monthly dinner theater show. The Palace also features museum quality displays of the old West photos, historic artifacts & memorabilia which attracts both locals and tourist from all over the world. The restaurant facility totals approximately 5,200 sf and includes two main dining rooms (147 seats), Historic Bar (57 seats), Patio dining (64 seats), 2 private offices and a full-service kitchen with additional basement storage. There are over 400 parking spaces located in the public garage directly behind the restaurant and street parking in front. There are 23+ years remaining on the existing lease which includes both a "First Right of Refusal" and "Option" to purchase the Palace building. The building & Palace name was Founded in 1877, and the current partnership established in 1996. The Palace had been used in several movies including Junior Bonner and Billy Jack and has received numerous accolades & awards including Voted Top "10 Bars that Serve Up History, neat" by USA Today and "If you're in town for only one meal, have it at the Palace" Frommer's travel directory. For additional articles, see attached documents tab or Go To: www.historicpalace.com The business has enjoyed an excellent 21 year history of profitability with year over year sales increases for the past 15 years. Purchase Price includes: Trade Name, Good Will, Training and Furniture, Fixtures & Equipment to transfer at sale (call listing agent for details) assignment of the existing lease to be approved by Landlord. The general partner is retiring after 50 + years in the restaurant business (see attached Press Release). Qualified buyer's & their agents must sign the attached Confidential Non- Disclosure Agreement prior to receiving detailed financial statements.

Listing Office: Better Homes And Gardens Real Estate Bloomtree Realty

Last Updated: April - 04 - 2018

The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX of Prescott Area Association of REALTORS. Information provided is thought to be reliable but is not guaranteed to be accurate. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.Real estate listings held by brokerage firms other than the website owner, are indicated by detailed information about them such as the name of the listing firms. Copyright© 2020 Prescott Area Association of REALTORS. All rights reserved.


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