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

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

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.