$1,500,000
Prescott, AZ 86303
MLS# 1008576
Status: Closed
5200 sqft
1 / 10
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
Original List Price: 1500000
Listing Date: 2017-12-21
Status: Closed
Listing Price: 1500000
List Price/SqFt: 288
Street #: 120
Direction: S
Street Name: Montezuma
St Suffix: Street
City/Township: Prescott
State: AZ
Zip Code: 86303
County: Yavapai
Business Op Type: Bus Op No Real Est
Business Type: Food/Beverage
Business Name: The Palace Restaurant & Salon
REO/Short Sale: Not Applicable
Zoning: DTB
Legal: PRESCOTT LOTS 19 20 21 ALL IN BLK 13
Tax Parcel: 109-02-011
Assessor's Book #: 109
Assessor's Map #: 2
Assessor's Parcel #: 11
General Property Description
Lot #: 19
Lot Size: 11326
Aprx Acres: 0.26
Total Liveable SqFt: 5200
Source of Measuremnt: County Assessor
Stories: 1
Year Built: 1966
Year Est: 1996
CC & R: No
Remarks & Misc
Directions: Located at 120 S. Montezuma St. in downtown Prescott Arizona on Whiskey Row in the Heart of the Courthouse Square.
Office/Member Info
Compensation: 2.5
Compensation Type: %
Status Change Info
Under Contract Date: 2018-02-07
Sold Date: 2018-04-03
Sold Price: $1,500,000
Sold Price/SqFt: 288
Financing: Conventional
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
Terms & Conditions: Conventional; SBA; Sold Furnished; 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 listing broker’s offer of compensation is the dollar amount or percentage of sale price the listing broker offers to pay a broker who (a) participates in the multiple listing service where the listing broker filed the listing and (b) procures the buyer for a successful transaction.
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