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Historic Movie Theater with Sports and Entertainment Liquor License!

Spokane, WA (Spokane County)

Seller Financing Available
Marquee
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Asking Price: $415,000

Cash Flow: $115,000

Gross Revenue: $1,100,000

EBITDA: $1,100,000

FF&E: $300,000

Inventory: N/A

Rent: $10,850 /Month

Established: 1945

Historic Movie Theater with Sports and Entertainment Liquor License!

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Business Description

Theater seats 735 and has growth potenial for other entertainment.

This well loved movie theater has a large repeat customer base. It is the lowest priced theater in town and the only one with a Sports & Entertainment Liquor License as well as a kitchen. Included with the sale is a cozy classic cocktail bar which makes a fun night where customers can do trivia, play bingo, come to an art opening or simply have a drink and dinner before or after the movie.

In the summer and spring breaks, we support the community and have a free kids movie series. It's a great way to support the community and a nice way to make additional income during a time when we'd normally be closed.

Nearly every other theater in town is in a mall setting. This theater is in an historic building and serves as an anchor for a hip and growing neighborhood business district.

The majority of upgrades have been done to the business, from new seats, projector, and sound system to renovated marquee, newly coated and striped parking lot and sprinkler system.

As additional income, the theater rents out the facility to groups that want to have a special event, a wedding, employee party, customer appreciation, new release preview, etc.

The new owner can dedicate as much or as little time as he or she would like. The core existing staff has been there for several years and knows how to run the business and do most of the problem solving. They are a great crew, hardworking and trustworthy.

Detailed Information

Location:
Spokane, WA
Inventory:
Included in asking price
Real Estate:
Leased
Building SF:
13,253
Lease Expiration:
8/1/2024
Employees:
19
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The theater has a large parking lot that holds approximately 60 cars. The bar has a small patio that is highly utilized about 8 months out of the year. An irrigation system was put in last year to water the existing street trees as well as any additional landscaping that you may choose to put in. Most of the theater is wheelchair accessible. We also have viewing equipment for the visually impaired folks as well has special listening equipment for those with a hearing loss.
Competition:
There are no other intermediate or sub run theaters in the city. The closest one is an hour away. The other movie theaters are large multiplexes and one small foreign film theater. Having free parking is a plus for many patrons that would prefer not to pay for parking.
Growth & Expansion:
Utilizing the parking lot for an outdoor movie series or a festival could be a great way to bump the income for the business. The rows in the upper level of the theater are extra wide if the new owner would like to add tables to the existing metal railings. The building does not come with the sale but may be an option in the future.
Financing:
Financing available to qualified buyer with a large down payment.
Support & Training:
I'm happy to give as much training as needed. In addition the general manager has been on staff for 13 years and knows the ins and outs of running the business.
Reason for Selling:
Owner retiring after 20 years growing the business
Business Website:
http://www.garlandtheater.com
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