If you looking for a Bar and Music venue in a prime downtown location in Asheville you can’t beat this deal. Recent restoration of this space includes flooring, bathrooms, and stage. Purchase includes sound, lighting, and mixing equipment. This is a turnkey premier intimate music venue. Unfinished space upstairs offers plenty of opportunities. Purchase Price $69,000.
The Emerald Lounge, meantime, remains open for business at 112 N. Lexington Ave. The Asheville Citizen-Times recently reported that the owner was having financial difficulty and was scheduling a couple of benefit concerts to raise money, but I haven’t seen any details.
Can the building be purchased?? How much are the owners asking for it ?? Time is of the essence. Thank you.
A typical commercial lease is for 3-5 years, often with tenant’s option to renew, to give stability to both the tenant and the landlord. That lease (assuming it is assignable) is one of the tenant’s business assets, just like the sound system. The leased space must include the undeveloped space upstairs. There must be a longer-term lease, in order to justify either the landlord or the tenant investing in the restoration.
You can get a reasonably close estimate of the value of the real estate by looking up the tax value on the County GIS.
I’m glad this is happening. The emerald lounge is good if you like hanging in a place that isn’t crowded but you can wait for 20 minutes and not be served. Music is good but the bar sucks. Hopefully broadways will go on sale too.
There has to be more to the story. Are you buying debt also? Not buying the property but just the lease and improvements/equip?
You can’t buy a porta potty downtown for 69k
LOL, that’s exactly what I was wondering. Seems way too cheap.
From the Citizen-Times:
“The owner of the financially troubled Emerald Lounge said Friday she hasn’t made any decision to sell the downtown music hall, although the business has been listed as on the market.”
I’ll buy it. Thanks for the offer.
Now folks, I’d like to open this bar as a cool venue but I need your help. I need to raise $69000 to buy this place. Please give me your money unless you hate Asheville
Congrats. An actual funny here. You win.
I dont get all the kickstarter hate here…
…but that was funny
That actually doesn’t sound like a good deal to me if it is what it sounds like…it basically just amounts to the sale of a low tier A/V system and the name of the bar.
Do the owners of the building own most of the other infrastructure (coolers, taps, furniture, etc)?
Have you priced anything in downtown? Sounds surprisingly cheap to me.
$69k is just for the business NOT the building.