Investment Highlights
Executive Summary
The Bar is offered separately at $350,000 based on 2022 gross receipts of $534,000, confirmed by the Clover POS. The building will not be sold separately. Based on a $550,000 valuation, the cap rate is 8.5%, calculated by dividing the NOI of $46,588 by $550,000. The rent and expenses are actual from 2022, not proforma. As is obvious, there is room to raise rents, for all tenants are MTM. The Hawk, as well is the head shop, record store and four apartments (two 1BR and two 2BR), are in pristine condition, so the new owner can start serving drinks and collecting rent with no additional investment. All bar employees are excited to stay on with new ownership. The same owners have maintained this property located a few blocks from Lakewood for 27 years. Improvements over the past ten years include new roof, sky lights, windows, electrical service, water tanks, AC in bar and retail, and rhino shield. Since 2019, investments include Clover POS, ice machine, bar sink, coolers and asphalt parking lot. The new boiler was installed in 2024.
