Market Description and Analysis
Description of Products/Services
Building and Equipment
The property consists of a triangular shaped one-half acre lot situated on the east side of East Green Avenue. The building is zoned for general commercial use and consists of a two-story detached commercial dwelling of brick construction with aluminum siding and a shingle roof which is approximately 70 years old.
The first level consists of a horseshoe shaped bar with seating capacity for 22 customers along with a kitchen, adjoining dining/entertainment area and four separate rest rooms. The second floor contains a bedroom, bathroom, office area, conference room and attic. The basement area contains storage space and refrigeration and freezer units for beer and food storage.
The property will be leased to AEI Associates, Inc. under a ten-year lease agreement. However, the principals have the option to buy the property. An appraisal dated July 15, 1993 by Specht Realty, Inc. indicated a market value of $188,600. A purchase price has not yet been agreed upon. The principal equipment consists primarily of kitchen equipment such as a stove, refrigerators and freezers. Other assets include televisions, tables, chairs, air-conditioners, a cash register, desk bedroom and conference room furniture.
