Restaurant Property - Downtown, With Patio

This Downtown Los Angeles property occupies a unique architectural ‘Flat Iron’ style structure with bars on both levels, a stacked patio, French windows & shutters throughout the iconic location. The versatile venue with 2 entrances and an elevator, boasts a location that is walking distance to the Spring Street entertainment district, the fashion district, the Fashion institute and even the Staples center. The venue has an indoor occupancy for 106 plus an outdoor occupancy 23. This includes the first floor bar which seats 10 and the second floor bar that seats 16, and the first floor patio for 14 and a second floor terrace for 9. The two dining areas are for 68 and 12 respectively.
This 5,356 square foot venue with a 275 square foot patio is available for sale, however the landlord will also consider a long-term lease with a suitable tenant at $15,500 per month including triple net expenses ($10,712 base rent). Prior to COVID, the venue historically leased for $21k. The existing furniture, fixtures, and equipment will be included in the sale. The venue has a conditional use permit, but a buyer will need to purchase a Type 47 Liquor License for alcohol service.
The location enjoys separation from the city’s main dining and entertainment areas, which is welcome as it creates a less competitive environment that can uniquely cater to those workers, visitors and residents in its immediate vicinity – while remaining in convenient walking distant for all others.
New operators may take this versatile location in any number of directions, depending on their concept. In the past it has thrived as a fine dining whisky bar, as well as an upper scale Mexican restaurant. Given its two entrances, each level may be separated and the upstairs can cater to a VIP crowd with elevator access. While the existing buildout can work as a premium steak and seafood house, it may also be easily converted to a speakeasy with food, or a more casual style Cabo Cantina type of concept that is centered around its lively atmosphere, budget friendly fare and plentiful drink promotions.