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TOPIC: Opinions...

Opinions... 27 Sep 2007 12:05 #16052

  • graphix
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We looked at a property today, it had been a 800 seat theater in the 30's. At some point after it had closed someone made the room a over/under leaving the upper part as an attic almost. It was very cool to see, all the old molding and design was still there including a projection booth with 3 projectors and the balcony seats still in place. Under this they divided it up into a few offices which are no longer occupied. The builder we went with put a quick estimate on the total renovation in the 1 Million dollar range. That includes gutting the building. That doesnt include screen/equipment/concessions. This building is right on the main street with a 15 mile population of 150,000-200,000. Only 8 screens (1 regal theater) of competition in the area. I think if it were gutted we could put in 2 screens that have 200-250 seats and one with 100 seats. Additionally we would have a room with its own entrance to a busy side street that could become a small cafe.

With a ROI of 5 years and tickets priced at 9 dollars with a per cap of 2.30. A quick estimate puts me at 3500 customers per week to reach a suitable gross income for the year.

Should we just turn and run the other way and start looking for a a property that requires less build out? Or does it look possible?

thanks,
B
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Re: Opinions... 27 Sep 2007 12:41 #16053

  • slapintheface
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3500 per week on 2 screens will NEVER HAPPEN!!!!!!!!!!!
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Re: Opinions... 27 Sep 2007 14:27 #16054

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heh....yea...i think i knew that. I just needed someone to tell me because the building was so easy to fall in love with. Were going to scale back down our plans closer to what we were originally thinking and start looking for a different location. I am going to talk to him about purchasing the old projectors and possibly some of the antique molding. Its possible the building i was talking about could have held a bit more than that after it was gutted but i dont think it would ever exceed 3 theaters x 250 seats. and at 1.2mil to renovate our ROI could be 8+ years. no good.
thanks
B
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Re: Opinions... 27 Sep 2007 15:04 #16055

  • slapintheface
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SORRY TO BE SO TO THE POINT.. NOT SURE WHAT STATE YOUR IN BUT A PRETTY GOOD AVERAGE IN MY OPINION IS 1OOO TO 1250 PER SCREEN PER WEEK FOR THAT POPULATION..(AND COMPETITION)AND THAT WOULD BE A GOOD THEATER ...
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Re: Opinions... 27 Sep 2007 15:09 #16056

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These are the numbers i work with if there a help for you....

average 50% box office ticket price- for you it would be clear 4.50 per ticket sold..
Theater with cafe $2.50-2.80 per cap with beer and wine $3.00-3.75 per cap..
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Re: Opinions... 27 Sep 2007 15:51 #16057

  • Avco
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When was it last operated as a theatre? Before you try buying the projectors. Find out what make and models they are. Some models are worth reusing and others are junk.
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Re: Opinions... 27 Sep 2007 16:07 #16058

  • graphix
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thanks slapintheface

avco, i was more interested in having them as antique pieces on display ina lobby or something of that sort...i couldnt get a good look at them because there was some junk blocking the doorway ill have to go back another time to see what kind of condition they are in.
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