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TOPIC: Quick feasibility check....

Quick feasibility check.... 22 Jan 2008 15:05 #17369

  • graphix
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30,000 people city wide, 250,000 county wide
11 screens in the county, 1 within city limits.
The building is just off broadway with a large parking lot used for the shopping center (mostly 9-5 business)

Building is 17,000 square feet currently set up as dinner and a movie with 3 screens. They want approx. $17 a square foot for the lease. Comes to around $24,000 a month. (includes utilities)

i would like to remodel it into a 3 screen regular seating theater that is 1st run showing art and inde films. It would be possible to split off about 2000 sq feet for another business.

Just using some of the rough numbers from threads here i feel that the lease is a bit high, but the price per square foot seems fair based on other local lease rates.

any opinions?
much appreciated.
Brendan
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Re: Quick feasibility check.... 22 Jan 2008 15:33 #17370

  • slapintheface
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I work on the ratio of 3 screens per 10,000.
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Re: Quick feasibility check.... 22 Jan 2008 15:37 #17371

  • slapintheface
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how many seats in the 3 screens?

$10-$ 12 sq ft is average for a theater.

$17 is to high unless you have a lot of seats.;
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Re: Quick feasibility check.... 23 Jan 2008 11:59 #17372

  • rdetzler
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Way too high on the lease. Dont compare what they want with others are paying. Compare it to what the owners are going to have to drop to to get another lessee to take that entire space. Get the owners to take a percentage of business against a guaranteed minimum, that way the lease moves with the seasons. Set your min around 8-10 a square ft, then using your projections and percentages show them that the total rent will be around $12-13. Since theater leases are usually quite long term, there should be a arrangement possible along these lines.

Roger Detzler
President
IOKA Entertainment Inc
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