The Uptown Theatre w/RE

Uptown Theater is designated as a Secondary Historic Structure within the National Historic Landmark District (NHLD). Operational Movie Theater. Established 1947. Potential for live shows, dance, or rehearsal studio with a non-conforming 1 bedroom apt unit. Lots of potential. Historic Bldg with a water view of Puget Sound. Big, Spacious Auditorium and Brand New CinemaScope Screen! Featuring Big Comfy Seats w/ Drink Holders and moveable padded armrests. This building was once an Odd Fellows Fraternal Lodge then later became a dance hall and theater. Amazing 240-degree sweeping views of the harbor, mountains, and downtown. This building has expansive ceilings on all three floors with original woodwork and trim, along with a “theater tender” one-bedroom apartment. This place is so cool! Bring your vision! Great for performance theater, dance troop, art gallery, penthouse apartment, or artist studios, and the possibilities are endless.
Motion picture theater started in 1947 and is still owned and operated by the same family. The main floor has a Big, Spacious Auditorium and a brand new CinemaScope Screen! Featuring Big Comfy Seats w/ Drink Holders and moveable padded armrests. A Great Big 7.1 Dolby Digital Surround Sound System and THE BIGGEST Indoor CinemaScope Screen on The Olympic Peninsula! Great Lighting and atmosphere, and an excellent sound system.Vintage feel with new with modern comforts. This is possible SBA approval with OAC.
Legally described as lot 1 Block 1, Power Additon. The uptown theatre is located on the corner of Lawrence and Polk streets in the historic area of Uptown Port Townsend. The lot is approximately 5700 SQF and is zoned CIII or historic commercial. The building is of wood construction and was built in 1897; it is reported to be in very good condition structurally. The main floor of the building is approximately 5500 square feet; the third is 5500 SF and has been a home to the Uprown Theater for over 50 years. The mezzanine houses the theatre's projection room and an apartment and is approximately 1500 SF; the third floor is 5500 SF and is leased to the Dance Studio, for a total of approximately 12500 SF. There are only two historic building sales in the past two years that are appropriate to use as comparables. Both Building are located in the historic downtown area and both are brick structures. Neither building has had significant restoration or any seismic retrofit work so they are substantially original. They are the Bartlett building and the James and Hastings building, both were built at approximately the same time as the subject property and both have high occupancy but neither is using the full commercial potential. The James and Hastings building sold for $$1,791,750 or $83.50 per SFand the Barlett building sold for $1,000,000 or $83.33 per SF, for an average price per square foot of $83.22 per SF.

Based on these two sales plus 5% appreciation, my price opinion for the Uptown Theatre is $1,100,000