u/Consistent_Yam2652

Looking for opinions on the potential current market value of the following entertainment and redevelopment asset package:

I’ve recently acquired 2 parcels of commercial real estate and the associated businesses it a very popular beach town. I paid 3.5m in total. The numbers I have are extremely conservative as to not over value. I would very much appreciate to see if my numbers are in the ballpark of reality. I obviously plan to do this right but am anxious to dig in.

Commercial real estate with operating businesses included
Long-established entertainment venue with 25+ years of continuous operation
Exclusive specialty retail operation with protected licensing
Grandfathered operational entitlements no longer obtainable today
Zoning allows up to six-story vertical development
Potential ocean views with future vertical expansion
Positioned within a future walkable entertainment district
Additional assemblage opportunity available

Current Business Income
Entertainment venue projected annual profit: approximately $600,000 annually
Specialty retail operation projected annual profit: approximately $200,000 annually (this buisness is the only one in the city and is grandfathered with the only license)
Combined projected annual profit: approximately $800,000 annually
Current Real Estate Value
Primary property estimated land/building value: approximately $1.5M
Secondary property estimated land/building value: approximately $1M

Additional Attributes
Heavy tourist town.
Currently experiencing rapid growth
Possibility of acquiring connected real estate

What would you realistically estimate the current market value of this overall asset package to be today?

So I just purchased a tattoo shop in a very popular tourist destination on the gulf coast of Florida. I own the building as well and it’s the only one in town with a grandfathered license.

It came with the real estate purchase and I’m well aware that I, being inexperienced and not an artist, will not be able to run this shop. Having said that, I don’t micromanage any of my managers and pay very well. All my businesses flourish because of this.

It’s run poorly and I’m beginning to make some changes but am considering partnering with someone with experience in ownership. I own many other businesses and my time is limited.

My question. Hire an outside manager with a lot of experience and pay them well, or partner with someone and let them handle it. It cash flows extremely well already, but could be doing significantly better with a few changes.