Lionheart Pub sold for $3.5m
Michael DeMasi, writing for ABR:
Lionheart Pub — an Albany, New York tavern filled with lively conversation, craft beers on tap and nightly English dart leagues — sold for $3.5 million.
The amount that was paid is stunning, considering the size and location of the property, though both men said the value is justified by many factors, including profits shown on income tax returns; the inclusion of real estate in the sale; and the pub’s large, loyal customer base.
Aumand started the business in leased space on Lark Street and then moved in 2003 a few blocks away to his own, larger place. He paid $175,000 for the 3,344-square-foot building on a .06-acre lot, according to the city assessor’s office.
From $175,000 to $3,500,000 in 12 years. Not bad.
Photo: Flickr/Andrew Atkinson