Fort Lauderdale portfolio including famed Elbo Room hits market: $7.8M
Bar opened before World War II and became beach landmark
April 28, 2016 06:00PM
Elbo Room bar in Fort Lauderdale
A Fort Lauderdale retail portfolio that includes the beach’s landmark Elbo Room bar just hit the market with an asking price of $7.75 million.
The listing, announced by brokerage Marcus & Millichap on Thursday, includes three adjoined retail buildings at 3001 East Las Olas Boulevard. Together they total about 10,440 square feet, so their asking price breaks down to about $742 per square foot.
The first, western-most building measures 5,820 square feet and has three retail tenants on the ground floor, with a vacant second floor. Its occupants include two beachwear shops and a pizza parlor.
Aerial of the three parcels
Next door is a squat 1,050-square-foot building that is fully occupied by a tattoo shop and a liquor store.
And finally, the third parcel belongs to the Elbo Room, a rowdy cash-only bar across the street from the ocean. It first opened before World War II and was even featured briefly in the coming-of-age movie “Where the Boys Are.” The two-story dive measures 3,570 square feet.
County records show all three parcels are owned by Dr. Richard Steinbrook, a physician who specializes in psychiatry. His original purchase price could not be found.
Marcus & Millichap’s Scott Sandelin and Edward Romo are marketing the property.
“Any investment required to modernize this property will be rewarded with the ability to command top rents,” Sandelin wrote in the listing announcement. — Sean Stewart-Muniz
Source: The Real Deal