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Is there any oil or natural gas underneath you or very nearby?
I wouldnt put up rentals unless there is something to bring people in. Maybe you and your townfolk can do some discovery. IF you find anything, you and your townsfolk can start your own drilling. If that is even possible these days. Use your space as HQ
I've been worrying about this small movie theater thing.
So far, the only thing I can come up with is some sort of small school where the theater would be a good lecture hall. Is there a stage or is it just a screen?
What classes will the public pay for? Nutrition? Homesteading? Investing?
Not sure what classes the public would pay for. There is a small stage in front of the screen in the bigger auditorium. I had an off the wall idea before that the theater could be a small film school. I just don't think there would be much call for that in small town Oklahoma. Any kind of school would have to draw people from out of town.
Besides, any idea I (or you folks) come up with needs somebody other than me to do it. I don't have the money or resources these days.
I know one of the boardwalk movie theaters in Ocean City NJ was turned into a 2-story mini-mall: Surf Mall
In the outskirts of Philadelphia, there are 2 thriving performance arts theaters that used to be movie theaters: the Sellersville and the Keswick. They are both located in very small towns, and have been in business for decades.
Two other small-town theaters have thrived as "non-profit" movie theaters. I don't know how it works or exactly what it means, but they both show first-run films, as well as "art" films. They are the Ambler and the County. They are affiliated with each other.
If somebody wants to rip out the seats, I don't have a problem with it as long as they buy the building first, or come up with some kind of deal that would make it work for me. After all, I paid about $10,000 for the seats that are in there only a few years ago. They are not "bleachers" but padded theater seats with cup-holders.
I read a little about non-profit organizations before. If the theater became a non-profit, it would help in a lot of ways, such as with tax exemptions. However, the assets of the non-profit become the property of that organization, not me. If it doesn't do well, I could never recover any of my investment. The theater and all it's assets and business operations would in reality be under the control of a "board". I've heard of people starting non-profits, only to have a falling out with the board, and then be fired from the place they had owned before. If I started a non-profit, I would be giving everything to charity. I can't afford that. The only way a non-profit would work for me is if they buy the theater from me. I've actually tried to gain the interest of some different non-profit organizations in the area. So far, no takers.
I have to agree. It is time to cut losses. Fuji is no longer going to make film stock, and a LOT of theatres have gone out of business or are going out of business because of the costs of changeover to digital. Those $10,000 seats are literally worth maybe $5 a seat now - IF someone has the money to pay someone to come in and strip them out. There is a GLUT of used seats. As for the old projectors? They are scrap metal pricing. I know where I could buy a couple dozen at not much more than that price. I've been mulling the change and MAYBE somebody would buy the motors, a few of the better quality lenses, and some of the xenon lamps and rectifiers, but most equipment is barely worth carting off. Welcome to the digital age.
It costs THAT much to change to digital? Are most theatres digital now though? I havent really noticed. I dont know if I mentioned it before, but how about a theatre that serves cocktails, wine, beer, and really good food eh.
The cost of conversion to digital is coming down over time. A few years ago, it would have been $200,000 or more to convert my 2 screen theater. Now, I think it might be possible for $80K or less. Possibly even as little as $50K if you've got a line on used equipment. The problem is that it is a risk to spend the money to upgrade, not knowing if it will pay off. Most people want to buy a sure thing. They are usually investors or people who can't afford to lose the money. Either way, they want a sure thing. This place needs someone with entrepreneurial spirit and a good business plan and the ability to inject the extra cash for the digital upgrade.
Harry Chickpea, you are not the first who suggested that it's time to cut losses. The question is how. I'm trying now to sell or lease the building for any purpose that won't put my investment at risk. It isn't a matter of me asking too much money. I would entertain lower offers, but if I drastically lower the price again, people will try to get the place for much lower than the new asking price for an even greater loss. I've lowered the asking price from $450K to $330K to $285K to $275K. Some people think that is still too high, but I would point out that the building was remodeled a few years ago. I put in all new building exterior, insulation, windows, doors, plumbing, electrical, fire sprinkler system, heating/cooling, handicap accessible restrooms, drywall, floor coverings, some cooking and refrigeration equipment, and the necessary fixtures required to get a food license. It was all very expensive. This would all be beneficial for other purposes besides a movie theater. If anybody has an idea, short of giving it away, I'm all ears. Many people have offered ideas here in this thread, but I keep pointing out that what I really need is for someone else to come along and make one of them work. I don't live locally any more, so I can't operate any business there. I don't have money to start any new business. I don't have money for a digital conversion.
Honestly, the only thing I might have on my side is time. I can hold the property for a while longer if needed to find a buyer. But things are going on in my life that would sure make it nice if I could unload the place sooner rather than later. Anyone looking to move to a low cost of living area in Oklahoma?
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