Five Paces Inn, a Buckhead mainstay for nearly 70 years, has been listed for sale. The bar, located at 41 Irby Avenue in the heart of the Buckhead Village, first opened in 1955, making it perhaps the longest-running, continuously operating bar in Buckhead and maybe, Atlanta.
Five Paces was also featured in the song and video "One Night in Buckhead" in 1985.
The listing, from Steve Josovitz of The Shumacher Group, indicates the space is 4,500 square feet with inside and outside seating for 250 plus 60 barstools. The space also has a DJ Booth and is described as a "super easy operation with no kitchen."
According to the listing, the "all in" rent is $16,000 per month with several years remaining on the lease, and a five year renewal option. The bar, which reportedly has a "100% absentee owner," comes with a full staff in place.
The bar reportedly generated $1,910,568 in 2023 gross sales with a net profit of $408,560. 2023 was an improvement over 2022 when gross sales were $1,689,409 with a net profit of $294,025.
Despite referring to Five Paces as "famous and iconic," the listing indicates that would-be buyers may "Keep or Convert" the bar with no listed landlord exclusions. (Surely the neighbor would like to exclude yet another hookah joint from opening!)
Five Paces is priced "way below market" at $599,000 with some owner financing available.
Are you a fan of Five Paces? What is your favorite dive bar in metro Atlanta? What is your favorite longstanding bar or restaurant in Buckhead?
Please share your thoughts below.
13 comments:
Not the same Five Paces Inn that I patronized in the late 70's/early 80's. "DJ Booth", Miss Sadie and Johnny Mac are rolling over in their graves.
Workat at Northside Tool next door in the Sadie/Johnnie Mac days including the night of his murder.
This isn't the Buckhead of old days and sadly it will only last in memories
Unfortunately, that is what the young late night patrons want. Gotta pay the rent.
Regarding "Oldest Bar" -- how long has Manuel's been open (Seriously, I'm asking)? I know Mr. Maloof was a friend of my grandfather's and I'm 50, so that goes back a ways.
Manuel's opened in 1956 according to their website. Bars in business since the 50s aren't very old compared to other large US cities. Atlanta has little to no history or culture.
Atkins Park has been open since 1922. Manuals opened in 1956.
This is an opportunity for the right buyer. There plenty of 20-something's living just down the road that need a good watering hole. I'm a 30- something and did my time in Athens as a bartender and know how lucrative this operation could be in the right hands. Prayers this place goes to the right owner(s).
Yeah, the problem is that most of those 20 something just down the road prefer Hookah. It's Atlanta after all.
Miss Sadie was the best. Buying wings on Saturday and Christmas Eve gathering which we would stop by 5P before heading to service at Peachtree Pres.
Back when I was 20 we preferred the booze and then a quickie in the bathroom.
Anonymous @ 12:38 nailed it. But from what I've heard, 5P tries to cater to some of that crowd. No matter, my days of going there are long over.
And eating fries on Monday, taking pies to St Mary’s on Sunday and coca cola on Wednesday afternoon with Mrs. helen!
Sad days for the Buckhead of old.
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