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?
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