Liquidity Sports
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LIQUIDITY — MARINA CITY
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LIQUIDITY SPORTS LOUNGE
12-MONTH PRO FORMA PROSPECTUS — $3,038,000 ($350/SF) BUILD: $2,300,000 LP CALL + $700K–$1.0M LANDLORD TI
$2.30M LP + $738K TI
Total Build (@ $350/SF)
$3,038,000
8,680 SF × $350.00/SF All-In
LP Safe Capital Call
$2,300,000
75.7% of Build (Zero Debt)
Landlord TI Requirement
$700K–$1.0M
$738K Base ($85.02/SF TI Bridge)
Gross Revenue (Yr 1)
$6,462,769
64,627 Annual Covers @ $100 Avg
Projected EBITDA (Yr 1)
$1,273,995
19.7% Net EBITDA Margin
5-Yr Investor Pool Yield
$3,953,357
1.72x LP ROI • Flip Mar 2029
Revenue & Direct Costs (Year 1 Stabilized — $1,669,980 COGS / $1,700,097 Net Labor)
| Line Item | Annual Projection | % of Rev |
|---|---|---|
| Food Revenue | $2,455,852 | 38.0% |
| Beverage Revenue | $3,683,778 | 57.0% |
| Comp / Promotional Expense | $323,138 | 5.0% |
| Food COGS (23.0% of Food Sales) | $564,846 | 23.0% |
| Beverage COGS (30.0% of Beverage Sales) | $1,105,134 | 30.0% |
| FOH Hourly Wages (36 Active Staff / 8 Bartenders, 16 Servers, 4 Barbacks, 8 Support) | $511,000 | 7.9% |
| BOH Hourly Wages (20 Active Staff / 8 Line Cooks, 4 Prep, 2 Expo, 6 Dish) | $730,000 | 11.3% |
| Salaried Management & Chefs (6 FTE: GM, Exec Chef, AGM, Night Mgr, Sous, Events) | $528,000 | 8.2% |
| Payroll Taxes, Workers' Comp & Benefits (Net of Seasonal Patio/Tip-Credit Flex) | ($68,903) | -1.1% |
| NET DIRECT LABOR (10:00 AM – 2:00 AM DAILY) | $1,700,097 | 26.3% |
Unit Economics, $350/SF Build & Landlord TI Capital Stack Summary
| Total Build (8,680 SF @ $350/SF) | $3,038,000 | LP Safe Capital Call | $2,300,000 |
| Landlord TI Requirement | $700K – $1.00M | Base TI Bridge ($85.02/SF) | $738,000 |
| Annual / Daily Covers | 64,627 (177/day) | Check Avg & Mix (Food/Bev) | $100.00 (40% / 60%) |
| Operating Hours | 10:00 AM – 2:00 AM | Venue Capacity | 231 Seated / 400 Max |
Operating Expenses
| Expense Category | Annual Cost | % of Gross |
|---|---|---|
| Rent & NNN ($36,000/mo Base Year 1; 3% Annual Escalation; Includes $700K–$1M TI) | $432,000 | 6.7% |
| Management Fee | $0 | 0.0% |
| Credit Card Processing Fees | $214,887 | 3.3% |
| Marketing, Digital & Sports Promos | $129,255 | 2.0% |
| Utilities (Gas, Electric, Water, HVAC) | $38,400 | 0.6% |
| Operating Supplies & Smallwares Allocations | $226,197 | 3.5% |
| Security, Resident DJs & Overnight Hood/Janitorial Services | $228,000 | 3.5% |
| Insurance, Licenses & Permits (Tavern, 2AM Late-Hour, Patio) | $34,992 | 0.5% |
| Repairs, Maintenance & CapEx Reserve | $64,628 | 1.0% |
| Glassware, Toast POS, QSC Audio & Ubiquiti CCTV Tech | $79,200 | 1.2% |
| TOTAL OPERATING EXPENSES | $1,447,559 | 22.4% |
INSTITUTIONAL CAPITAL MATRIX ($2.30M LP CALL + $700K–$1M TI)
5-YEAR INVESTOR DISTRIBUTION SCHEDULE ON $2,300,000 LP EQUITY CALL WITH $700,000–$1,000,000 NON-DILUTIVE LANDLORD TI
1.72x–1.90x LP ROI
| Investment Tier / Metric (Pro-Rata Share of $2.30M LP Equity Raise) | $100,000 Tier (4.35% Equity) | $250,000 Tier (10.87% Equity) |
$500,000 Tier (21.74% Equity) | $1,000,000 Tier (43.48% Equity) |
$2,300,000 Full Call (100.00% LP Pool) |
|---|---|---|---|---|---|
| Year 1 Projected Distribution (80% Tier 1 Payback) | $46,769 | $116,923 | $233,845 | $467,690 | $1,075,687 |
| Year 2 Projected Distribution (80% Tier 1 Payback) | $40,740 | $101,851 | $203,702 | $407,404 | $937,030 |
| Year 3 Projected Distribution (Payback Flip in Mar 2029) | $30,984 | $77,460 | $154,920 | $309,840 | $712,631 |
| Year 4 Projected Distribution (50% Tier 4 Residual Carry) | $27,475 | $68,688 | $137,376 | $274,752 | $631,929 |
| Year 5 Projected Distribution (50% Tier 4 Residual Carry) | $25,917 | $64,791 | $129,583 | $259,165 | $596,080 |
| TOTAL 5-YEAR INVESTOR YIELD ($2.30M LP CALL + $738K TI) | $171,885 | $429,713 | $859,425 | $1,718,851 | $3,953,357 |
| NET 5-YEAR PROFIT ABOVE PRINCIPAL | +$71,885 | +$179,713 | +$359,425 | +$718,851 | +$1,653,357 |
| BASE TI ($738K) ROI MULTIPLIER (PAYBACK MAR 2029 / MO. 29) | 1.72x | 1.72x | 1.72x | 1.72x | 1.72x |
| AVG. MONTHLY DIVIDEND (60 MONTHS) | $2,865/mo | $7,162/mo | $14,324/mo | $28,648/mo | $65,889/mo |
| Upside Case: $1.00M Max TI Applied to Reduce LP Call to $2.038M (Flip Dec 2028) | $189,677 (1.90x) | $474,192 (1.90x) | $948,384 (1.90x) | $1,896,768 (1.90x) | $3,865,614 (1.90x) |
| Downside Stress Test: $0 Landlord TI ($3.038M 100% LP Equity Call / Flip Dec 2029) | $139,075 (1.39x) | $347,688 (1.39x) | $695,376 (1.39x) | $1,390,751 (1.39x) | $4,225,103 (1.39x) |
How the $700,000–$1,000,000 Landlord TI Requirement Protects LP Returns at $350/SF: At $350.00/SF across 8,680 SF, the total turnkey construction and pre-opening budget is $3,038,000. By requiring $700,000–$1,000,000 in Landlord Tenant Improvement (TI) Allowance ($80.65–$115.21/SF on the 10-year Marina City lease, with $738,000 / $85.02/SF as the exact base bridge), 100% of the +$738,000 union construction step-up is funded by non-dilutive landlord capital. This caps the LP Investor Equity Call at $2,300,000 (preserving the 1.72x ROI and Month 29 / March 2029 Payback), or — if the full $1,000,000 TI is secured — either adds +$262,000 in surplus contingency ($3.30M total stack) or lowers the LP Equity Call to $2,038,000 (1.90x ROI / Month 26 Payback).
60-MONTH PRO FORMA LEDGER ($2.30M LP CALL + TI BRIDGE)
UNRECOUPED LP CAPITAL PAYBACK CURVE ($2,300,000 -> $0) & MONTHLY CASH FLOW SCHEDULE (NOV 2026 – OCT 2031)
YIELD FLIP: MAR 2029 (MO. 29)
| # | Date | Gross Sales | Labor Burn | Fixed Rent | Net EBITDA | Investor Dist. ($2.3M) | Unrecouped Cap | Active Phase |
|---|
$350/SF TURNKEY BUILD ($3.04M) & $700K–$1.0M TI REQUIREMENT
COMPLETE 8,680 SF @ $350.00/SF ($3,038,000) CAPEX RECONCILIATION: $2,300,000 LP SAFE CALL + $700,000–$1,000,000 LANDLORD TI
$350/SF • $700K–$1M TI
Total Build (@ $350/SF)
$3,038,000
8,680 SF × $350.00/SF All-In
LP Safe Capital Call
$2,300,000
75.71% of Build ($264.98/SF)
Landlord TI Requirement
$700K–$1.0M
$738K Base ($80.65–$115.21/SF)
Verified Hard Quotes (CSVs)
$874,367
28.78% of $3.04M ($100.73/SF)
Union MEP & GC Build
$1,558,000
51.28% ($825K MEP + $733K GC)
Soft, Pre-Open & Reserve
$605,633
19.94% ($195K Hard Contingency)
1. Master $3,038,000 ($350.00/SF) CapEx & Landlord TI ($700K–$1.0M) Allocation Schedule
| CapEx Division & Scope of Work (8,680 SF Total Venue @ $350.00/SF) | Old $1.60M | $3.038M ($350/SF) | LP Call ($2.30M) | Landlord TI ($738K Base) | $/SF (8,680 SF) | % of $3.04M |
|---|
2. Landlord Tenant Improvement (TI) Negotiation Matrix ($700,000 Min Floor — $738,000 Base — $1,000,000 Max Ask)
| Lease TI Negotiation Tier (Marina City — 8,680 SF on 10-Yr $36,000/mo NNN Lease) | Landlord TI Ask | TI $/SF | LP Equity Call | Total Capital Stack | Effective $/SF | Hard Contingency | 5-Yr LP Yield / ROI | Payback Flip & Deal Structure |
|---|
3. Schedule A: FF&E & Stock by Room Zone ($449,472)
| Room Zone | Items | Total Qty | Zone Subtotal | % of $3.04M |
|---|
4. Schedule B: Architectural Finishes by Category ($424,895)
| Architectural Category | Items | Category Subtotal | % of $3.04M |
|---|
SCHEDULE A: MASTER TURNKEY FF&E & STOCK QUOTE
COMPLETE 29-ITEM COMMERCIAL KITCHEN, BAR, AV, PATIO, FURNITURE & OPENING INVENTORY SCHEDULE (19.54% OF $2.3M CALL / 14.80% OF $3.04M BUILD)
$449,472.00
| Item ID | Room Zone & Category | Brand / Manufacturer | Product & Model Description | Part # / Verified UPC | Qty | Unit Cost | Extended Cost | Blender Prefix & Notes |
|---|
SCHEDULE B: MATERIALS & FINISHES PURCHASE SCHEDULE
COMPLETE 19-ITEM ARCHITECTURAL FLOORING, MILLWORK, MARBLE, LEATHER, BRASS & GLAZING SCHEDULE (18.47% OF $2.3M CALL / 13.99% OF $3.04M BUILD)
$424,895.00
| Mat ID | Category & Blender Mat | Material Description & Color Role | Manufacturer & UPC | Unit Type | Qty | Unit Price | Total Cost | Chicago Supplier & Link |
|---|
ARCHITECTURAL FLOOR PLAN — SEATING, PATIO & FULL FOOTPRINT
BLACK & WHITE CAD BLUEPRINT MATCHING TOP-DOWN VENUE GEOMETRY • ALL 11 ZONES • 231 SEATS / 400 MAX OCCUPANCY • 8,680 SF @ $350/SF
SHEET A-101 • SCALE 1/8" = 1'-0"
TURNKEY ARCHITECTURAL BUILD & CAPACITY SCHEDULE
ZONE-BY-ZONE SEATING BREAKDOWN (231 SEATED / 400 MAX OCCUPANCY), BOH INFRASTRUCTURE & UNIFIED COLOR THEME
8,680 SF • 231 SEATS / 400 CAP
1. Front-of-House (FOH) Zone-by-Zone Capacity & Turnkey Build Schedule
| FOH Zone & Elevation | 3D Coordinates (Blender X, Y) | Architectural & Furniture Build Specifications | Tables / Units | Seated Cap | Peak / Cocktail Cap |
|---|
2. Back-of-House (BOH) Commercial Kitchen & 5 Cold-Storage Rooms (2,550 SF)
| BOH Room / Station | Turnkey Equipment & Engineering Specs |
|---|---|
| 04. Open Exhibition Hot Line & Cold Island | 18-ft CaptiveAire Type-1 hood w/ Ansul R-102; Vulcan 60" 6-burner range; Vulcan 48" charbroiler on True 72" refrigerated chef base; twin Pitco 50-lb fryers; Rational iCombi Pro double-stack oven; 2x True 72" 30-pan Mega-Top cold prep tables w/ dual Toast 22" KDS screens. |
| 06A/B. Prep Commissary & Scullery Dish Pit | 3x 96"x30" 304 stainless prep islands; Hobart HL600 60-qt mixer + Robot Coupe R2N + Berkel X13 slicer; Hoshizaki 1,317-lb/day ice machine on 900-lb bin; Hobart AM16 pass-through dishwasher (60 racks/hr) w/ condensate hood, Zurn 70-lb grease trap & 108" 3-comp sink. |
| 08/09/10. 5 Walk-In Coolers & Liquor Vault | Room 1 Liquor Vault (5 security cages, 2x EuroCave 180-btl wine coolers, 360-btl opening spirits stock); Room 2 Beer Cooler (Perlick 16-line glycol pack, 24 opening kegs); 3 Peninsula Walk-In Coolers/Freezer (Produce, Meat, -10°F Freezer w/ 18 Camshelving racks & $34,600 food stock). |
3. Unified Marina City Signature Color & Material Palette
Slate Navy Upper Walls
BM HC-154 Hale Navy / SW 9178 (#2C3E50)
BM HC-154 Hale Navy / SW 9178 (#2C3E50)
American Black Walnut
Carlisle 8" Floors & 30-Ft Fluted Bar (#3B2314)
Carlisle 8" Floors & 30-Ft Fluted Bar (#3B2314)
Warm Honey White Oak
42" Wainscoting & Drink Rails (#8C6239)
42" Wainscoting & Drink Rails (#8C6239)
Deep Oxblood Leather
Spinneybeck Hide — Sofas & Chairs (#5E1914)
Spinneybeck Hide — Sofas & Chairs (#5E1914)
Saddle Cognac Leather
Edelman Hide — 50+ Barstools (#8B4513)
Edelman Hide — 50+ Barstools (#8B4513)
Hunter Emerald Velvet
Kravet VIP Booths & Pool Felt (#145A32)
Kravet VIP Booths & Pool Felt (#145A32)
10:00 AM – 2:00 AM STAFFING & SHIFT OPERATIONS SCHEDULE
16 OPERATING HOURS / DAY (8:00 AM PREP TO 2:30 AM CLOSE) • 62 TOTAL ROSTER • $1,700,097 NET LABOR ALLOCATION
112 HRS/WK • 3 SHIFTS
1. Three-Shift Daily Deployment Schedule (8:00 AM Prep Arrival – 2:00 AM Doors – 2:30 AM Close)
| Shift Window & Service Mode | Clock-In / Clock-Out | Mgmt | FOH Staff | BOH Staff | Security / DJ | Total On-Floor | Station-by-Station Operational Coverage (All 11 Zones) |
|---|
2. Annual Labor Budget & Department Roster Reconciliation
| Department / Role | Active Roster | Pay Structure | Annual Pro Forma | % of Rev |
|---|---|---|---|---|
| Salaried Management (6 FTE: GM $125K, Exec Chef $110K, AGM $85K, Night Mgr $78K, Sous $72K, Events $58K) | 6 FTE | Salaried + KPI Bonus | $528,000 | 8.2% |
| FOH Hourly Staff (8 Bartenders, 4 Barbacks, 12 Dining/Patio Servers, 4 VIP Bottle Servers, 3 Hosts, 5 Runners/Bussers) | 36 Staff (~22.5 FTE) | Chicago Tipped / Base + Tips | $511,000 | 7.9% |
| BOH Hourly Culinary & Stewarding (8 Line Cooks, 4 Prep Cooks, 2 Expos, 6 Dishwashers/Porters) | 20 Staff (~17.5 FTE) | Hourly ($18.00–$26.00/hr) | $730,000 | 11.3% |
| Payroll Taxes, Workers' Comp & Benefits ($212,280) Net of Seasonal Patio & Tip-Credit Flex Offset (-$281,183) | All 62 W-2 | 12% Burden / Seasonal Flex | ($68,903) | -1.1% |
| NET PRO FORMA DIRECT LABOR ALLOCATION (+ $228,000 Security/DJ/Overnight Cleaning in OpEx) | 62 W-2 + 8–10 Contract | 10:00 AM – 2:00 AM (365 Days) | $1,700,097 | 26.3% |