10408 State Highway 64Tyler, TX 75707

This exceptional 74,123-square-foot special purpose property, known as the Oil Palace, presents a unique investment opportunity in Tyler, Texas. Located at 10408 State Hwy 64 E, this fully operational arena boasts a seating capacity of approximately 7,000 and is currently generating significant income. Built in 1982 and extensively renovated in 2021, the property features modern infrastructure and amenities, including multiple bars, two food concessions, a fully equipped catering kitchen, an entertainer's house, and a large storage building/workshop. The Oil Palace sits on a substantial 21.82-acre lot, providing ample parking. The property's versatile layout allows for customization to suit various uses, while its high visibility and accessibility ensure strong customer appeal. Financial highlights include a $6,950,000 asking price, a 10.43% cap rate, and a net operating income (NOI) of $933,808. The price per square foot is $121. Currently operating below its full potential, this property offers significant upside for a savvy investor seeking a high-return, special-purpose asset in a prime Texas location. The single-unit structure provides flexibility for diverse usage or tenancy. This is a rare opportunity to acquire a well-established, income-producing venue with substantial growth potential.