KINGS BEACH, Calif. – The umbrellas on the rooftop of the well-known Kings Beach restaurant, Caliente!, are no longer raised. Instead, a “For Sale” banner occasionally catches wind gusts on the once bustling deck. The southwestern style restaurant known for its ChupaCabra signature cocktail and rooftop Tahoe views closed its doors at the end of September, after being a fixture in the area for 17 years.

“Adios, Caliente! is closed. Thank you for the support over the years,” the restaurant’s website states. The announcement directs you instead to its sister restaurants: Sparks Water Bar (Sparks, Nev.), Bar of America (Truckee, Calif.), Riva Grill (South Lake Tahoe, Calif.), and Gar Woods (Carnelian Bay, Calif.).

Tom Turner, owner of Caliente! and the sister restaurants, declined to delve into the reason behind Caliente!’s closures, but wished success to the future owners.

The building has been on the market since December, listed with Dave Norberg at Keller Williams Group One for $4.9 million. Ricci Rodriguez-Elkins, Keller William’s Managing Director of Commercial Services, is also assisting with the sale and explained it is typical for these multi-million dollar specialty buildings to remain on the market for six months to a year.

The building has had several showings, including a showing just prior to Memorial Day weekend. “People have really appreciated its uniqueness,” Rodriguez-Elkins said. The building is lined with detailed murals, and tile that doesn’t just cover the floors, but also goes up the walls and stairs. Its expansive rooftop deck and festive bar areas add to its attractive features.

“Technically if somebody wanted to open a Mexican restaurant tomorrow, they could literally open the doors,” Rodriguez-Elkins said. “They could go in and turn everything on. It’s all turn key if you will.”

With a full service kitchen, equipment, furniture and fixtures all left behind, the building is ready for the investor that wants to continue the building’s history as a restaurant. It also has an elevator to the deck and offers 22 parking spaces, a highly coveted commodity.

Potential buyers have envisioned the building as a boutique, events center, and even a boarding house, but prospective sales have so far has been met by hesitation.

Initially when the property was posted for sale, there was uncertainty about what policies might come with the new presidential administration.

Now, Rodriguez-Elkins sees hesitation stemming from interest rates. Even with a large down payment, interests rates could still be around 7%.

These factors have placed potential buyers in a purgatory of wait-and-see.

This year has been especially slow for both commercial and residential real estate, according to Rodriguez-Elkins’ 19 years in the industry. “Everybody is kind of in a holding pattern, still looking for the right thing, waiting for interest rates and that’s been unique to this year.”

Still others have declined the property due its vast size or simply not being what they are looking for.

Caliente! opened in the summer of 2007 after an extensive remodel. Prior to Turner’s ownership and remodel, the Naughty Dawg resided there. Before the Naughty Dawg, the location was the Cantina Los Tres Hombres for many years. And prior to that, it was The Stop.

Whoever does come along to purchase the building will own a piece of Kings Beach history.