Opening Record Store

Looking for advice from my fellow audiogoners...I have the potential to move into a store front that is already being operated as a record store (lps only) and become the new shop proprieter/owner. The owner has offered me the space (rediculously cheap rent) in a good area of town. He has had his store for about 5 years now and has a steady customer base. He will be taking all of his inventory and record storage bins that were in the store.He has a web site set up already and signs out front indicating the name of the shop...I plan on rebranding the shop with name change and interior upgrades. It is not a large space maybe 800-1000 square feet. I have a rather large inventory of my own so my up front investment of vinyl would be minimal. The owner wants me to buy him out..basically give cash in return for his customer base and the potential to get my hands on pretty good collections. I am trying to come up with a fair valuation of something like this and I am looking for advice..What do you think something like this is worth? Thank you in advance.

Quick, throw all your money in the fireplace and set it on fire. Yes, you'll be flat broke, but at least you'll get it done less gradually and frustratingly.

Asking business advice on a internet forum....

Off to a bad start.
Too bad some here had to bring up sick of it and there is no reason self-control cannot be engaged to keep that topic disengaged.
To the OP...... Buying an empty record store and not getting the name makes no sense. Several years ago the owners of a very well known record store in Seattle sold it to another party, leaving the name and everything inside completely intact. Is like going to the same store but the new guys also speak Internet and have their act together.
Negotiate a sale like that and you’d be good to go.
Table jockey... I disagree...he should seek info WHEREVER he can get it...and keep the good stuff and disregard the bad. By posting here...he may get valuable input from his target customer base...

op... while I suspect it will indeed be an uphill battle...doesn’t mean it can’t work...keep doing your due diligence and don’t let the gadflies get you down!
From a former business broker, the value is determined by PROVE-ABLE profit. Inventory, if sellable, at his cost,fixtures depreciated. If the word potential leaves his mouth,leave.