Thanks for the replies, especially Fatboy's. This would be near the Boston area, so I think warehouse space will be tough to find, although it's an interesting idea. To be honest, any decent space will be hard to find or too much $$$. I certainly agree that good retail space is not something worth paying for as the visibility and high traffic is not something we'd want or need. I was hoping to find more of an 'odd' commercial/office space, like a basement, that wouldn't fit most other people's/business's needs. This may never happen, and I'm not going to rush into anything, but I have just gotten sick of not having any decent place to play pool/billiards in this city. There are plenty of people with money here, and because real estate is so expensive, most people do not have the room at home for a table, so there should be a good enough market to support at least one real pool hall, but no one wants to open it. Hence, my interest in a private room.
Definitely would not be selling anything in the place, just have drinks and whatnot on the honor system, pay as you go. Camera(s) are a good idea. I know of one club south of here quite a bit that rents a basement space in a little commercial strip. Been there for 10 years or so I think, so they must be doing something right. Of course, I want something closer to Boston, so rent will surely be more $$$, but we'll just have to see what's out there.
I'm hoping this thread will be useful to others interested in opening private clubs, so any and all information is appreciated.