Banquet Facility with Property for Sale in North Suburbs of IL

Located in North Suburbs of Chicago (Lake County)
Sale includes: the Real Property, the Business, all Equipment & all Fixtures.
Purchase Price / Business & Real Property = $2,495,000 plus inventory

The current owners acquired the property in 2007. It’s a one story 18,972 sq ft banquet facility and it sits on 3.94 acres of land. They currently have 3 banquet rooms. The main banquet room is about 8,000 sq ft & has a capacity of about 400 seats. The 2 smaller banquet rooms have a capacity of 120 seats & 80 seats. They also have a room that’s currently being used as a storage room however, it could easily be an additional banquet room with 100 or more seats. There are a total of about 600 seats right now with the ability to add about 100 more seats, bringing the total seats to 700. They have a very large parking lot that can accommodate up to 201 vehicles. There’s also an adjacent parking lot owned by the village/county that they use when needed for over flow. They do all types of events including weddings, awards ceremonies, quincenieras, receptions, graduations, business meetings, etc.

Between acquiring the property in 2007 and through 2010 they did 2 phases of construction. Phase 1 included columns on the canopy, granite counter tops, chair rails, new equipment, new carpet, new flooring for upper level, new plumbing, new hvac, new paint, & new fire alarms and sprinklers. The renovations for phase 1 cost about $1,640,310.00 total. This phase was completed in March of 2009.

Phase 2 began in Jan 2011 and was completed in March of 2011. The total cost of this phase was about $202,283.00 and included new interior doors, new bathroom stalls, more remodeling, new electrical, some concrete work, new railings, new awnings and some carpentry. They remodeled both bridal rooms too. One of the bridal rooms actually has a shower, which is a great idea & hard to find. Prior to 2016, they were spending $45,000 - $55,000 per year renting tables, chairs & linen. In 2016, they bought their own tables, chairs & linen & got the cost down to about $10,000 per year.   

This Banquet Hall has a lot of potential to grow sales & cash flow. For starters, the website needs to be updated with more information & the ability to book or schedule events & see what dates are available, etc. Most banquet halls this size do $1,500,000 - $2,400,000 in annual sales. They are doing well over $700,000 in sales annually, so there’s plenty of room to grow. The main reason for this is that the owners live out of state and don’t have involvement in the business. They have had success keeping their expenses low, so they still have strong cash flow. They are also working on reducing the real estate taxes & feel they will be successful at reducing them. Any increases in sales will result in most of the new sales going to the bottom line because the overhead is being covered by the $700,000 they are currently generating. Having an owner operator there daily to focus on growing sales would do wonders for this place. Another big benefit is that this banquet facility has already been remodeled, so a new owner won’t have to worry about that expense.

Note: The owners will consider a small amount of financing for a well-qualified potential buyer.

Asking Price/Business & Real Estate: $2,495,000.00 plus inventory
Gross Annual Sales (approximately): $771,143.00
Cash Flow (approximately): $355,382.98
Value of Inventory (approximately): $25,000.00
Value of Equipment & Fixtures (approximately): $110,000.00
Building, Property details (approximately): The annual Real Estate taxes are $69,255.23. They have 201 parking spaces. The building is 18,972 sq ft. The property is 3.94 acres. It is zoned B-2. There are 3 banquet rooms with a total of 600 seats. 400 seats in the main banquet room.
Seller Financing: Owners will consider a small amount of financing with qualified & experienced buyer/operators.
Contact: Tony Gavros, This email address is being protected from spambots. You need JavaScript enabled to view it., Advantage Business Acquisitions, Inc. 847-722-1877

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