Banquet Hall-Seats 500+ Includes $800K in RE

Not Disclosed, IA


Asking Price: Annual Revenue:
$695,000 $83,211

Services: Rentals - Party, Equipment


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RE: Banquet Hall-Seats 500+ Includes $800K in RE Broker: Michael Rooney
Owner Financing is Available!
$536k down/$159k over 60 mos. @ 5%.

Quick Facts

Asking Price: $695,000
Annual Revenue: $83,211
Net Profit: Not Disclosed
Cash Flow: Not Disclosed
Total Debt: Not Disclosed
FF&E: $198,000
Real Estate: $800,000
Year Established: 2017
Employees: 1
BBN Listing #: 15134955
Broker Reference #: 5003-15019

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Business Overview:

This beautiful new banquet/wedding venue Iowa seats over 500 and includes lounge, bar, kitchen and large restrooms. Real Estate has a certified appraisal value of over $1,000,000. Sale includes 11,000+ sq ft building on approximately 4 acres, large paved parking lot, FF&E and inventory. Business started three years ago and sales tripled in year two. 2020 was adversely affected by the Covid pandemic but bookings for 2021 are now almost full. There is a pent up demand for wedding venues as several wedding celebrations were postponed due to the pandemic.

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Property Features and Assets:

Very nice 11,000+ sq ft building with newer steel roof. Enough parking for over 100 cars and plenty of nearby off street parking. Land consists of over approximately 4 acres next to major highway. Interior is remodeled and includes seating for over 500, dance floor, large bar, kitchen, coat room and large restrooms. Tables and chairs and all other furnishings are included in this sale. A certified appraisal in 2017 shows value of Real Estate over $1,000,000. Four plus acres of land has potential to be subdivided and developed. Asset=$1,000,000

Market Competition and Expansion:

This banquet hall is the largest in a 30 mile radius and word of mouth is spreading with each event hosted. The closest competitor closed its door in December of 2020 leaving an opportunity to market to new customers. New owner could add catering. Current owner upon sale of a recent catering business signed a non-compete for catering and currently turns down all catering, and nearly every customer has requested catering. A new owner could also potentially market the business more than the current owner's very minimal marketing. New owner could also expand on social media to attract even more bookings/customers.

Reason for Selling:

Retirement.

Additional Details:

  • The property is owned.
  • The owner is willing to train/assist the new owner.
  • This is not a homebased business opportunity.
  • This is not a franchise resale opportunity.

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