MergerPlace

Banquet Hall-Seats 500+

Iowa


  • Asking Price: $695,000
  • Gross Income: $83,211
  • Cash Flow: Not Disclosed
  • Real Estate: $800,000
  • Inventory: $2,000
  • FF&E: $198,000
  • Listing ID: #214722
  • Established: 2017
  • Employees: 1 PT

Business Description

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.


Business Details

Primary Business Category: Accommodations
Location: Iowa

Company Information

Year Established: 2017
Home Based: No
Franchise: No
Relocatable: No
Number of Employees: 1 PT

Financial Information

Asking Price: $695,000
Gross Revenue: $83,211
FF&E: $198,000
Inventory: $2,000
Real Estate: $800,000
Seller Financing Available: Yes

Property Information

Facilities:

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.

Growth & expansion opportunities:

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.

Competition:

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.

Reason for selling:

Retirement.

Support & Training:

Will train for 2 weeks @ no cost.

Contact Business Seller

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Business Listed By:

Michael Rooney

Murphy Business Brokers