Profitable Event Space and Development Potential Acreage

Special Purpose for Sale
Also listed as Hospitality
Catylist Listing ID: 30728756
Property Subtypes: Assembly/Meeting Place, Other
Building Size (RSF): 6,000 SF
Gross Building Area: See Agent
Gross Land Area: 1 Acre
Sale Price: $2,800,000
In Opportunity Zone? Yes
Property Use Type: Investment, Business
Sale Terms: Cash to Seller, Owner Financing, Other
Cap Rate: Undisclosed
Last Updated: 1/17/2022

Overview / Comments

Unique opportunity for income producing event space. Approximately $500,000 in gross revenue for 2021. The property is located on approximately 1 acre, more acreage is available to be sold with further development potential. Property was purpose built to be a wedding space and has primarily hosted high-end weddings. Since the space can be open door, there was minimal impact from Covid-19 to the business. Year over year increased bookings with room for growth. Wooded ceremony area can be leased with seating and gravel parking lot that can accommodate approximately 100 vehicles. Event building is only three years old and is in excellent condition. The reception space is able to be opened up with the exterior doors, there is a beautiful bar area and the business holds a liquor license. Two restrooms with multiple stalls; bridal area for getting ready with sinks, mirrors and couches; upstairs is a grooms area with pool table, television and couches. Plenty of storage, both in finished area and unfinished. Original plans included finishing some of the attic space for sleeping quarters. Further development potential for the acreage includes, residential development, rental cabins and/or other recreational development. Recently run fiber optic is available for the property and unlike much of the surrounding acreage, this land retains the mineral rights to the property. This property sits close to an area that, according to Red River Economic Development, has 897 acres under contract to develop a high end 4.5 star resort; estimated to bring in over 90,000 visitors a year. Reportedly, the Gorge Underground saw around 65,000 visitors in 2020 and Muir Valley 45,000. The gorge area itself attracts hundreds of thousands of visitors each year from all over the world for hiking, sightseeing and rock climbing. Moreover, there is an opportunity to purchase up to 3 additional houses with further development potential acreage. New owner must honor bookings through 2021, current owners are open to advising/helping with the transition for a limited time. Purchaser to provide evidence of ability to perform, sellers may consider owner financing a portion of the down payment. Additional pictures & video available. Documents available after signing a non-disclosure are the Business P&L, proforma & Geological Survey.

Attachments & Media

Additional Details

Nearest MSA: Lexington-Fayette
County: Wolfe
Zoning: ZONE
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Excellent
Year Built: 2018
Roof Type: Gable
Construction/Siding: Metal Siding
Parking Type: Surface
Parking Description: Two gravel lots approximately 100 vehicles.
Internet Access: Fiber Optic
Sewer Type: Septic

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 1,754 4,122
Median Age: 38.22 40.15
Households: 715 1,698


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