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33431952
33431955

2973 Illinois 71, Ottawa, IL 61350

LE
IL 475.204597
Coldwell Banker Commercial Real Estate Group
Listed by Coldwell Banker Commercial Real Estate Group
$1,650,000
1 day on market
Updated 1 day ago

Long-standing Supper Club and Event Space for Sale

Details
APN 15-41-113-000
Property Type Retail
Sub Type Restaurant
Square Footage 15,384
Net Rentable (SqFt) 15,384
Units 116
Cap Rate 6.76%
NOI $111,607
Tenancy Single
Price per SqFt $165
Broker Co-Op True
Year Built 1900
Year Renovated 1975, 2020
Buildings 3
Stories 2
Acreage 8.370
Zoning D
Parking Spaces 116 spaces
Parking Per SqFt 7.54
Investment Type Owner/User
Ground Lease No
Sale Condition For sale by owner

Flourishing Restaurant with Acreage | 6.76% CAP | 15,384 SqFt over 3 Buildings

Marketing description

Positioned right off Route 71 and minutes from I-80, you aren't just buying real estate; you are inheriting an 80-year legacy of hospitality and a front-row seat to millions of annual regional tourists. This property features 8.37 acres of improved land with 9,984 sf established supper club style restaurant, a 3,600 sf retail store, and a 1,800 shop on the parcel - along with a pond. Within Ottawa's city limits, the property is eligible for EZ benefits and some city utilities. The original 2-story barn houses much of the main restaurant and dining areas, lobby/foyer, raised floor bar area, kitchen and prep areas and back office space. There are 2 ADA restrooms on the 1st floor and 2 smaller restrooms on the 2nd floor in the banquet room. A newly installed outdoor 560 sf covered patio offers scenic views of the property and is right off of the bar and lobby areas. With seating for a comfortable 160 in the main dining areas, the upstairs banquet area hosts another 120 guests, offers a wet bar, a 2nd kitchen, fixed salad bar/buffet and small dance floor. The large, fixed salad bar/buffet that makes Hank's unique is located just off of the kitchen in the main dining area. Seating includes flexible table options and booths throughout. The main kitchen features a large walk in fridge and walk-in freezer while the back storage areas include a back office, employee restroom additional office restroom, loading dock, and laundry dock. Many recent upgrades in 2020 include new AC units, new windows on both floors, new flooring in the main floor, front foyer upgrades and the new outdoor patio. With the thoughtful decor, lighting, and gift items - you're sure to enjoy a unique dining experience in the gateway to Starved Rock.

This listing includes the restaurant, pond, parking lot, and gift store parcel. This parcel is within Ottawa city limits, is eligible for Enterprise Zone benefits through the Upper Illinois River Valley Development Authority, but is not eligible for TIF benefits. The restaurant is served by municipal sewer while the retail outbuildings are served by a private septic. All is served by natural gas and the a private well.

The interior features authentic, heavy timber framing and rich wood tones that immediately establish a warm, rustic atmosphere, a massive selling point for the highly profitable wedding and private event market. The converted barn layout offers multiple distinct dining rooms and private banquet spaces, allowing an operator to run a high-volume public restaurant while simultaneously hosting private corporate events or weddings. Hank’s was famous for its expansive buffet and salad bar setup. The physical infrastructure—built-in hot and cold stations, wide guest pathways, and kitchen-to-floor flow—remains an invaluable asset for high-efficiency catering. The restaurant is a combination of wood-framing and concrete block while the retail store and shop are wood-framed construction. Concrete foundations throughout all three properties with some areas of the old barn having block. The retail store and shop both have metal panel exterior and roofs.

History: The 1941 Origins: Hank’s Farm originally opened in 1941, founded by Hank Mucci as a modest, beloved neighborhood tavern in nearby Naplate. Ed Allen Sr. and his wife Zelda purchased the business in 1975, turning it into a true multi-generational family enterprise that eventually spanned four generations. Looking to expand on the land's immense potential, the family relocated the business to its current Route 71 location in 1985. They masterfully converted an authentic, rustic dairy barn into a massive, character-rich restaurant and event space. Beyond the food, Hank's became famous for its sprawling, park-like grounds that served as a sanctuary for an assortment of animals—including peacocks, ducks, chickens, sheep, and miniature horses—becoming a major agritourism draw for families.

Potential other uses:

- Weddings & Galas: Scenic pond, timber-framed barn, paved outdoor walkways could allow for a comprehensive, indoor/outdoor rustic wedding destination for Chicagoland couples looking for a Starved Rock backdrop.

- Boutique Lodging: Excess acreage surrounding the central restaurant/barn could assist in developing upscale cabins, a glamping village, or a small boutique inn to capture overnight tourist spillover from Starved Rock.

- Agritourism & Festivals: With deep local history as a "fauna sanctuary" with open acreage this site could also host seasonal fall festivals, craft beer gardens, farm-to-table outdoor dinners, or live music events capitalizing on Route 71 traffic.

Bring your vision to a landmark that generations have already come to love!

Investment highlights

  • Hospitality-focused configuration optimized for guest comfort
  • Flexible interior footprint supports multiple room mix schemes
  • Circulation encourages efficient traffic and positive guest flow
  • Ideal for investors seeking a stabilized hospitality investment

Listing Contacts

LE
IL 475.204597
Coldwell Banker Commercial Real Estate Group
Listed by Coldwell Banker Commercial Real Estate Group

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$111,607.15
$9,300.60/mo

Valuation Metrics

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DSCR
6.76%
Cap Rate
6.76%
ROI

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Additional Information

Name
Leah Erickson
License
475.204597
Brokerage
Coldwell Banker Commercial Real Estate Group
Brokerage Phone
630-553-9000
Title
Commercial Broker
Brokerage Address
38 Countryside Parkway
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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