307 Main St Loraine, IL 62349

This exceptional 5-acre property in Loraine, Illinois, presents a unique investment opportunity. The 12,320 square foot building, formerly a school, has been renovated in 2023 and currently operates as a thriving bar and event venue. Boasting 19-foot ceilings and the original gymnasium floor, the property retains its nostalgic charm while incorporating modern updates, including a geothermal system. The layout includes a front bar area with a gaming room and a large rear space perfect for weddings, parties, and other events. A former cafeteria offers significant potential for culinary expansion with the addition of a full-service kitchen. The property's location in an area known for trophy whitetail hunting presents an alternative use as a hunting lodge or seasonal rental. The ample land allows for further development, such as RV slips or additional outbuildings. The permitted zoning is commercial, and the property is a single-story, Class B building. The asking price is $355,000, and the owner is motivated to sell. This versatile property offers a multitude of income-generating possibilities. The property includes a single building on a 5-acre lot and is identified by APN 060017100000. The property is owned by an LLC.