307 Main StLoraine, IL 62349

Property Details for 307 Main St

Lot size

4.95 AC

Property type

Commercial real estate

APN

60017100000

APU

60017100000

Description

This exceptional 12,320 square foot commercial property, located at 307 N Main Street in Loraine, Illinois, presents a unique investment opportunity. Previously a school, the building has been thoughtfully repurposed into a thriving bar and event venue situated on a generous 5-acre lot. The property boasts a modern geothermal heating and cooling system, significantly reducing operating costs. The main bar area, housed in the former gymnasium, retains its original character with a striking 19-foot ceiling and the original basketball court tile flooring, creating a nostalgic and inviting atmosphere. This area also includes a dedicated gaming room. A large, versatile space in the rear of the building is currently used for local bags leagues and has proven highly successful for hosting wedding rehearsals and receptions. The former school cafeteria offers significant potential for culinary expansion, with ample space to install a full-service kitchen. The expansive 5-acre lot provides ample room for future development and expansion of the existing event operations. This established business offers a blend of historical charm and modern functionality, making it an ideal investment for an entrepreneur seeking a unique and profitable venture in a strong community setting. The property's size and versatility make it suitable for a variety of uses, ensuring a strong return on investment.

• Alternative Use

  Use

  Valuation

  Residential

  $66,030,376

  Hospitality

  $60,483,468

  Educational

  $50,321,536

  Medical

  $52,052,168

  Retail

  $78,277,944

Location Insight

City

Loraine

County

Adams

State

Illinois

Latitude

40.1569

Longitude

-91.2238

CBSA code

39500

CBSA name

QUINCY, IL-MO MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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