Long-standing Rest. & Event Space for Sale 2973 N Il Route 71 15,384 SF Retail Building Ottawa, IL 61350 $2,303,020 CAD ($149.70 CAD/SF) 6.76% Cap Rate

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.
BUSINESS IS FULLY OPERATIONAL - PLEASE DO NOT DISTURB STAFF, CALL BROKER.
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.
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.
Potential Uses with approval:
- 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.
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.