Description for
5001 McGregor LNDripping Springs, TX 78620
Allegro Wedding and Events is a recently launched and operating venue with new business branding, located in Dripping Springs, the Texas Hill Country area known as "The Wedding Capital of Texas". Allegro combines Hill Country beauty with Austin chic, just 37 minutes from downtown. The venue sits on 10 acres of unrestricted ridge-top land with 5-mile views to the west overlooking open ranches and the Texas Hill Country. The property consists of over 10,250 SF of indoor improvements, manicured grounds and exterior entertainment areas under live oaks. The current property owners have recently renovated with upscale Hill Country chic decor and elegant touches throughout. 5 newly decorated and furnished guest cottages have been added to the grounds offering overnight accommodations for up to 17 guests for all seasons. Estimated net operating income is approximately $400,000 for the year 2023 based on the current confirmed wedding and cottage bookings. There is potential to increase revenue by booking weddings on Sundays and weekdays, and offeringmini-weddings and corporate and private parties and other events. The venue is positioned at the high-end of the market, and only one of a couple of venues offering a one-stop wedding experience, with a story-book chapel and a variety of airconditioned indoor, and scenic outdoor entertainment and celebration spaces. In addition to the real estate, the business, Allegro name and current bookings will transfer with the sale. The current manager played a key role in building the business and event bookings to support the pro-forma NOI.
Price
$5,500,000
Vista West Ranches Unfiled
Hays
5
5 Full/4 Half
10,250 (approx)
7386493
Active
Description
Allegro Wedding and Events is a recently launched and operating venue with new business branding, located in Dripping Springs, the Texas Hill Country area known as "The Wedding Capital of Texas". Allegro combines Hill Country beauty with Austin chic, just 37 minutes from downtown. The venue sits on 10 acres of unrestricted ridge-top land with 5-mile views to the west overlooking open ranches and the Texas Hill Country. The property consists of over 10,250 SF of indoor improvements, manicured grounds and exterior entertainment areas under live oaks. The current property owners have recently renovated with upscale Hill Country chic decor and elegant touches throughout. 5 newly decorated and furnished guest cottages have been added to the grounds offering overnight accommodations for up to 17 guests for all seasons. Estimated net operating income is approximately $400,000 for the year 2023 based on the current confirmed wedding and cottage bookings. There is potential to increase revenue by booking weddings on Sundays and weekdays, and offeringmini-weddings and corporate and private parties and other events. The venue is positioned at the high-end of the market, and only one of a couple of venues offering a one-stop wedding experience, with a story-book chapel and a variety of airconditioned indoor, and scenic outdoor entertainment and celebration spaces. In addition to the real estate, the business, Allegro name and current bookings will transfer with the sale. The current manager played a key role in building the business and event bookings to support the pro-forma NOI.
Listing Information
Property Type: Single Family, 1 Story
5
5 Full/4 Half
10 Acres
10,250 (approx)
2003
1
Fiber cement,Stone
Vista West Ranches Unfiled
Cable Available, Cable Connected, Electricity Connected, Propane, Water Available
Neighborhood
School Information
Walnut Springs
Dripping Springs Middle
Dripping Springs
Room Information
Bathrooms
5
4
Interior Features
Microwave, Electric Oven, Free-Standing Electric Range
Exterior / Lot Features
90 Parking Spaces,Aggregate, Gated, Gravel
Stone, Fiber Cement
Covered, Front Porch, Rear Porch
Private
Trees/Woods, Creek/Stream
Waterfall
Driving Directions
290 West to McGregor
Go north on Mcgregor, past Fitzhugh, on left
Financial Considerations
1192600000015024
$15,269
Cash, Conventional
Listing Price History
Dripping Springs Real Estate
Dripping Springs is located in Texas.
Dripping Springs, Texas 78620 has a population of 4,119.
The median household income in Dripping Springs, Texas 78620 is
$120,408.
The median household income for the surrounding county is $75,051
compared to the national median of $66,222.
The median age of people living in Dripping Springs 78620 is 33 years.
Data provided below are primarily sourced from Public Records data.
Nearby Recent Sales (Sourced from Public Records)
Street Address
City
Beds
Baths
Sold Price
Sold Date
No information is available for recently sold properties within this search.