The Dairy Depot building and business are for sale by owner as a package deal for $320,000.
The Dairy Depot was established in 1984, and John and Diane Elliott have owned the business and the building since 2000. After John passed away unexpectedly from a heart attack in June of 2018, Diane has been working diligently to ensure ongoing operations of the seasonal soft serve ice cream parlor.
After talking with several real estate brokers and restaurant owners over the past two years, we feel that a prospective buyer should be prepared to:
Please read the details provided on the page below for both the business and the building prior to contacting us.
Thank you for your interest. Our top priority is to transition the business to a new owner who will help preserve the “quality of place” that our community has grown to enjoy at the Dairy Depot for future generations to come.
Dairy Depot is a seasonal soft service ice cream parlor that is open Memorial Day weekend to Labor Day weekend from 1:00 PM to 9:30 PM daily.
To reopen the business after John passed away during the 2018 season, Diane donated all of the previously purchased products to a long-time employee and leased the “business tradename and equipment” to her with the expectation that she would buy the business and building at the end of the 2018 season. Since she didn't proceed with the transaction in 2019 or 2020, we subsequently charged her $6,000 each year to continue renting the tradename and equipment in addition to paying annual rent for both spaces in the building.
Since the business was operated by a third party starting in 2018, the most accurate financial data we have for the Dairy Depot business are financials from 2017 and earlier.
Please note that we operated Dairy Depot as a cash-only business, and sales tax on customer purchases was included in menu prices.
o 2017: $190,025
o 2016: $168,758
o 2015: $155,409
o 2014: $141,490
o 2013: $129,024
o 2017: $58,433
o 2016: $48,236
o 2015: $40,090
o 2014: $33,174
o 2013: $19,660
P&L documents are available upon request. Products, pricing history, vendors, and employee details will also be shared and startup assistance will be provided to the new owner.
CLICK HERE to view the Dairy Depot Business Description.
CLICK HERE for an example expansion strategy for a year-round business model.
CLICK HERE to view the 2020 Dairy Depot menu with prices.
This highly visible destination building on N 2ndStreet (IL 251) in Loves Park was built in 1953 and is approximately 5,500 square feet, including the basement. The property has a garage, parking lot, and approximately 3/4 of an Acre with 125 feet of frontage along busy IL 251.
In conjunction with planned beautification projects - including new public parks on three of the four corners of N 2nd Street/River Lane and a new Bike Lane between Rock Valley College and the Rock River - this commercial building features new awnings, new signage, a new art mural, and new flower planters.
Tenants in the building also benefit from the nearly 23,000 daily traffic count plus the hundreds of daily walk-up customers during the ice cream season.
The Dairy Depot Building is located in a TIF District (CLICK HERE), an Enterprise Zone (CLICK HERE), and an Overlay District. The City of Loves Park prides itself on providing a “business friendly development process,” and they have a 0% municipal property tax (CLICK HERE). TIF funds were provided in 2020 in support of recent beautification efforts at the building, and the City also provided the large flower planters at no cost to inaugurate a new planter program along the N 2nd Street corridor.
The property includes the addresses 5413, 5415, 5417, 5419, 5421, and 5423 N. Second Street. The 2019 (pre-beautification) appraisal for the two parcels was valued at $210,000.
5413 & 5415
Tenant: Dairy Depot
Annual Rent: $16,200
Square Feet: 1,390
5413: New AC Unit 2009 and New Roof 2011
5415: New Water Heater 2020, New AC Unit 2015, and New Roof 2013
This upper-level, three-bedroom apartment was occupied by Keep Northern Illinois Beautiful (a nonprofit business) since 2000. The unit has front and back entrances; one full bathroom with a shower; and a full kitchen with stove, refrigerator, microwave, and dishwasher. The windows are thermo pane, and there is a porch deck overlooking the parking area.
Annual Rent: $9,600
Square Feet: 1,088
New Water Heater 2019, New Furnace and AC Unit 2006, and New Roof 2014
Tenant: Bliss Hair & Nail Studio
Ten-Year Lease 6/1/2019 – 5/31/2029
Annual Rent: $7,200 - $10,800
(discounted due to investments by tenant for buildout)
Square Feet: 1,088
New AC Unit 2015 and New Roof 2013
This street-level commercial/retail space has two restrooms, two front entrances, one back entrance, and a private office or storage area. Recent tenants include a computer and phone repair store and corporate offices.
Annual Rent: $9,600
Square Feet: 1,450
Capital Investments: New Furnaces/AC Units (2) 2005 and New Roof 2008
Although we’ve intentionally kept 5419 and 5421/23 vacant since John’s passing, the building continues to report net profits ($7,003.93 net profit in 2019 with Real Estate Taxes of $6,096.04).
5413-23 North 2nd Street, Loves Park, IL, USA