5001 Mcgregor Lane, Dripping Springs

$5,500,000

5 Beds
9 Baths
10,250 Sqft
10 Acres
0 Garage

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 offering
mini-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.

Essential Information
MLS® #7386493
Price$5,500,000
Bedrooms5
Bathrooms9.00
Full Baths5
Half Baths4
Square Footage10,250
Acres10.00
Year Built2003
TypeResidential
Sub-TypeOther
StatusActive
Community Information
Address5001 Mcgregor Lane
AreaHD
SubdivisionVista West Ranches Unfiled
CityDripping Springs
CountyHays
StateTX
Zip Code78620
Amenities
FeaturesNone
ParkingGravel, Gated, Aggregate
WaterfrontStream
Has PoolYes
Utilities

Cable Connected, Electricity Connected, Propane, Water Available

View

Hills, Trees/Woods, Creek/Stream

Interior
# of Stories1
StoriesOne
Appliances

Electric Oven, Free-Standing Electric Range, Microwave

Lot Description

Sprinklers In Ground, Sprinklers Partial, Trees Large Size, Waterfall

Construction

HardiPlank Type, Masonry, Stone

School Information
DistrictDripping Springs ISD
ElementaryWalnut Springs
MiddleDripping Springs Middle
HighDripping Springs
Additional Information
Date ListedApril 1st, 2024
Days on Market12
Listing Details
Office Contact(512) 263-3282
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Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS) from April 13th, 2024 at 9:30am CDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein "AS IS" and without any warranty, express or implied. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.

All information provided is deemed reliable but is not guaranteed and should be independently verified.