228 S State St - Storefront Retail/Residential FOR SALE


Marengo, IL 60152
$664,900 USD
312-682-8500
228 S State St, Marengo, IL for Sale
$664,900 USD
Storefront Retail/Residential - FOR SALE
1/28
null | 8.95% Cap Rate

228 S State St
Marengo, IL 60152


HIGHLIGHTS

  • Operates as a restaurant/bar and three apartments
  • High visibility intersection

OVERVIEW

This is a fully-leased mixed-use property situated in Marengo's central business district with a restaurant/bar and three apartments. The restaurant business has a liquor license and can apply for a gaming license. The sale includes the restaurant & bar equipment currently being used to operate the business, which includes: prep & cooking equipment, coolers, tables & chairs, flat top grills, deep fryers, freezers, etc.. The restaurant seats 75+ people (interior) and 25+ on the patio (exterior). Upstairs, you'll find three residential apartments. Situated at the corner of State St and Grant Highway in the Central Business District, this is a high visibility intersection. There's on-street parking in the front and in the rear you'll find a city-owned public parking lot with free parking for 50 cars. The restaurant is accessible from the rear courtyard and the front entrance. Location allows for quick & easy access to Interstate 90 via the newly constructed access ramp. The building is in good condition and move-in ready. The exterior has been freshly painted and is well-illuminated for excellent visibility. The lowest level houses a walk-in cooler and storage. Central heating & air conditioning heat & cool the first floor, while electric baseboard heaters heat the second floor. There are separate utilities throughout. Good rental income (though apartment rents should be increased). Just steps to restaurants, bars, shops, and more!

FOR SALE DETAILS

PRICE

$664,900 USD

PRICE/SF

$111 USD /SF

CAP RATE

8.95%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

ADD'L SUBTYPES

Restaurant

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1900

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,792 SF

ZONING

-

APN/PARCEL ID

11-35-283-015

ASK ABOUT THIS PROPERTY

Kevin Carroccia@PropertiesMore Info
312-682-8500

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Kevin Carroccia@PropertiesMore Info
312-682-8500

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.