MLS#12779491
STATUSNew
PROPERTY TYPECommercial - Business
Property Description
Excellent investment opportunity situated in Marengo's central business district. 228 S State property consists of a restaurant/bar and three 1BR apartments. Situated at the corner of State St and Grant Highway, this is a high-visibility intersection. Directly behind this property is a city-owned public parking lot for 50 cars, providing plenty of off-street parking for patrons. The restaurant is accessible from the rear courtyard and the front entrance. This location allows for quick and easy access to Interstate 90, via the recently constructed access ramp. The restaurant business has a liquor license and can apply for a gaming license. 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. There are separate utilities throughout. Central heating & air conditioning heat & cool the first floor, while electric baseboard heaters heat the second floor. The restaurant's lease expires in 2029, reaching $4,000 by 2028. The sale includes the restaurant and bar equipment currently being used to operate the business, which includes: prep & cooking equipment, coolers, flat top grills, deep fryers, freezers, etc.. List of equipment available upon request. Most rents now reflect market rates, with value-added opportunities available.
Property Features
Property Type: Commercial - Business
Cooling: Central Air, Window Unit(s)
Lot Size: 0.13 Acres
Roof Type: Membrane
Stories: 2.0
Taxes: $7,452
Year Built: 1900
Feature Descriptions
Drains: Balcony/ies, Courtyard, Accessible Entrance, Patio, Security Lighting, Storms and Screens (as exist), Other
Electric: Circuit Breakers, Separate Meters, Service - 0 to 100 Amps, Power - 120V
Exterior: Brick, Wood, Combination
Fire Protection: Ansul System, Fire Extinguisher/s, Smoke or Fire Protectors
Flooring: Varies
Foundation: Concrete Perimeter, Stone
Frontage Type: Signal Intersection, State Road, US Highway
HVAC: Electric, Forced Air
Location: Central Business District, Corner, In City Limits
Lot Dimensions: 4004 SQ FT
Miscellaneous Indoor: Accessible Entrance, Accessible Washroom/s, Multi-Tenant, Private Restroom/s, Storage Inside, Other, Basement
Miscellaneous Outdoor: Balcony/ies, Courtyard, Accessible Entrance, Patio, Security Lighting, Storms and Screens (as exist), Other
Number of Tenant(s): 4
Parcel#: 1135283015
Parking: 31-50 Spaces, Public Lot, Parking-Street
Potential Use: Commercial
Tenant Pays: Electricity, Heat, Scavenger, Sewer, Varies by Tenant
Units: 4
Utilities: Electric to Site
Listed By / Shown By
Listed By
Agency Name: @properties Christie's International Real Estate
Agency Phone: 312-682-8500
Shown By
Agent Name: Donna Leone
Agent Phone: (815) 262-5546
Agency Title: Dickerson & Nieman Realtors
Donna Leone
Cell: (815) 262-5546
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228 S State Street | MLS# 12779491
This commercial property located at 228 S State Street, Marengo, IL 60152 is currently listed for sale with an asking price of $650,000. Search Marengo real estate on donnaleone.dickersonnieman.com today.