228 S State Street Marengo, IL 60152 • Commercial - Business • Active $650,000

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 Highlights