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    1348 Madison Ave Madison, IL 62060

    For Sale
    $226,000

    Residential Income - Madison, IL

    Property size:
    4,608 SF
    Lot size:
    0.29 Acres
    Days on Market:
    45
    Last Refresh:
    Dec 14 at 10:06 pm

    Property Features for 1348 Madison Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Basement
    APN
    21-2-19-24-19-402-008
    Basement Y/N
    1
    Size
    4,608 SF
    Lot size
    0.29 Acres

    Utilities

    Heating system
    Forced Air, Hot Water (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1940
    Number of units
    3
    Building materials
    Brick
    Architectural style
    Other

    Landmark Realty Godfrey (618) 466-1513 [email protected]

    Listing agent Devin Outman (618) 466-1513 License #475183933

    Listing date Oct 31, 2025

    MLS# 25073689 Listing URL

    Copyright © 2025 MARIS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Mixed-Use Property with Income Potential

    This mixed-use property in Madison, IL, presents an opportunity to generate income through a variety of methods. The property includes a fully operational bar and grill on the main floor, currently tenant-occupied and generating $1,500 per month. The sale includes all kitchen equipment, such as a commercial stove top, fryers, prep coolers, a range hood, a walk-in refrigeration system, and beer coolers. Upstairs, there are two residential apartments. One unit is a 2-bedroom, 1-bath apartment, currently rented for $900 per month. The vacant unit is a spacious 1-bedroom, 1-bath apartment and comes fully furnished. When previously occupied, this unit generated between $750 and $850 per month. The roof was replaced with architectural shingles in 2023. The commercial tenant is responsible for all utilities for the building, as there is one electric, gas, and water meter. The property also includes an additional parcel, a gravel lot located directly across the street at 1400 Madison Ave, offering extra parking or further development opportunities. The property size is 4,608 square feet and the lot size is 0.2927 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bars

    Suggested Use

    Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Madison
    State
    Illinois
    Longitude
    -90.1545
    Latitude
    38.691612

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property featuring a bar, apartments, and development opportunity.
    Where is this mixed-use property located?
    The property is located at 1348 Madison Ave Madison, IL.
    What is the asking price?
    The asking price for this property is $226,000.
    What are key features of this property?
    This property features: - Mixed-use property with existing cash flow; - Fully operational bar and grill with all kitchen equipment; - Additional parcel included: gravel lot for parking or development
    (618) 466-1513
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    Madison, IL 62060
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1348 Madison Ave Madison, IL 62060
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