Mixed-Use Property with Income
1348 Madison Avenue, Madison, IL 62060
Residential Income - Madison, IL
Property size:
4,608 SFLot size:
0.29 AcresPrice / SF:
$43/SF- Added:
- Mar 5, 2026
- Days on Market:
- 83
- Last Refresh:
- May 27 at 3:06 pm
Property Features for 1348 Madison Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement
- Basement Y/N
- 1
- Standard status
- Active
- APN
- 21-2-19-24-19-402-008
- Size
- 4,608 SF
- Lot size
- 0.29 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 1745
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
Listing agent Devin Outman License #475183933 (618) 631-4841
Listing office Landmark Realty 3049 Godfrey Road, Godfrey, IL (618) 466-1513
Listing date Mar 5, 2026
MLS# 25073689
Listing URL
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HighLights
- Turnkey bar & grill ready for immediate operation or tenant placement, previously rented for $1,500/month.
- Two currently rented residential apartments generating income: a 2‑bedroom unit at $900/month and a furnished 1‑bedroom unit at $850/month.
- All kitchen equipment included: commercial stove top, fryers, prep coolers, range hood, walk‑in refrigeration system, and beer coolers.
- Extra parcel included (1400 Madison Ave): a gravel lot for parking or development.
- Roof completely replaced in 2023 with architectural shingles.
- Commercial tenant previously paid all utilities (electric, gas, & water) due to single metering.
Overview
This mixed-use property presents an opportunity to generate income through various methods. The property includes two currently rented upstairs residential apartments, along with a bar and grill space ready for a new owner or tenant. The main floor bar and grill was previously rented for $1,500 per month. Included in the sale is kitchen equipment such as a commercial stove top, fryers, prep coolers, a range hood, a walk-in refrigeration system, and beer coolers. One apartment is a two-bedroom, one-bath unit renting for $900 per month. The other is a furnished one-bedroom, one-bath unit with tenants paying $850 per month. The roof was replaced with architectural shingles in 2023. The previous commercial tenant was responsible for all utilities, as there is a single electric, gas, and water meter. The sale also includes an additional gravel lot across the street at 1400 Madison Ave (parcel number 21-2-19-401-037), suitable for extra parking or future development. The property is located in Madison, IL, and the lot size is 0.2927 acres. The property size is 4,608 square feet.
Property Profile
Location Intelligence
Current Use by Public Records
Bars & Pubs
Location Insight
- Map
- Local Demand
- City
- Madison
- County
- Madison
- State
- Illinois
- Longitude
- -90.1545
- Latitude
- 38.691612
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Mixed-use property featuring residential and commercial income opportunities.
Where is this mixed-use property located?
The property is located at 1348 Madison Avenue Madison, IL.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Turnkey bar & grill ready for immediate operation or tenant placement, previously rented for $1,500/month.; Two currently rented residential apartments generating income: a 2‑bedroom unit at $900/month and a furnished 1‑bedroom unit at $850/month.; All kitchen equipment included: commercial stove top, fryers, prep coolers, range hood, walk‑in refrigeration system, and beer coolers.
