Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1407 W Main St Salem, IL 62881

    View on Map
    Sponsored
    For Sale
    $370,000

    COMMERCIAL - Salem, IL

    Lot size:
    1.00 Acre
    Days on Market:
    102
    Last Refresh:
    Mar 10 at 9:06 pm

    Property Features for 1407 W Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    B-3
    APN
    1100022181
    Parking
    40
    Lot size
    1.00 Acre

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1977
    Floors in Building
    1
    Flooring type
    Tile
    Building materials
    Brick, Wood Siding, Frame

    We can help!

    Listing Contact
    Stacey Russell

    Somer Real Estate (618) 548-5123

    Listing agent Stacey Russell

    Listing date Nov 28, 2025

    MLS# EB458096

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

    Learn more

    Property Insight Report

    Overview

    Highway Frontage Restaurant Opportunity

    This property, formerly a restaurant, is located on Highway 50 in Salem, Illinois, less than a mile from Interstate 57. The building has over 2500 square feet, including an indoor seating area, kitchen, bar, and drive-through window. On-site parking is available. The property is currently leased through December 2026. The zoning is B-3. An additional grass area south of the parking lot allows for future parking expansion or storage. The lot size is 1 acre. This property is suitable for drive-through restaurants, restaurants, and retail properties.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    La Cocina Mexicana Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Illinois
    Longitude
    -88.962378
    Latitude
    38.624803

    Nearby Similar for Sale

    • $195,000

      Turn-Key Restaurant in Downtown Salem

      Updated restaurant space ready for immediate operation in downtown Salem.
      206 E Main St, Salem, IL 62881
      View Details
    • $169,000
      0.31 Acres

      Commercial Property on Highway 50

      Highway-fronting commercial building with shop and office areas.
      1101 W Main St, Salem, IL 62881
      View Details
    • $92,000
      Pending

      Downtown Salem Commercial Investment Opportunity

      Prime commercial properties in downtown Salem, Illinois, sold as-is.
      122 W Main St, Salem, IL 62881
      View Details
    • Contact for pricing
      4,783 SF

      KFC Restaurant Investment Opportunity

      NNN leased KFC in Salem, IL with annual rent increases.
      101 Baldridge Ln, Salem, IL
      View Details
    • $4,482,509
      27,500 SF

      Salem Shopping Center: Prime Retail Investment

      100% Leased, Multi-Tenant Retail Center
      103 Baldridge Ln, Salem, IL 62881
      View Details
    • $315,000
      4,993 SF

      Salem Commercial Building - Huge Potential

      Versatile 4,993 sq ft building, ideal for many uses.
      400 Pruyn St, Salem, IL 62881
      View Details
    • $485,000
      24,000 SF

      Salem Commercial Property - Huge Potential

      24,000 sq ft, 2.2 acres, high traffic area
      121 Westgate Ave, Salem, IL 62881
      View Details
    • $180,000
      1,960 SF

      Salem IL Commercial Property

      Two Buildings, 1.29 Acres, B3 Zoning
      2010 Mitchell St, Salem, IL 62881
      View Details
    • $96,000
      1,113 SF

      Salem Commercial Building - Prime Location

      Downtown Salem, IL - Versatile Commercial Space
      300 Church St, Salem, IL 62881
      View Details
    • $95,000
      7,500 SF

      \"" Salem Cycles\"" and \""Ritter Farms\"". The Commercial location includes three separate spaces for three individual businesses or could be combined into one large location on the main level. The main floor Has a newer HVAC unit. The upstairs has four separate rental units one is currently rented for $550 a month the other three units need some TLC to get them in rentable condition. Some plumbing and electrical work has been done. With some vision and some sweat equity this building could be a great investment opportunity! NOTE: Call the City of Salem to discuss availability of Tiff funds and other possible grants available. Call today for your private showing!""""}"""

      Historic Salem Commercial Building
      121-123 Main St, Salem, IL 62881
      View Details
    • $65,000
      5,184 SF

      Downtown Salem Commercial Gem

      High-potential 5,184 sq ft commercial space
      119 Main St, Salem, IL 62881
      View Details
    • $86,500
      2,700 SF

      Salem Main Street Commercial Building

      Prime Salem location, 2700 sq ft, great potential.
      207 Main St, Salem, IL 62881
      View Details

    FAQs

    What type of property is this?
    Drive through restaurant - Former restaurant with drive-through, leased through 2026.
    Where is this drive through restaurant located?
    The property is located at 1407 W Main St Salem, IL.
    What is the asking price?
    The asking price for this property is $370,000.
    What are key features of this property?
    This property features: - Highway 50 frontage location less than a mile from Interstate 57.; - Leased through December 2026.; - Building has over 2500 square feet including indoor seating, kitchen, bar, and drive-through window.
    (618) 322-4321
    Request Owner's contact information
    1407 W Main St Salem, IL 62881
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1407 W Main St
    Salem, IL 62881
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    1407 W Main St Salem, IL 62881
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Stacey Russell
    Real Estate License ID: 471017953
    (618) 322-4321 (618) 548-5123
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!