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    Turnkey Irish Pub in Alton Title is generated by Realmo AI

    200 State Street, Alton, IL 62002

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    For Sale
    $589,000

    Commercial Sale - Alton, IL

    Property size:
    3,000 SF
    Lot size:
    0.03 Acres
    Price / SF:
    $196/SF
    Added:
    Oct 8, 2025
    Days on Market:
    221
    Last Refresh:
    May 16 at 12:06 pm

    Property Features for 200 State Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Security features
    Security System
    Standard status
    Active
    APN
    23-2-07-14-06-101-024
    Size
    3,000 SF
    Lot size
    0.03 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    6061

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Central Air, Multi Units, Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1825
    Flooring type
    Hardwood, Vinyl
    Building materials
    Brick, Brick Veneer, Concrete
    Architectural style
    Other

    We can help!

    Listing Contact
    Nikki McCormick

    Listing agent Nikki McCormick License #475216269

    Listing office RE/MAX Alliance 1121 University Drive, Collinsville, IL

    Listing date Oct 8, 2025

    MLS# 25064790 Listing URL

    Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turnkey, fully operational Irish pub business in a historic downtown location.
    • Includes all furniture, fixtures, equipment, and branding for a seamless transition.
    • Strong reputation with excellent reviews and a loyal customer base.
    • Approximately 3,000 sq ft of mixed‑use space with a fully furnished bar and dining area.
    • Features a fully equipped commercial kitchen and custom‑built bar with 12 beer taps.
    • Includes 2,000 sq ft of living space on the second and third floors with a private entrance, 2 bedrooms, and 2.5 bathrooms.

    Overview

    Located in the heart of historic downtown Alton, Morrison’s Irish Pub presents a turnkey business opportunity. This well-established and fully operational Irish pub benefits from a strong reputation, community ties, and an inviting atmosphere. The property features approximately 3,000 square feet of mixed-use space across three levels. The main floor includes a furnished bar and dining area with seating for around 50 guests, exposed brick walls, handcrafted woodwork, barnwood flooring, and authentic Irish decor. A fully equipped commercial kitchen and custom-built bar make this a ready-to-go operation, complete with 12 beer taps and a full bar. The sale includes all furniture, fixtures, equipment, and branding. The second and third floors offer approximately 2,000 square feet of living space with a private entrance, featuring 2 bedrooms, 2.5 bathrooms, a full kitchen, dining area, and living room. The 0.0287-acre corner property is located in Alton, Illinois, 62002.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $409.1K
    NOI $36,817 @ 9.00% cap · cautious / downside scenario
    Moderate
    $526.0K
    NOI $36,817 @ 7.00% cap · market / base-case scenario
    Aggressive
    $736.3K
    NOI $36,817 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Retail

    Component $ $/SF
    Gross rent $54.0k $18.00
    − Vacancy −$1.4k −$0.47
    EGI $52.6k $17.53
    − OpEx −$15.8k −$5.26
    NOI $36.8k $12.27
    3,000 SF · lease $18.00/SF/yr · vacancy 2.60% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $526.0K
    $460.2K – $613.6K (±1% cap)
    NOI $36,817 @ 7.0% cap · market cap 6.25%
    Second Best
    Specialty Retail
    $508.3K
    $444.8K – $593.0K (±1% cap)
    NOI $35,580 @ 7.0% cap · market cap 6.04%
    Theoretical Best
    Office A
    $817.7K
    $715.5K – $954.0K (±1% cap)
    NOI $57,240 @ 7.0% cap · market cap 9.72%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Morrison's Irish Pub Bar & Pub

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Alton
    County
    Madison
    State
    Illinois
    Longitude
    -90.188811
    Latitude
    38.890903

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    FAQs

    What type of property is this?
    Pub - Established Irish pub for sale in historic downtown Alton, Illinois.
    Where is this pub located?
    The property is located at 200 State Street Alton, IL.
    What is the asking price?
    The asking price for this property is $589,000.
    What are key features of this property?
    This property features: Turnkey, fully operational Irish pub business in a historic downtown location.; Includes all furniture, fixtures, equipment, and branding for a seamless transition.; Strong reputation with excellent reviews and a loyal customer base.
    (618) 466-7100
    We can help!
    Listing Contact
    Nikki McCormick
    Real Estate License ID: 475216269
    Learn More
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    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.

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