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    2204 Fosterburg Rd Alton, IL 62002

    Sponsored
    For Sale
    $990,000

    Commercial Sale - Alton, IL

    Property size:
    8,800 SF
    Lot size:
    2.70 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 12 at 4:06 pm

    Property Features for 2204 Fosterburg Rd

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    19-1-08-05-00-000-009
    Size
    8,800 SF
    Lot size
    2.70 Acres

    Building Details

    Year built
    1987
    Building materials
    Wood Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Gary Niemeier

    Legacy Realty & Auction (618) 781-3857

    Listing agent Gary Niemeier (618) 717-0800 License #475122793

    Listing date Feb 12, 2026

    MLS# 26007848 Listing URL

    Copyright © 2026 MARIS. 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

    Alton Bar and Grill For Sale

    This established bar and grill is located on Fosterburg Road in Alton, Illinois. The turnkey commercial property includes 2.7 +/- acres with approximately 8,800 sq ft of versatile commercial space designed for entertainment, dining, and events. It features three full bars: a main indoor bar, a large indoor event space with a stage, and an outdoor bar featuring a full-size boat serving station. The property also includes multiple entertainment stages, with one indoor stage and two outdoor stages for live music and events. A large outdoor area with garage doors opens to additional seating. There is also a private indoor gaming room. The property has historically generated over $90,000 per year. The commercial kitchen has been updated and includes a new walk-in cooler and two new freezers. Several TVs with an updated camera system are included. The turnkey offering includes chairs and tables, memorabilia, and a mechanical bull. A large outdoor patio features a new drainage system. A large asphalt paved parking lot is present, along with an additional lot for overflow parking or future expansion. The property is located in Madison County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    3rd Chute II Bar & Pub

    Suggested Use

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

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

    Similar Places Nearby

    3rd Chute II, Alton Sports Tap

    Location Insight

    • Map
    • Local Demand
    City
    Alton
    County
    Madison
    State
    Illinois
    Longitude
    -90.121205
    Latitude
    38.912473

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    FAQs

    What type of property is this?
    Bar - Turnkey bar and grill with versatile commercial space.
    Where is this bar located?
    The property is located at 2204 Fosterburg Rd Alton, IL.
    What is the asking price?
    The asking price for this property is $990,000.
    What are key features of this property?
    This property features: - Turnkey bar and grill with established business and high-traffic location on Fosterburg Road.; - Large versatile commercial space (approx. 8,800 sq ft) on 2.7 +/- acres designed for entertainment, dining, and events.; - Three full bars, including a unique outdoor bar featuring a full-size boat serving station.
    (618) 781-3814
    Request Owner's contact information
    2204 Fosterburg Rd Alton, IL 62002
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    Alton, IL 62002
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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.

    More about this property
    2204 Fosterburg Rd Alton, IL 62002
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    We can help!
    Listing Contact
    Gary Niemeier
    Real Estate License ID: 475122793
    (618) 781-3814 (618) 717-0800 (618) 656-9011
    Learn more
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