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    101 7Th St Petersburg, IL 62675

    Sponsored
    For Sale
    $2,900,000

    Restaurant, Events Venue, Fully Restored

    Property size:
    12,500 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    351
    This stunning 12,500 square foot commercial property, located at 101 N 7th Street in Petersburg, IL, presents a unique investment opportunity. Originally constructed in 1872 as Central Illinois' first "mega-store," this meticulously restored building boasts exceptional architectural detail and modern amenities. The complete 2021 renovation transformed the space into a thriving hospitality center, seamlessly blending historical charm with contemporary functionality. The ground floor features a captivating restaurant and coffee shop/bakery, showcasing original woodwork and a magnificent double-sided grand staircase. A striking 40-foot white granite bar, situated beneath the mezzanine, adds a touch of modern elegance. The restaurant's seating capacity comfortably accommodates 90 patrons, with additional seating at the bar and mezzanine. Upstairs, three versatile event spaces offer ample room for a variety of functions, all conveniently accessible via a newly installed elevator. This turnkey operation includes all equipment and furnishings, making it an ideal opportunity for immediate occupancy and revenue generation. The property sits on a 0.45-acre lot, providing ample space and potential for future expansion. Priced at $2,900,000, this exceptional property offers a rare blend of history, character, and modern functionality. Don't miss this chance to own a piece of Petersburg's rich heritage and a thriving commercial enterprise.

    Property Features for 101 7Th St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    12,500 SF
    Lot Size
    19,602 SF

    We can help!

    Listing Contact
    Dan Sperry

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    Broadgauge Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Petersburg
    County
    Menard
    State
    Illinois
    Longitude
    -89.8499
    Latitude
    40.01133

    Nearby Comparable

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    • $255,000
      Pending

      Land with Creek and Trees

      Menard County land perfect for hunting, exploring, or relaxing.
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    Nearby Similar for Sale

    • $150,000

      Updated Commercial Building in Petersburg

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    FAQs

    What type of property is this?
    Commercial real estate - Restaurant, Events Venue, Fully Restored
    Where is this commercial real estate located?
    The property is located at 101 7Th St Petersburg, IL.
    What is the asking price?
    The asking price for this property is $2,900,000.
    Request Owner's contact information
    101 7Th St Petersburg, IL 62675
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    Petersburg, IL 62675
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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
    101 7Th St Petersburg, IL 62675
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    Listing Contact
    Dan Sperry
    Learn more
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