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    571 North St Galesburg, IL 61401

    For Sale
    $499,000

    12,000 sq ft Banquet Facility, 2.54 Acres

    Property size:
    12,000 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    316
    This exceptional turnkey commercial property, located at 571 E North Street in Galesburg, Illinois, presents a unique investment opportunity. The 12,000 square foot building sits on a spacious 2.54-acre lot, providing ample parking and convenient access to East Main Street (US Hwy 150). Currently configured as a banquet facility, the property is fully equipped for immediate operation. All furniture, fixtures, and equipment are included in the sale price of $499,000. This comprehensive inventory encompasses a fully functional commercial kitchen, two modern bars, four restrooms, a substantial storage area, a dedicated office, and a bridal suite. The building itself is a modern metal structure featuring a covered drive-up entry, a large parking area, and prominent electronic monument signage. The interior layout is designed for versatility, allowing for simultaneous events or adaptable configurations to suit diverse business needs. The expansive space and acreage offer significant potential for future development and repurposing, making this a highly attractive proposition for entrepreneurs and investors alike. A minimum 24-hour notice is required for property showings.

    Property Features for 571 North St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    12,000 SF
    Lot Size
    110,642 SF

    Building Details

    Year Built
    1993
    Property Profile Location Intelligence

    Current Use by Public Records

    Cedar Creek East Bar Cedar Creek Hall ... Event Planner

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Galesburg
    County
    Knox
    State
    Illinois
    Longitude
    -90.36095
    Latitude
    40.95186

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    FAQs

    What type of property is this?
    Commercial real estate - 12,000 sq ft Banquet Facility, 2.54 Acres
    Where is this commercial real estate located?
    The property is located at 571 North St Galesburg, IL.
    What is the asking price?
    The asking price for this property is $499,000.
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    571 North St Galesburg, IL 61401
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    Realmo Value Estimation

    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.

    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.

    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
    571 North St Galesburg, IL 61401
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