Established Bar with Outdoor
For Sale
Contact for pricing
1220 Old Toronto Road, Springfield, IL 62712
Operating bar business with remodeled interior and large beer garden.
Property Size3,524 SF
Lot Size1.00 Acre
Price / SF$241.20
Days on Market561
Property Features for 1220 Old Toronto Road
General Information
Standard status
Active
Size
3,524 SF
Lot size
1.00 Acre
Property subtype
Land
Zoning
Commercial
Listing Agency:
RE/MAX Professionals
Listed By:
Michael Castleman
Source:
Crexi
Added: Feb 12, 2025
Changed: Aug 27
Last Checked: Jul 16 at 3:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Professionals
Investment Insights
Based on property information with market context.
This property features an active bar business with recently remodeled interior and basement areas. The establishment includes a beer garden and entertainment center, featuring a large stage and multi-level viewing deck. The bar offers entertainment without a cover charge, gaming, bar food, and drinks. The property encompasses over an acre, including the building, acreage, and parking areas. The building size is 3,524 square feet.
Key Highlights
- Recently remodeled interior and basement
- Large beer garden with stage and multi‑level viewing deck**
- Includes building, over an acre of land, and parking areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$48,930
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$978,600
$978.6K
Cap Rate 7%
$699,000
$699.0K
Cap Rate 9%
$543,667
$543.7K
Market Conditions
NOI Build-Up for 3,524 SF
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.
Gross rent
$69.8K $19.80/SF
− Vacancy
−$4.5K −$1.29/SF
EGI
$65.2K $18.51/SF
− OpEx
−$16.3K −$4.63/SF
NOI
$48.9K $13.88/SF
Area
Springfield, IL
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$978,600
Cap Rate 7%
$699,000
Cap Rate 9%
$543,667
Alternative Uses
Best Use
Specialty Retail
$699.0K
$611.6K – $815.5K
NOI $48,930 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$865.2K
$757.1K – $1.01M
NOI $60,565 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62712, IL
10,321
Population
4,938
Households
2.1
Avg Household Size
44
Median Age
48%
College-Educated
99%
High-School Grad
23.9 sq mi
ZIP Area
432
Density / Sq Mi
$108,730
Median Household Income
$59,805
Median Earnings
$1,156
Median Rent
$244,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Blue Ridge Club — 411 E Lake Shore Dr, Springfield, IL 62712
Frequently Asked Questions
What type of property is this?
Bar & Pub - Operating bar business with remodeled interior and large beer garden.
Where is this bar & pub located?
The property is located at 1220 Old Toronto Road Springfield, IL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Recently remodeled interior and basement; Large beer garden with stage and multi‑level viewing deck**; Includes building, over an acre of land, and parking areas
