Morrison's Irish Pub with Living
For Sale
$549,000
200 State Street, Alton, IL 62002
Three-level pub property with a furnished dining room, commercial kitchen, custom bar, and separate residential space.
Property Size3,000 SF
Price / SF$183
Days on Market22
Property Features for 200 State Street
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Commercial
Restaurant
Seating Capacity
50
Equipment Included
Yes
Additional Details
Furnished
Yes
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$6,061
Building Details
Building Size
3,000 SF
Year Built
1825
Stories
3
Listing Agency:
RE/MAX Alliance
(618) 975-6043
Listed By:
Nicole McCormick
Source:
Nesterrealty
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 29 at 10:39AM
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 Alliance
Investment Insights
Based on property information with market context.
Morrison's Irish Pub occupies approximately 3,000 square feet across three levels and includes a furnished bar and dining area, commercial kitchen, custom-built bar, full bar service, and 12 beer taps. Exposed brick, handcrafted woodwork, barnwood flooring, and Irish-themed décor define the main-floor setting, which accommodates around 50 guests. Furniture, fixtures, equipment, and branding are included.
The upper levels provide approximately 2,000 square feet of private living space with a separate entrance. The residential area contains 2 bedrooms, 2.5 bathrooms, a full kitchen, dining area, and living room. Located at 200 State Street in Alton, IL, the building dates to 1825 and combines an operating pub with on-site residential quarters.
The upper levels provide approximately 2,000 square feet of private living space with a separate entrance. The residential area contains 2 bedrooms, 2.5 bathrooms, a full kitchen, dining area, and living room. Located at 200 State Street in Alton, IL, the building dates to 1825 and combines an operating pub with on-site residential quarters.
Key Highlights
- Approximately 3,000 square feet across three levels
- Approximately 2,000 square feet of upper‑level living space with a private entrance
- Main‑floor dining area seats around 50 guests
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
$35,580
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
6.48%
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%
$711,600
$711.6K
Cap Rate 7%
$508,286
$508.3K
Cap Rate 9%
$395,333
$395.3K
Market Conditions
NOI Build-Up for 3,000 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
$51.1K $17.04/SF
− Vacancy
−$3.7K −$1.23/SF
EGI
$47.4K $15.81/SF
− OpEx
−$11.9K −$3.95/SF
NOI
$35.6K $11.86/SF
Area
Madison County, IL
Vacancy
7.20%
Lease Rate
$17.04 /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%
$711,600
Cap Rate 7%
$508,286
Cap Rate 9%
$395,333
Alternative Uses
Best Use
Specialty Retail
$508.3K
$444.8K – $593.0K
NOI $35,580 @ 7.0% cap · market cap 6.48%
Second Best
Mixed Use
$418.5K
$366.2K – $488.3K
NOI $29,295 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$817.7K
$715.5K – $954.0K
NOI $57,240 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
3k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Morrison's Irish Pub
Dining
2,177 visits/mo
0.1 miles
Ragin Cajun
Dining
814 visits/mo
0.1 miles
Demographics for 62002, IL
30,176
Population
14,832
Households
2
Avg Household Size
41
Median Age
24%
College-Educated
92%
High-School Grad
41.3 sq mi
ZIP Area
731
Density / Sq Mi
$57,851
Median Household Income
$38,120
Median Earnings
$941
Median Rent
$114,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Hiram's Bar — 219 W 3rd St, Alton, IL 62002
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- Bossanova — 112 W 3rd St, Alton, IL 62002
- Cat Daddy's Tavern — 203 W 3rd St, Alton, IL 62002
Frequently Asked Questions
What type of property is this?
Bar & Pub - Three-level pub property with a furnished dining room, commercial kitchen, custom bar, and separate residential space.
Where is this bar & pub located?
The property is located at 200 State Street Alton, IL.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Approximately 3,000 square feet across three levels; Approximately 2,000 square feet of upper‑level living space with a private entrance; Main‑floor dining area seats around 50 guests
