Brick Restaurant with Bar
For Sale
$799,000
403 N Main St, Wilmington, IL 60481
Two-story restaurant with professional equipment, gaming area, multiple bars, and ample parking.
Property Size5,708 SF
Price / SF$139.98
Days on Market32
Property Features for 403 N Main St
General Information
Standard status
Active
Size
5,708 SF
Additional Details
Highway Access
Yes
Equipment Included
Yes
Building Details
Year Built
2021
Buildings
1
Stories
2
Construction
brick
Listing Agency:
RE/MAX Top Properties
(815) 228-4883
Listed By:
Philip Howell · License #475119140
Source:
Liveliferealty
Added: Jul 30
Changed: Aug 29
Last Checked: Aug 25 at 5:02AM
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 Top Properties
Investment Insights
Based on property information with market context.
Built in 2021, this 5,708-square-foot restaurant features brick construction and an extensive package of professional restaurant equipment included with the property. The interior includes a gaming section, multiple bar areas, and a second-floor office/apartment configuration.
The property is located at 403 N Main St in Wilmington, Illinois, near Rt 66. Ample parking supports the restaurant layout and its existing customer-oriented improvements. The property is bank owned and offered for sale.
The property is located at 403 N Main St in Wilmington, Illinois, near Rt 66. Ample parking supports the restaurant layout and its existing customer-oriented improvements. The property is bank owned and offered for sale.
Key Highlights
- 5,708‑square‑foot restaurant property built in 2021
- Brick construction with extensive professional restaurant equipment included
- Gaming section and multiple bar 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
$68,207
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
8.54%
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%
$1,364,140
$1.4M
Cap Rate 7%
$974,386
$974.4K
Cap Rate 9%
$757,856
$757.9K
Market Conditions
NOI Build-Up for 5,708 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
$97.3K $17.04/SF
− Vacancy
−$6.3K −$1.11/SF
EGI
$90.9K $15.93/SF
− OpEx
−$22.7K −$3.98/SF
NOI
$68.2K $11.95/SF
Area
Will County, IL
Vacancy
6.50%
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%
$1,364,140
Cap Rate 7%
$974,386
Cap Rate 9%
$757,856
Alternative Uses
Best Use
Specialty Retail
$974.4K
$852.6K – $1.14M
NOI $68,207 @ 7.0% cap · market cap 8.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,620 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
16k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 85%
Dining 15%
Shell
Shops & Services
5,933 visits/mo
0.4 miles
Mobil
Shops & Services
4,843 visits/mo
0.3 miles
U.S. Bank
Shops & Services
2,292 visits/mo
0.1 miles
SUBWAY
Dining
1,527 visits/mo
0.3 miles
Pizza Hut
Dining
902 visits/mo
0.2 miles
Demographics for 60481, IL
11,518
Population
5,553
Households
2.1
Avg Household Size
46
Median Age
17%
College-Educated
92%
High-School Grad
123.5 sq mi
ZIP Area
93
Density / Sq Mi
$76,398
Median Household Income
$45,563
Median Earnings
$975
Median Rent
$224,800
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Two-story restaurant with professional equipment, gaming area, multiple bars, and ample parking.
Where is this conventional restaurant located?
The property is located at 403 N Main St Wilmington, IL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 5,708‑square‑foot restaurant property built in 2021; Brick construction with extensive professional restaurant equipment included; Gaming section and multiple bar areas
