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    209 W Oak Street Watseka, IL 60970

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    For Sale
    $134,900

    Banquet hall and catering service with licensed kitchen for sale.

    Type:Commercial/Industrial
    Added:
    Mar 12, 2026
    Days on Market:
    27
    Last Refresh:
    Apr 5 at 9:02 pm

    Property Features for 209 W Oak Street

    General Information

    Standard status
    Active
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1951

    We can help!

    Listing Contact
    Amanda Armer-Irps

    Listing agent Amanda Armer-Irps License #475133313

    Listing office Berkshire Hathaway HomeServices Speckman Realty

    Listing date Mar 12, 2026

    Source Exitrealty

    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 Berkshire Hathaway HomeServices Speckman Realty

    Overview

    Banquet Hall and Catering Service

    This property offers an opportunity to own a banquet hall and catering service. The facility includes a bar and a dance floor, with a spacious 49x80 hall accommodating up to 330 guests. The state-inspected and licensed kitchen enables catering services for various events such as auctions, festivals, golf outings, and business events. The sale includes all necessary equipment to begin operations immediately. The property can be utilized by cooks and bakers who require a licensed kitchen for rent, and external caterers can be accommodated for events. A smaller 12x20 meeting room is available for smaller gatherings or potential conversion into a retail space for baked goods, featuring a separate entrance. The building has undergone significant updates and investments, including improvements to heating and cooling systems, surround sound, carpeting, and bathrooms.
    Location Intelligence

    Current Use by Public Records

    Wedding venues

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Watseka
    County
    Iroquois
    State
    Illinois
    Longitude
    -87.732
    Latitude
    40.777

    Nearby Similar for Sale

    • $300,000
      5,445 SF

      Retail Property on Hwy 24

      Retail property with longstanding tenant and ample parking.
      117 E Walnut Street, Watseka, IL 60970
      View Details
    • $2,000,000

      Subsidized Senior Housing Portfolio

      54-unit subsidized senior housing portfolio in Watseka and Gilman, Illinois.
      551-564 N Clarence Avenue, Watseka, IL 60970
      View Details

    FAQs

    What type of property is this?
    Wedding venue - Banquet hall and catering service with licensed kitchen for sale.
    Where is this wedding venue located?
    The property is located at 209 W Oak Street Watseka, IL.
    What is the asking price?
    The asking price for this property is $134,900.
    What are key features of this property?
    This property features: Fully equipped and licensed banquet hall and catering service ready for immediate operation.; Spacious 49x80 hall with a maximum capacity of 330 guests, featuring a bar and dance floor.; State‑inspected and licensed kitchen allows for on‑site and off‑site catering opportunities.
    (815) 937-4370
    We can help!
    Listing Contact
    Amanda Armer-Irps
    Real Estate License ID: 475133313
    Learn More
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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
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