Remodeled Bar & Karaoke
For Sale
Contact for pricing
214 W Main St, Urbana, IL
Turnkey bar and karaoke venue with leaseback opportunity.
Property Size8,800 SF
Lot Size0.11 Acres
Price / SF$110.23
Days on Market270
Property Features for 214 W Main St
General Information
Standard status
Active
Size
8,800 SF
Lot size
0.11 Acres
Property subtype
RETAIL
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
(217) 821-8553
Listed By:
Zach Wetherell
(217) 821-8553
Source:
Moodyscre
Added: Nov 4, 2025
Changed: Jul 6
Last Checked: Jul 21 at 6:28AM
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 Coldwell Banker Commercial Devonshire Realty
Investment Insights
Based on property information with market context.
Originally constructed in 1903 and remodeled in 2014, this property features a bar on the main level and a karaoke business on the second level. The main level spans 4,400 square feet and includes a bar area with an open layout, five karaoke rooms, a full kitchen, and restrooms. The second level, also 4,400 square feet, has a separate entrance and comprises a bar area with private seating, restrooms, and seven private karaoke rooms. Additional storage is available on an upper level above the second floor. A back stairwell was added during the 2014 remodel. The building also has a full basement with a restroom, walk-in cooler/freezer, office space, and additional storage. The HVAC system was new in 2014, coinciding with the building's remodel. A new roof was installed in June 2025. Currently, the first floor and basement are not in use, presenting an opportunity for an owner-occupied business or lease to another business. The seller is interested in leasing back the second-floor space for their existing business.
Key Highlights
- Remodeled in 2014 with updated HVAC system and a new roof installed in June 2025.
- Two‑story building with 8,800 sq ft of usable space (4,400 sq ft per floor).
- Main level features a bar area, five karaoke rooms, full kitchen, and restrooms.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $116.2k | $13.20 |
| − Vacancy | −$9.9k | −$1.12 |
| EGI | $106.3k | $12.08 |
| − OpEx | −$31.9k | −$3.62 |
| NOI | $74.4k | $8.45 |
8,800 SF · lease $13.20/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$1.42M
$1.24M – $1.66M
NOI $99,437 @ 7.0% cap · market cap 10.25%
Second Best
Retail
$1.06M
$930.0K – $1.24M
NOI $74,400 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,156 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,649
Businesses Nearby
63k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 66%
Shops & Services 30%
Hotels & Casinos 4%
Taco Bell
Dining
14,600 visits/mo
0.2 miles
Circle K
Shops & Services
10,007 visits/mo
0.3 miles
Perkins Restaurant & Bakery
Dining
7,522 visits/mo
0.2 miles
Burger King
Dining
7,120 visits/mo
0.2 miles
Potbelly Sandwich Shop
Dining
6,041 visits/mo
0.5 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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- A Plus VIP Lounge — 214 W Main St, Urbana, IL 61801
Frequently Asked Questions
What type of property is this?
Bar & Pub - Turnkey bar and karaoke venue with leaseback opportunity.
Where is this bar & pub located?
The property is located at 214 W Main St Urbana, IL.
What is the asking price?
The asking price for this property is $970,000.
What are key features of this property?
This property features: Remodeled in 2014 with updated HVAC system and a new roof installed in June 2025.; Two‑story building with **8,800 sq ft of usable space** (4,400 sq ft per floor).; Main level features a bar area, five karaoke rooms, full kitchen, and restrooms.
