Bar, Restaurant & Concert
For Sale
$299,000
251 Derby Street Pekin, Pekin, IL 61554
For sale bar and restaurant with a full kitchen, gaming, and an outdoor patio plus ample parking.
Property Size2,640 SF
Price / SF$113.26
Days on Market48
Property Features for 251 Derby Street Pekin
General Information
Standard status
Active
Size
2,640 SF
Zoning
B-3
Restaurant
Commercial Hood
Yes
Liquor License
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$5,021
Building Details
Building Size
2,640 SF
Listing Agency:
RE/MAX Traders Unlimited
(309) 722-1612
Listed By:
Justin Ball · License #475175281
(309) 722-1612
Source:
Realestatepeoria
Added: Jul 10
Changed: Aug 20
Last Checked: Aug 26 at 6:11AM
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 Traders Unlimited
Investment Insights
Based on property information with market context.
The Twisted Spoke Saloon is a bar, restaurant, and concert venue with a full kitchen, gaming, and concert stage and equipment. The building has had many updates, including a recent interior renovation, and the sale includes furniture, fixtures, and equipment.
The business is being offered as a corporation sale with active liquor and gaming licenses for the location. The property also features outdoor patio space and ample parking.
The complete bar and business offering is included in the sale, creating a turnkey option for an operator seeking a combined dining, gaming, and entertainment setup.
The business is being offered as a corporation sale with active liquor and gaming licenses for the location. The property also features outdoor patio space and ample parking.
The complete bar and business offering is included in the sale, creating a turnkey option for an operator seeking a combined dining, gaming, and entertainment setup.
Key Highlights
- Bar, restaurant, and concert venue in Pekin includes a full kitchen, gaming area, and state‑of‑the‑art concert stage/equipment
- Re‑opened business offered for sale with all furniture, fixtures, and equipment included
- Corporation sale includes active liquor and gaming licenses for this location
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
$16,975
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
5.68%
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%
$339,500
$339.5K
Cap Rate 7%
$242,500
$242.5K
Cap Rate 9%
$188,611
$188.6K
Market Conditions
NOI Build-Up for 2,640 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
$25.7K $9.72/SF
− Vacancy
−$1.4K −$0.53/SF
EGI
$24.2K $9.19/SF
− OpEx
−$7.3K −$2.76/SF
NOI
$17.0K $6.43/SF
Area
Tazewell County, IL
Vacancy
5.50%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$339,500
Cap Rate 7%
$242,500
Cap Rate 9%
$188,611
Alternative Uses
Best Use
Specialty Retail
$394.6K
$345.3K – $460.4K
NOI $27,621 @ 7.0% cap · market cap 9.24%
Second Best
Industrial
$242.5K
$212.2K – $282.9K
NOI $16,975 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$1.03M
$903.9K – $1.21M
NOI $72,315 @ 7.0% cap · market cap 24.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Commercial hood
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61554, IL
40,854
Population
18,788
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
90%
High-School Grad
73.8 sq mi
ZIP Area
554
Density / Sq Mi
$62,484
Median Household Income
$41,718
Median Earnings
$814
Median Rent
$123,500
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.
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Frequently Asked Questions
What type of property is this?
Bar & Pub - For sale bar and restaurant with a full kitchen, gaming, and an outdoor patio plus ample parking.
Where is this bar & pub located?
The property is located at 251 Derby Street Pekin Pekin, IL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Bar, restaurant, and concert venue in Pekin includes a full kitchen, gaming area, and state‑of‑the‑art concert stage/equipment; Re‑opened business offered for sale with all furniture, fixtures, and equipment included; Corporation sale includes active liquor and gaming licenses for this location
