Equipped Restaurant with
For Sale
$429,900
301 W N Grand Avenue, Springfield, IL 62702
Commercial Sale, Springfield, IL
Property Size4,800 SF
Price / SF$89.56
Days on Market480
Property Features for 301 W N Grand Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-1
Directions
Take Bruns Lane to North Grand Ave (West). Building on North side of North Grand.
Standard status
Active
APN
14210479027
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12931
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Floors in Building
1
Flooring type
Concrete, Tile
Building materials
Block, Stucco
Roof type
Metal
Listing Agency:
RE/MAX Professionals · RE/MAX International
(217) 787-7215
Listed By:
Melissa Vorreyer · License #475100751
(217) 652-0875
Added: Apr 28, 2025
Changed: Aug 19
Last Checked: Aug 20 at 2:06PM
MLS# CA1036012
Copyright © 2026 RMLS Alliance. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This approximately 4,800-square-foot restaurant property includes an open dining room, a separate bar area, and a commercial kitchen equipped with pizza ovens, a walk-in cooler and freezer, restaurant equipment, and small wares. Tables, chairs, and other essential fixtures are included. Concrete and tile flooring, forced-air heating, central air, and a metal roof are part of the existing improvements.
The property spans three parcels and includes ample parking. A 2018 roof replacement adds a recent capital improvement. The layout and available space can accommodate a drive-through window addition, while B-1 zoning is in place. Public sewer serves the property, and the building combines block and stucco construction.
The property spans three parcels and includes ample parking. A 2018 roof replacement adds a recent capital improvement. The layout and available space can accommodate a drive-through window addition, while B-1 zoning is in place. Public sewer serves the property, and the building combines block and stucco construction.
Key Highlights
- Approximately 4,800 SF restaurant and bar property
- Commercial kitchen with pizza ovens, walk‑in cooler and freezer
- Tables, chairs, restaurant equipment, and small wares included
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
$28,728
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
6.68%
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%
$574,560
$574.6K
Cap Rate 7%
$410,400
$410.4K
Cap Rate 9%
$319,200
$319.2K
Market Conditions
NOI Build-Up for 4,800 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
$43.2K $9.00/SF
− Vacancy
−$2.2K −$0.45/SF
EGI
$41.0K $8.55/SF
− OpEx
−$12.3K −$2.56/SF
NOI
$28.7K $5.98/SF
Area
Springfield, IL
Vacancy
5.00%
Lease Rate
$9.00 /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%
$574,560
Cap Rate 7%
$410,400
Cap Rate 9%
$319,200
Alternative Uses
Best Use
Specialty Retail
$952.1K
$833.1K – $1.11M
NOI $66,647 @ 7.0% cap · market cap 15.50%
Second Best
Industrial
$410.4K
$359.1K – $478.8K
NOI $28,728 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,495 @ 7.0% cap · market cap 19.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,791
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62702, IL
33,712
Population
17,083
Households
2
Avg Household Size
41
Median Age
20%
College-Educated
90%
High-School Grad
15.4 sq mi
ZIP Area
2,189
Density / Sq Mi
$52,748
Median Household Income
$38,160
Median Earnings
$858
Median Rent
$102,300
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 - Established restaurant infrastructure includes dining, bar, kitchen, equipment, fixtures, and parking within a flexible commercial layout.
Where is this conventional restaurant located?
The property is located at 301 W N Grand Avenue Springfield, IL.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Approximately 4,800 SF restaurant and bar property; Commercial kitchen with pizza ovens, walk‑in cooler and freezer; Tables, chairs, restaurant equipment, and small wares included
