Restaurant and Bar with
For Sale
$469,900
301 W North Grand Avenue, Springfield, IL 62702
Configured for restaurant operations with dining, bar, kitchen, parking, and included furnishings and equipment.
Property Size4,800 SF
Price / SF$97.90
Days on Market472
Property Features for 301 W North Grand Avenue
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Commercial
Zoning
B-1
Additional Details
Furnished
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$12,930
Building Details
Building Size
4,800 SF
Listing Agency:
RE/MAX Professionals
(217) 652-0875
Listed By:
Melissa Vorreyer · License #475100751
(217) 652-0875
Source:
Shawneehillsrealestate
Added: Apr 28, 2025
Changed: Aug 11
Last Checked: Aug 11 at 2:07PM
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 Professionals
Investment Insights
Based on property information with market context.
This approximately 4,800-square-foot restaurant property includes an open dining room, a distinct bar area, and a commercial kitchen arranged for active food-service operations. Kitchen improvements include pizza ovens, a walk-in cooler and freezer, restaurant equipment, and small wares. Tables, chairs, and other essential fixtures are included, allowing the existing setup to support a new or expanding concept.
The property occupies four parcels at 301 W North Grand Avenue in Springfield, Illinois, with parking on site. A roof replacement was completed in 2018. The current layout also provides space for a drive-through window addition, offering a potential way to extend service capacity while retaining the existing dining, bar, and kitchen configuration. B-1 zoning is identified for the property.
The property occupies four parcels at 301 W North Grand Avenue in Springfield, Illinois, with parking on site. A roof replacement was completed in 2018. The current layout also provides space for a drive-through window addition, offering a potential way to extend service capacity while retaining the existing dining, bar, and kitchen configuration. B-1 zoning is identified for the property.
Key Highlights
- Approximately 4,800 sq ft restaurant and bar property
- Commercial kitchen includes pizza ovens, walk‑in cooler and freezer, equipment, and small wares
- Open dining area with a separate bar section
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
6.11%
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 14.18%
Second Best
Industrial
$410.4K
$359.1K – $478.8K
NOI $28,728 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,495 @ 7.0% cap · market cap 17.56%
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Configured for restaurant operations with dining, bar, kitchen, parking, and included furnishings and equipment.
Where is this conventional restaurant located?
The property is located at 301 W North Grand Avenue Springfield, IL.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Approximately 4,800 sq ft restaurant and bar property; Commercial kitchen includes pizza ovens, walk‑in cooler and freezer, equipment, and small wares; Open dining area with a separate bar section
