Bar & Grill with
For Sale
$599,900
3124 Perrysville Road, Danville, IL 61834
Includes installed cooling equipment, seating, and a detached garage for added on-site utility.
Property Size3,000 SF
Days on Market983
Property Features for 3124 Perrysville Road
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Business Opportunity
Zoning
COMMR
Additional Details
Business Included
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$1,995
Amenities
2 car detached garage
Building Details
Building Size
3,000 SF
Stories
1
Listing Agency:
RYAN DALLAS REAL ESTATE
(217) 351-4900
Listed By:
Ryan Dallas · License #475143433
(217) 351-4900
Source:
Exit2newbeginningz
Added: Dec 13, 2023
Changed: Aug 21
Last Checked: Aug 21 at 6:30AM
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 RYAN DALLAS REAL ESTATE
Investment Insights
Based on property information with market context.
This bar and grill property is offered with more than 100 seats and a range of existing equipment, including three chest freezers, an ice machine, and two walk-in coolers. The improvements also include a detached two-car garage. The HVAC system was replaced in 2022, and the roof was replaced in 2023. The property is being sold as-is.
Located at 3124 Perrysville Road in southeast Danville, the property carries COMMR zoning. The existing seating, refrigeration, cooling, and storage-related improvements support continued bar and grill operations, subject to the buyer’s evaluation and applicable requirements.
Located at 3124 Perrysville Road in southeast Danville, the property carries COMMR zoning. The existing seating, refrigeration, cooling, and storage-related improvements support continued bar and grill operations, subject to the buyer’s evaluation and applicable requirements.
Key Highlights
- More than 100 seats included
- Three chest freezers and an ice machine remain on site
- Two walk‑in coolers 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
$40,911
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
6.82%
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%
$818,220
$818.2K
Cap Rate 7%
$584,443
$584.4K
Cap Rate 9%
$454,567
$454.6K
Market Conditions
NOI Build-Up for 3,000 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
$56.9K $18.96/SF
− Vacancy
−$2.3K −$0.78/SF
EGI
$54.5K $18.18/SF
− OpEx
−$13.6K −$4.55/SF
NOI
$40.9K $13.64/SF
Area
Vermilion County, IL
Vacancy
4.10%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
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%
$818,220
Cap Rate 7%
$584,443
Cap Rate 9%
$454,567
Alternative Uses
Best Use
Specialty Retail
$584.4K
$511.4K – $681.9K
NOI $40,911 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61834, IL
7,895
Population
2,811
Households
2.8
Avg Household Size
45
Median Age
20%
College-Educated
86%
High-School Grad
106.9 sq mi
ZIP Area
74
Density / Sq Mi
$80,901
Median Household Income
$42,411
Median Earnings
$853
Median Rent
$162,000
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 - Includes installed cooling equipment, seating, and a detached garage for added on-site utility.
Where is this bar & pub located?
The property is located at 3124 Perrysville Road Danville, IL.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: More than 100 seats included; Three chest freezers and an ice machine remain on site; Two walk‑in coolers included
