Historic Stone Restaurant
321 NE MADISON AVE Peoria, IL 61603
For Sale
Contact for pricing
Historic stone restaurant building renovated in 2016, with a full commercial kitchen, multiple bars, and 150+ guest seating on the lower level.
Property Size10,800 SF
Price / SF$259.26
Days on Market27
Property Features for 321 NE MADISON AVE
General Information
- Standard status
- Active
- Size
- 10,800 SF
- Property subtype
- Hospitality, Special Purpose, Business for Sale
Listing Agency:
The Real Estate Group Inc.
(217) 725-2467
Listed By:
Dan Sperry · License #475118029
Source:
Crexi
Added: Jun 28
Changed: Jul 23
Last Checked: Jul 23 at 5:52PM
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 The Real Estate Group Inc.
Investment Insights
Based on property information with market context.
This historic stone restaurant building was originally built in 1870 and renovated in 2016. The property is designed to support hospitality and gathering uses, with a full commercial kitchen, multiple bars, and flexible interior spaces on the lower level. The lower level provides seating for 150+ guests across approximately 10,000 square feet, with room for dining, events, or other entertainment-focused layouts.
Located in downtown Peoria, the property offers visibility and immediate access to major medical and business hubs, with proximity to the interstate. Its distinctive architectural presence and landmark status make it a high-profile option for an owner-operator or investor seeking a versatile, heritage-based commercial asset.
Additional space is included throughout the building to complement the lower level’s event and dining configuration, supporting a range of hospitality and adaptive-use possibilities within the existing structure.
Located in downtown Peoria, the property offers visibility and immediate access to major medical and business hubs, with proximity to the interstate. Its distinctive architectural presence and landmark status make it a high-profile option for an owner-operator or investor seeking a versatile, heritage-based commercial asset.
Additional space is included throughout the building to complement the lower level’s event and dining configuration, supporting a range of hospitality and adaptive-use possibilities within the existing structure.
Key Highlights
- Historic stone building originally built in 1870 and renovated in 2016 at 321 NE Madison Ave, Peoria, IL 61603
- Over 31,000 SF total with a lower level of approximately 10,000 SF
- Lower level seating for 150+ guests with space for dining, events, or gathering areas
Financial Insights For Specialty 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 | $194.4k | $18.00 |
| − Vacancy | −$9.7k | −$0.90 |
| EGI | $184.7k | $17.10 |
| − OpEx | −$46.2k | −$4.27 |
| NOI | $138.5k | $12.83 |
10,800 SF · lease $18.00/SF/yr · vacancy 5.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,510 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$9.45M
$8.27M – $11.02M
NOI $661,342 @ 7.0% cap · market cap 23.62%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Obed & Isaac's Microbrewery ...
Bar & Pub
FAQs
What type of property is this?
Conventional restaurant - Historic stone restaurant building renovated in 2016, with a full commercial kitchen, multiple bars, and 150+ guest seating on the lower level.
Where is this conventional restaurant located?
The property is located at 321 NE MADISON AVE Peoria, IL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Historic stone building originally built in 1870 and renovated in 2016 at 321 NE Madison Ave, Peoria, IL 61603; Over 31,000 SF total with a lower level of approximately 10,000 SF; Lower level seating for 150+ guests with space for dining, events, or gathering areas
