Downtown Restaurant and Banquet
For Sale
Contact for pricing
516 Maine Street, Quincy, IL 62301
Two-story building with a full-service kitchen, bar, and banquet/event seating in a downtown Quincy district.
Property Size3,894 SF
Price / SF$85.39
Days on Market68
Property Features for 516 Maine Street
General Information
Standard status
Active
Size
3,894 SF
Class
B
Property subtype
Office, Retail
Zoning
D1
Restaurant
Commercial Hood
Yes
Grease Trap
Yes
Building Details
Buildings
1
Stories
2
Listing Agency:
Happel Inc Realtor
(217) 440-3100
Listed By:
Max Dancer · License #IL 475.19024
Source:
Crexi
Added: Jun 5
Changed: Aug 10
Last Checked: Aug 10 at 10:52AM
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 Happel Inc Realtor
Investment Insights
Based on property information with market context.
516 Maine Street is a two-story commercial building designed around food and service use, with a functional first-floor layout featuring a centrally positioned bar and seating for approximately 19 patrons. The front banquet and event space supports up to 128 guests, making the space adaptable for dining and hosted events. The property includes a well-maintained full-service commercial kitchen with a hood and exhaust system, plus a grease trap located in the basement.
The building has a narrow footprint of about 22 feet in width, which can work well for concepts that benefit from a defined street-facing presence. It sits in Quincy’s Downtown Business District under D1 zoning and within a TIF district. The basement is partially improved with concrete flooring, while the remainder is dirt floor, and both the first floor and basement include rear access.
The second floor is currently vacant and closed off, offering a path for expansion or a different operating layout depending on tenant or buyer plans. With existing kitchen and event-capable space already in place, the property may suit restaurant operators, banquet-focused businesses, or buyers considering restaurant, retail, office, or mixed-use redevelopment for a downtown setting.
The building has a narrow footprint of about 22 feet in width, which can work well for concepts that benefit from a defined street-facing presence. It sits in Quincy’s Downtown Business District under D1 zoning and within a TIF district. The basement is partially improved with concrete flooring, while the remainder is dirt floor, and both the first floor and basement include rear access.
The second floor is currently vacant and closed off, offering a path for expansion or a different operating layout depending on tenant or buyer plans. With existing kitchen and event-capable space already in place, the property may suit restaurant operators, banquet-focused businesses, or buyers considering restaurant, retail, office, or mixed-use redevelopment for a downtown setting.
Key Highlights
- Two‑story commercial building in Quincy’s Downtown Business District (D1 Zoning) and within a TIF District
- Approximately 3,894 SF building with a centrally positioned bar and seating for about 19 patrons
- Full‑service commercial kitchen with hood and exhaust system, plus a grease trap in the basement
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
$29,365
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
8.83%
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%
$587,300
$587.3K
Cap Rate 7%
$419,500
$419.5K
Cap Rate 9%
$326,278
$326.3K
Market Conditions
NOI Build-Up for 3,894 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
$44.4K $11.40/SF
− Vacancy
−$2.4K −$0.63/SF
EGI
$42.0K $10.77/SF
− OpEx
−$12.6K −$3.23/SF
NOI
$29.4K $7.54/SF
Area
Adams County, IL
Vacancy
5.50%
Lease Rate
$11.40 /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%
$587,300
Cap Rate 7%
$419,500
Cap Rate 9%
$326,278
Alternative Uses
Best Use
Specialty Retail
$759.4K
$664.5K – $886.0K
NOI $53,158 @ 7.0% cap · market cap 15.99%
Second Best
Retail
$419.5K
$367.1K – $489.4K
NOI $29,365 @ 7.0% cap · market cap 8.83%
Theoretical Best
Healthcare Medical
$777.9K
$680.7K – $907.5K
NOI $54,452 @ 7.0% cap · market cap 16.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Commercial hood
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
1,955
Businesses Nearby
49k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 69%
Shops & Services 25%
Hotels & Casinos 6%
Burger King
Dining
19,101 visits/mo
0.4 miles
Taco Bell
Dining
14,631 visits/mo
0.5 miles
Dollar General
Shops & Services
4,585 visits/mo
0.2 miles
Family Dollar
Shops & Services
3,977 visits/mo
0.4 miles
Cenex
Shops & Services
3,586 visits/mo
0.4 miles
Demographics for 62301, IL
31,481
Population
15,295
Households
2.1
Avg Household Size
39
Median Age
24%
College-Educated
91%
High-School Grad
11.2 sq mi
ZIP Area
2,811
Density / Sq Mi
$52,212
Median Household Income
$36,665
Median Earnings
$805
Median Rent
$124,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
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- Livermore's — 743 S 10th St, Quincy, IL 62301
- Leroy's Hideout — 652 Payson Ave, Quincy, IL 62301
- State Room — 434 S 8th St, Quincy, IL 62301
Frequently Asked Questions
What type of property is this?
Bar & Pub - Two-story building with a full-service kitchen, bar, and banquet/event seating in a downtown Quincy district.
Where is this bar & pub located?
The property is located at 516 Maine Street Quincy, IL.
What is the asking price?
The asking price for this property is $332,500.
What are key features of this property?
This property features: Two‑story commercial building in Quincy’s Downtown Business District (D1 Zoning) and within a TIF District; Approximately 3,894 SF building with a centrally positioned bar and seating for about 19 patrons; Full‑service commercial kitchen with hood and exhaust system, plus a grease trap in the basement
