Two-Story Restaurant
For Sale
$332,500
516 Maine Street, Quincy, IL 62301
COMMERCIAL - Quincy, IL
Property Size3,894 SF
Lot Size0.11 Acres
Price / SF$85.39
Days on Market93
Property Features for 516 Maine Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
D1
Directions
East on Maine St, building in located on the South side of street between 5th and 6th St.
Standard status
Active
APN
23-1-0330-000-00
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 2 BLK 20 QUINCY SURVEY E 24FT OF W 29FT LOT 2
Tax Annual Amount
203
Legal Description
LOT 2 BLK 20 QUINCY SURVEY E 24FT OF W 29FT LOT 2
Amenities
full-service commercial kitchen
bar
banquet/event space
rear access
Listing Agency:
Happel, Inc., REALTORS
(217) 224-8383
Listed By:
Max Dancer · License #47519024
(217) 440-3100
Added: Jun 4
Changed: Aug 4
Last Checked: Sep 4 at 11:06AM
MLS# CA1044258
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 two-story restaurant property contains approximately 3,894 square feet in a narrow building measuring approximately 22 feet in width. The first floor includes a centrally located bar, seating for approximately 19 patrons, and a front banquet or event area accommodating up to 128 guests. A full-service commercial kitchen is equipped with a hood and exhaust system, while a basement grease trap supports the existing food-service infrastructure.
The property is located at 516 Maine Street in Quincy’s Downtown Business District and carries D1 zoning within a TIF District. The second floor is vacant and closed off, offering additional interior area for redevelopment. The basement is partially improved with concrete flooring, with the balance finished as dirt floor. Rear access serves both the first floor and basement, and the building has a membrane roof installed in 2013. The layout can accommodate restaurant, banquet, retail, office, or mixed-use redevelopment.
The property is located at 516 Maine Street in Quincy’s Downtown Business District and carries D1 zoning within a TIF District. The second floor is vacant and closed off, offering additional interior area for redevelopment. The basement is partially improved with concrete flooring, with the balance finished as dirt floor. Rear access serves both the first floor and basement, and the building has a membrane roof installed in 2013. The layout can accommodate restaurant, banquet, retail, office, or mixed-use redevelopment.
Key Highlights
- Approximately 3,894 square feet across a two‑story building
- Full‑service commercial kitchen with hood, exhaust system, and basement grease trap
- Front banquet/event area accommodates approximately 128 guests
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
$15,128
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
4.55%
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%
$302,560
$302.6K
Cap Rate 7%
$216,114
$216.1K
Cap Rate 9%
$168,089
$168.1K
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
$23.4K $6.00/SF
− Vacancy
−$1.8K −$0.45/SF
EGI
$21.6K $5.55/SF
− OpEx
−$6.5K −$1.67/SF
NOI
$15.1K $3.89/SF
Area
Adams County, IL
Vacancy
7.50%
Lease Rate
$6.00 /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%
$302,560
Cap Rate 7%
$216,114
Cap Rate 9%
$168,089
Alternative Uses
Best Use
Specialty Retail
$759.4K
$664.5K – $886.0K
NOI $53,158 @ 7.0% cap · market cap 15.99%
Second Best
Industrial
$216.1K
$189.1K – $252.1K
NOI $15,128 @ 7.0% cap · market cap 4.55%
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
2,276
Businesses Nearby
49k
Monthly Visits Nearby
Under-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
0.3 miles
Taco Bell
Dining
14,631 visits/mo
0.4 miles
Dollar General
Shops & Services
4,585 visits/mo
0.0 miles
Family Dollar
Shops & Services
3,977 visits/mo
0.3 miles
Cenex
Shops & Services
3,586 visits/mo
0.2 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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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Includes a commercial kitchen, banquet area, and bar seating.
Where is this conventional restaurant 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: Approximately 3,894 square feet across a two‑story building; Full‑service commercial kitchen with hood, exhaust system, and basement grease trap; Front banquet/event area accommodates approximately 128 guests
