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    Two-Story Restaurant Building Title is generated by Realmo AI

    516 Maine Street, Quincy, IL 62301

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    For Sale
    $332,500

    COMMERCIAL - Quincy, IL

    Property size:
    3,894 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $85/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 5:06 pm

    Property Features for 516 Maine Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    D1
    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

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    Listing Contact
    Max Dancer
    Max Dancer

    Listing agent Max Dancer License #47519024

    Listing office Happel, Inc., REALTORS 4439 Broadway, Quincy, IL

    Listing date Jun 4, 2026

    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.

    HighLights

    • 2‑story commercial building at 516 Maine St, Quincy, IL 62301, totaling approx. 3,894 SF
    • Downtown Business District D1 zoning and located within a TIF district
    • Full‑service commercial kitchen with hood and exhaust system, plus grease trap in the basement
    • First floor includes central bar/seating for approx. 19 patrons and front banquet/event seating for up to 128 guests
    • Second floor is currently vacant and closed off, offering potential for future expansion
    • Membrane roof installed in 2013; basement partially improved with concrete flooring and rear access from first floor and basement

    Overview

    516 Maine Street in Quincy, Illinois is a two-story commercial building in the Downtown Business District, under D1 zoning and within a TIF District. The property totals approximately 3,894 square feet and includes a full-service commercial kitchen with a hood and exhaust system, along with a grease trap in the basement. The first floor is laid out with a centrally positioned bar and seating for about 19 patrons, supported by a front banquet/event space that can seat up to about 128 guests. The basement is partially improved with concrete flooring, while the remaining basement area has a dirt floor, and both the first floor and basement provide rear access. A membrane roof was installed in 2013.

    The building’s narrow footprint, approximately 22 feet wide, can support a range of concepts. The second floor is currently vacant and closed off, which may allow for future buildout depending on an operator’s or buyer’s plans.

    This configuration can fit an owner-user restaurant or operator that wants an operational kitchen and established public-facing areas, or a buyer considering restaurant, banquet, retail, office, or mixed-use redevelopment. With existing kitchen infrastructure and rear access, the property offers a practical base for multiple commercial uses within a downtown setting.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Quincy
    County
    Adams
    State
    Illinois
    Longitude
    -91.407531
    Latitude
    39.93156

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    FAQs

    What type of property is this?
    Conventional restaurant - Two-story downtown building with full commercial kitchen, event seating, and rear access for flexible food and retail uses.
    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: 2‑story commercial building at 516 Maine St, Quincy, IL 62301, totaling approx. 3,894 SF; Downtown Business District D1 zoning and located within a TIF district; Full‑service commercial kitchen with hood and exhaust system, plus grease trap in the basement
    (217) 440-3100
    We can help!
    Listing Contact
    Max Dancer
    Max Dancer
    Real Estate License ID: 47519024
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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