Restaurant & Entertainment
517 S 4TH Street Springfield, IL 62701
517 S 4TH Street, Springfield, IL, 62701
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For Sale
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Turnkey restaurant with commercial kitchen hoods, bar lounge, and patio, plus private 125-person lower-level room.
Property Size9,000 SF
Price / SF$77.67
Days on Market175
Property Features for 517 S 4TH Street
General Information
- Standard status
- Active
- Size
- 9,000 SF
- Property subtype
- Retail
Listing agency
Keller Williams Capital
(217) 971-6775
Listed by
James Skeeters · License #475097981
Source
Crexi
Added: Jan 27 Updated: Jul 21 at 4:07AM Checked: Jul 21 at 4:07AM
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 Keller Williams Capital
Investment Insights
Based on property information with market context.
This restaurant and entertainment venue is set up for on-premise service, with a chef’s kitchen featuring two large commercial hoods and ample gas and electric hookups for kitchen equipment. The main dining area seats 118 guests and includes a bar and lounge area, while a private lower-level party room provides 125-person occupancy for banquets, meetings, or private events. Guests can also enjoy an outdoor dining patio.
The property offers front-row views of the Governor’s Mansion and is located at 517 S 4TH Street in Springfield, IL.
Nearly everything was updated in 2017, including HVAC, flooring, and mechanicals. Owners report investing over $1 million in improvements and renovations to create a turnkey operation. The property is approximately 9,000 square feet, with the main level at approximately 4,500 square feet and the lower level also approximately 4,500 square feet (finished lower level approximately 1,652 square feet).
The property offers front-row views of the Governor’s Mansion and is located at 517 S 4TH Street in Springfield, IL.
Nearly everything was updated in 2017, including HVAC, flooring, and mechanicals. Owners report investing over $1 million in improvements and renovations to create a turnkey operation. The property is approximately 9,000 square feet, with the main level at approximately 4,500 square feet and the lower level also approximately 4,500 square feet (finished lower level approximately 1,652 square feet).
Key Highlights
- Restaurant and entertainment venue with front‑row views of the Governor’s Mansion.
- Chef’s kitchen setup with two large commercial hoods and ample gas and electric hookups.
- Main dining area seats 118 guests plus a private lower‑level party room with 125‑person occupancy.
Local Financial Insights For Industrial
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 | $81.0k | $9.00 |
| − Vacancy | −$4.1k | −$0.45 |
| EGI | $77.0k | $8.55 |
| − OpEx | −$23.1k | −$2.56 |
| NOI | $53.9k | $5.98 |
9,000 SF · lease $9.00/SF/yr · vacancy 5.00% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$1.79M
$1.56M – $2.08M
NOI $124,963 @ 7.0% cap · market cap 17.88%
Second Best
Industrial
$769.5K
$673.3K – $897.8K
NOI $53,865 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$2.21M
$1.93M – $2.58M
NOI $154,678 @ 7.0% cap · market cap 22.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Loukinens' On 4th
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Turnkey restaurant with commercial kitchen hoods, bar lounge, and patio, plus private 125-person lower-level room.
Where is this conventional restaurant located?
The property is located at 517 S 4TH Street Springfield, IL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Restaurant and entertainment venue with front‑row views of the Governor’s Mansion.; Chef’s kitchen setup with two large commercial hoods and ample gas and electric hookups.; Main dining area seats 118 guests plus a private lower‑level party room with 125‑person occupancy.
