Renovated Restaurant with
For Sale
$189,900
716 E Enos Avenue, Springfield, IL 62702
Restaurant operation includes furnishings, dishware, and major kitchen equipment.
Property Size1,440 SF
Price / SF$131.88
Days on Market240
Property Features for 716 E Enos Avenue
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Commercial
Zoning
R-5(b)
Taxes and HOA fees
Annual Taxes
$3,407
Building Details
Building Size
1,440 SF
Year Built
1914
Buildings
1
Listing Agency:
RE/MAX Professionals
(217) 899-7899
Listed By:
Roni Mohan · License #475.121806
(217) 899-7899
Source:
Shawneehillsrealestate
Added: Dec 23, 2025
Changed: Aug 18
Last Checked: Aug 19 at 1:58PM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
This restaurant property includes a dining room with bar or counter seating, a commercial kitchen, two restrooms, and basement storage. The dining area measures approximately 900 square feet, while the kitchen measures approximately 500 square feet. Capacity is described at 40–50 seats, with large kitchen and operating equipment, tables, seating, dishware, paper supplies, and miscellaneous operating items included. Interior finishes, both bathrooms, and the roof were renovated within the last 5 years or so. Building systems include 200 amp electrical service, zoned cooling, and a functioning dumbwaiter.
The property is at 716 E Enos Avenue in Springfield, within the Enos Park Neighborhood TIF district and near St. John's and Memorial Hospital. Additional parking is available in a small city lot across the street and in adjacent on-street spaces. The property carries R-5(b) zoning and was built in 1914.
The property is at 716 E Enos Avenue in Springfield, within the Enos Park Neighborhood TIF district and near St. John's and Memorial Hospital. Additional parking is available in a small city lot across the street and in adjacent on-street spaces. The property carries R-5(b) zoning and was built in 1914.
Key Highlights
- 40–50‑seat restaurant configuration with dining area, bar or counter, kitchen, and two restrooms
- Approximately 900‑square‑foot dining area and approximately 500‑square‑foot kitchen
- Includes large kitchen equipment, tables, seating, dishware, paper supplies, and operating items
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
$8,618
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
4.54%
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%
$172,360
$172.4K
Cap Rate 7%
$123,114
$123.1K
Cap Rate 9%
$95,756
$95.8K
Market Conditions
NOI Build-Up for 1,440 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
$13.0K $9.00/SF
− Vacancy
−$648 −$0.45/SF
EGI
$12.3K $8.55/SF
− OpEx
−$3.7K −$2.56/SF
NOI
$8.6K $5.98/SF
Area
Springfield, IL
Vacancy
5.00%
Lease Rate
$9.00 /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%
$172,360
Cap Rate 7%
$123,114
Cap Rate 9%
$95,756
Alternative Uses
Best Use
Specialty Retail
$285.6K
$249.9K – $333.2K
NOI $19,994 @ 7.0% cap · market cap 10.53%
Second Best
Industrial
$123.1K
$107.7K – $143.6K
NOI $8,618 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$353.5K
$309.4K – $412.5K
NOI $24,748 @ 7.0% cap · market cap 13.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,703
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62702, IL
33,712
Population
17,083
Households
2
Avg Household Size
41
Median Age
20%
College-Educated
90%
High-School Grad
15.4 sq mi
ZIP Area
2,189
Density / Sq Mi
$52,748
Median Household Income
$38,160
Median Earnings
$858
Median Rent
$102,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant operation includes furnishings, dishware, and major kitchen equipment.
Where is this conventional restaurant located?
The property is located at 716 E Enos Avenue Springfield, IL.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: 40–50‑seat restaurant configuration with dining area, bar or counter, kitchen, and two restrooms; Approximately 900‑square‑foot dining area and approximately 500‑square‑foot kitchen; Includes large kitchen equipment, tables, seating, dishware, paper supplies, and operating items
