Furnished Restaurant with Full
For Sale
$184,900
716 Enos Avenue, Springfield, IL 62702
Commercial Sale, Springfield, IL
Property Size1,400 SF
Price / SF$132.07
Days on Market250
Property Features for 716 Enos Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-5(b)
Directions
Between 7th and 8th on Enos. Just north of St.Johns Hospital.
Standard status
Active
APN
14-27.0-181-007
Taxes and HOA fees
Tax Year
2024
Tax Description
See county and title records.
Tax Annual Amount
3408
Legal Description
See county and title records.
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Multi Units, Central Air
Building Details
Year built
1914
Floors in Building
1
Flooring type
Tile
Building materials
Brick, Vinyl Siding, Frame
Roof type
Composition
Listing Agency:
RE/MAX Professionals · RE/MAX International
(217) 787-7215
Listed By:
Roni Mohan · License #475.121806
(217) 899-7899
Added: Dec 23, 2025
Changed: Aug 26
Last Checked: Aug 30 at 8:06PM
MLS# CA1040992
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 1,400-square-foot restaurant building includes a 900-square-foot dining room with bar and counter, a 500-square-foot kitchen, two restrooms, and a basement for storage. The sale includes furniture, tables, seating, dishware, paper supplies, and large-item kitchen and operating inventory. A functioning dumbwaiter, 200-amp electrical service, zoned cooling, tile flooring, public sewer, and natural gas forced-air heat are also in place. The interior, bathrooms, and roof were renovated within the last 5 years or so.
The property is in Springfield’s Enos Park Neighborhood and within the Enos Park Neighborhood TIF district. It is described as being near St. John’s and Memorial Hospital, with additional parking available in a small city lot across the street and in adjacent on-street spaces. The building is zoned R-5(b) and has a stated seating capacity of 40–50.
The property is in Springfield’s Enos Park Neighborhood and within the Enos Park Neighborhood TIF district. It is described as being near St. John’s and Memorial Hospital, with additional parking available in a small city lot across the street and in adjacent on-street spaces. The building is zoned R-5(b) and has a stated seating capacity of 40–50.
Key Highlights
- 1,400‑square‑foot restaurant building with 900‑square‑foot dining area and 500‑square‑foot kitchen
- Furnished sale includes tables, seating, dishware, paper supplies, and large‑item kitchen inventory
- 40–50 seat capacity with bar and counter in the dining area
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
$8,379
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
4.53%
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%
$167,580
$167.6K
Cap Rate 7%
$119,700
$119.7K
Cap Rate 9%
$93,100
$93.1K
Market Conditions
NOI Build-Up for 1,400 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
$12.6K $9.00/SF
− Vacancy
−$630 −$0.45/SF
EGI
$12.0K $8.55/SF
− OpEx
−$3.6K −$2.56/SF
NOI
$8.4K $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%
$167,580
Cap Rate 7%
$119,700
Cap Rate 9%
$93,100
Alternative Uses
Best Use
Specialty Retail
$277.7K
$243.0K – $324.0K
NOI $19,439 @ 7.0% cap · market cap 10.51%
Second Best
Industrial
$119.7K
$104.7K – $139.7K
NOI $8,379 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$343.7K
$300.8K – $401.0K
NOI $24,061 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
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 - R-5(b) zoning accompanies a furnished restaurant with dedicated dining, kitchen, storage, and parking components.
Where is this conventional restaurant located?
The property is located at 716 Enos Avenue Springfield, IL.
What is the asking price?
The asking price for this property is $184,900.
What are key features of this property?
This property features: 1,400‑square‑foot restaurant building with 900‑square‑foot dining area and 500‑square‑foot kitchen; Furnished sale includes tables, seating, dishware, paper supplies, and large‑item kitchen inventory; 40–50 seat capacity with bar and counter in the dining area
