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    601 88Th Ave Peotone, IL 60468

    Sponsored
    For Lease
    $300 /Mo

    Prime Bar/Restaurant, I-57 Corridor

    Lot size:
    1,200 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This exceptional 1,200 square-foot bar/restaurant space is available for lease in the brand-new Peotone Travel Center, located at the full interchange of I-57 and Wilmington Road (Exit 327) in Peotone, Illinois (zip code 60468). The property boasts a modern layout and bright interior, and includes 1,000 square feet of common area seating and restrooms. The Travel Center offers a convenient store, lounge bar, private showers, lockers, a video gaming bar, a private spa, and a workout area, creating a high-traffic environment. This single-tenant retail space benefits from its strategic location, with high traffic counts on I-57, averaging 34,631 vehicles per day just north and 35,330 vehicles per day just south of the site. Further enhancing the area's appeal, a new Holiday Inn is currently under construction, with a restaurant planned to follow. This presents a unique opportunity for a restaurant operator to establish a presence in a rapidly developing area with significant growth potential. The property's address is 601 S 88th Ave, Peotone, IL 60468.

    Property Features for 601 88Th Ave

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    1,200 SF
    Total Rate
    300

    Unit(s) available at that property

    Space
    Size
    1,200 SF
    Rate per SF
    $300

    We can help!

    Listing Contact
    Jeff Kowal
    Jeff Kowal

    Learn more

    Property Insight Report

    HighLights

    • 1,200 SF bar/restaurant space available for lease in the new Peotone Travel Center.
    • Located at I‑57 & Wilmington Rd (Exit 327), Peotone, IL 60468.
    • Modern layout with 1,000 SF of shared common area seating and restrooms.
    • High‑traffic location with average daily traffic counts of 34,631 and 35,330 vehicles on I‑57.
    • Travel Center includes convenience store, lounge bar, showers, lockers, video gaming bar, spa, and workout area.
    • New Holiday Inn under construction nearby, with a future restaurant planned.
    Property Profile Location Intelligence

    Current Use by Public Records

    Shell Gas Station Charleys Cheesesteaks and Wings Cheesesteak Restaurant Parking Peotone Transportation Service Peotone truck parking ... Parking Lot Peotone Travel Center Truck Stop

    Suggested Use

    Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Peotone
    County
    Will
    State
    Illinois
    Longitude
    -87.821449206667
    Latitude
    41.325165427488

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    FAQs

    What type of property is this?
    Restaurant - Prime Bar/Restaurant, I-57 Corridor
    Where is this restaurant located?
    The property is located at 601 88Th Ave Peotone, IL.
    What is the lease rate?
    The lease rate is $300 /Mo.
    What are key features of this property?
    This property features: 1,200 SF bar/restaurant space available for lease in the new Peotone Travel Center.; Located at I-57 & Wilmington Rd (Exit 327), Peotone, IL 60468.; Modern layout with 1,000 SF of shared common area seating and restrooms.
    Request Owner's contact information
    601 88Th Ave Peotone, IL 60468
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    Peotone, IL 60468
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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.

    More about this property
    601 88Th Ave Peotone, IL 60468
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    We can help!
    Listing Contact
    Jeff Kowal
    Jeff Kowal
    Real Estate License ID: IL 471006681
    Learn more
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