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    The Largest CRE Database in the US with Over 1 Million Listings

    221 Main St Knoxville, IL 61448

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    For Sale
    Contact for pricing

    Prime 11,031 SF Restaurant & Land

    Property size:
    11,031 SF

    Property Features for 221 Main St

    General Information

    Property type
    Land
    Square Feet
    11,031 SF

    We can help!

    Listing Contact
    Dena Turner
    Dena Turner

    Listing Agency: Century 21 Affiliated Galesburg Listing Agent: Dena Turner

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional investment opportunity presents 11,031 square feet of commercial land located at 221 E Main Street in Knoxville, Illinois, zip code 61448. The property currently houses a well-established and popular restaurant featuring both indoor and outdoor dining spaces. The outdoor area includes a large covered Sound Garden with a capacity exceeding 500 guests, ideal for hosting live music, sporting events, and private functions. The restaurant's amenities include a full kitchen, prep kitchen, bar, multiple dining areas, a banquet room, and outdoor smokers. Adding to the investment potential, two office tenants currently lease space on the property, providing immediate rental income. The current owners are offering a smooth transition, providing support for up to three years to the new owner. This turnkey operation is ready for immediate ownership. A detailed inventory list is available upon request. The asking price for this unique property is $1,000,000. This is a rare chance to acquire a thriving business with significant growth potential in a desirable location. Don't miss this opportunity to own a piece of Knoxville's vibrant culinary and entertainment scene.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    New American Funding ... Loan Service Centsless Copper Collector (Bike/Boat/Book/etc) Store Sparkie's Auto & Custom Auto Repair Shop Big Catz BBQ Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Illinois
    Longitude
    -90.2826519
    Latitude
    40.9084453

    Nearby Similar for Sale

    • $220,000
      3,040 SF

      Downtown Knoxville Commercial Gem

      Renovated income property, prime location.
      223 Main St, Knoxville, IL 61448
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    • $1,000,000
      11,031 SF

      Knoxville Restaurant & Office Complex

      Turnkey Restaurant, Office Income, Huge Potential
      221 Main St, Knoxville, IL 61448
      View Details
    • $600,000
      990 SF

      973 Knox Rd 1330N Rd, Knoxville, IL 61448

      Commercial real estate • 990 SF
      973 Knox Rd 1330N Rd, Knoxville, IL 61448
      View Details

    FAQs

    What type of property is this?
    Land - Prime 11,031 SF Restaurant & Land
    Where is this land located?
    The property is located at 221 Main St Knoxville, IL.
    What is the asking price?
    The asking price for this property is $1,000,000.
    What are key features of this property?
    This property features: $1,000,000 asking price.; 11,031 SF special purpose land, Commercial Other subtype.; Located at 221 E Main Street, Knoxville, IL 61448.
    (309) 335-4454 Call to check price and availability
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    Knoxville, IL 61448
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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
    221 Main St Knoxville, IL 61448
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Dena Turner
    Dena Turner
    (309) 335-4454
    Learn more
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