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    1577 Wabash Ave Springfield, IL 62704

    Sponsored
    For Sale
    $599,000

    Established Springfield eatery, prime location. High-potential investment.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional commercial property at 1577 W Wabash Avenue, Springfield, IL 62704, presents a lucrative investment opportunity. Priced at $599,000, this offering encompasses three parcels of land totaling approximately half an acre, including an overflow parking lot across Leonard Street. The main building, a completely rebuilt bar and restaurant (2007), boasts a spacious layout ideal for continued operation or redevelopment. Key features include two distinct dining areas, a large central bar, a substantial gaming room, a manager's office, and a private upper-level office suite complete with a kitchenette and full bathroom. The property's strategic location on the near west side of Springfield offers excellent visibility and accessibility. Its substantial size and versatile configuration make it suitable for a variety of commercial uses, presenting significant potential for growth and return on investment. The property's history as a successful restaurant provides a strong foundation for future success, whether continuing the existing business or adapting the space for a new venture. This is a rare opportunity to acquire a well-established commercial property with significant land holdings in a desirable Springfield location. The property's combination of existing infrastructure and ample land provides flexibility for expansion or future development.

    Property Features for 1577 Wabash Ave

    General Information

    Property type
    Restaurants

    HighLights

    • $599,000 asking price.
    • Land and retail property, Commercial/Restaurant subtype.
    • Located at 1577 W Wabash Avenue, Springfield, IL 62704.
    • Established bar and restaurant, completely rebuilt in 2007.
    • Features two dining rooms, large bar, gaming room, manager's office, and upper‑level office suite.
    • Includes approximately 0.5‑acre lot with three parcels, plus overflow parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Barrel Head Irish Pub

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.6802337
    Latitude
    39.7643964

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    FAQs

    What type of property is this?
    Restaurant - Established Springfield eatery, prime location. High-potential investment.
    Where is this restaurant located?
    The property is located at 1577 Wabash Ave Springfield, IL.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: $599,000 asking price.; Land and retail property, Commercial/Restaurant subtype.; Located at 1577 W Wabash Avenue, Springfield, IL 62704.
    Request Owner's contact information
    1577 Wabash Ave Springfield, IL 62704
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    Realmo Value Estimation

    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.

    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.

    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
    1577 Wabash Ave Springfield, IL 62704
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