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    103 3Rd St London Mills, IL 61544

    Sponsored
    For Sale
    $250,000

    Turnkey Restaurant, Established Business, High-Demand Location

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional opportunity presents the chance to acquire a fully operational, turnkey bar and restaurant located at 103 3rd Street, London Mills, Illinois, 61544. Priced at $250,000, this established business boasts nearly 40 years of operation, building a strong reputation within the community and beyond. The property itself is classified as commercial land and retail space, offering a unique blend of established business and real estate investment potential. The restaurant, known as Spoonies, is renowned for its high-quality food, particularly its pork tenderloins, which have garnered significant local and regional acclaim. Features include a well-established customer base and a proven track record of success. The business has been highlighted in publications such as Pursuing Pork Tenderloin and Peoria Local Legends Magazine, further solidifying its reputation as a top destination for pork tenderloins in the Greater Peoria area. This turnkey operation offers immediate income potential and a strong foundation for continued growth in a desirable location. The property's location in London Mills, Fulton County, Illinois, provides access to a loyal customer base and offers significant potential for expansion and further development. This is a rare opportunity to own a successful, long-standing restaurant with a strong brand identity and a proven history of profitability. The sale includes the land and the established business, presenting a complete and ready-to-operate package.

    Property Features for 103 3Rd St

    General Information

    Property type
    Restaurants

    HighLights

    • Turnkey bar and restaurant for sale at $250,000.
    • Established business with nearly 40 years of operation in London Mills, IL.
    • Commercial land and retail space included in sale.
    • Strong reputation and loyal customer base.
    • Proven track record of profitability and immediate income potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Auto Repair Shop Food Market Storage Facility Bar & Pub Pawn Shop Farmer's Market

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

    Location Insight

    • Map
    • Local Demand
    City
    London Mills
    County
    Fulton
    State
    Illinois
    Longitude
    -90.2665534
    Latitude
    40.712539

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    FAQs

    What type of property is this?
    Restaurant - Turnkey Restaurant, Established Business, High-Demand Location
    Where is this restaurant located?
    The property is located at 103 3Rd St London Mills, IL.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: Turnkey bar and restaurant for sale at $250,000.; Established business with nearly 40 years of operation in London Mills, IL.; Commercial land and retail space included in sale.
    Request Owner's contact information
    103 3Rd St London Mills, IL 61544
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    London Mills, IL 61544
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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
    103 3Rd St London Mills, IL 61544
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