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    604 Main St Woodlawn, IL 62898

    Sponsored
    For Sale
    $300,000

    Fully renovated restaurant with drive-thru. Excellent investment!

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional commercial property located at 604 N MAIN Street, Woodlawn, IL 62898, presents a unique opportunity for a savvy investor. Priced at $300,000, this fully renovated building offers a turnkey solution for establishing a restaurant business. The property includes a newly constructed walk-in cooler situated behind the main structure, ensuring efficient food storage. All equipment is brand new, minimizing upfront investment and maximizing operational efficiency. Safety is paramount, with a recently installed fire suppression system providing peace of mind. The interior boasts new flooring throughout, creating a fresh and inviting atmosphere. A new roof ensures long-term protection from the elements, while a new split-unit heating and air conditioning system guarantees year-round comfort. The property also features a convenient drive-thru, enhancing customer accessibility and potentially increasing revenue streams. Previously operated as a Chinese/American restaurant, this versatile space is ready for immediate occupancy and offers significant potential for a variety of culinary concepts. The property is classified as land and retail, offering flexibility for future expansion or adaptation. This is a rare opportunity to acquire a fully equipped, move-in ready restaurant in a prime location.

    Property Features for 604 Main St

    General Information

    Property type
    Restaurants

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    Listing Contact
    JASON MUELLER
    JASON MUELLER

    Learn more

    Property Insight Report

    HighLights

    • $300,000 asking price.
    • Fully renovated restaurant building with all new equipment.
    • Includes a new walk‑in cooler, fire suppression system, flooring, roof, and HVAC.
    • Features a drive‑thru.
    • Previously operated as a Chinese/American restaurant.
    • Located at 604 N MAIN Street, Woodlawn, IL 62898.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Hair Salon Building Supply Auto Repair Shop Gym & Fitness Wholesale Shop Hotel & Motel Kitchen & Bath Department Store Auto Parts Store Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Woodlawn
    County
    Jefferson
    State
    Illinois
    Longitude
    -89.0322326
    Latitude
    38.3300909

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    Nearby Similar for Sale

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    FAQs

    What type of property is this?
    Restaurant - Fully renovated restaurant with drive-thru. Excellent investment!
    Where is this restaurant located?
    The property is located at 604 Main St Woodlawn, IL.
    What is the asking price?
    The asking price for this property is $300,000.
    What are key features of this property?
    This property features: $300,000 asking price.; Fully renovated restaurant building with all new equipment.; Includes a new walk-in cooler, fire suppression system, flooring, roof, and HVAC.
    Request Owner's contact information
    604 Main St Woodlawn, IL 62898
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    Woodlawn, IL 62898
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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
    604 Main St Woodlawn, IL 62898
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    Listing Contact
    JASON MUELLER
    JASON MUELLER
    Learn more
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