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    497 Berrien St Galesburg, IL 61401

    For Sale
    $75,000

    Established Bar & Apartments, High Traffic Area

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional Galesburg, IL commercial property, located at 497 E Berrien Street, presents a lucrative investment opportunity. Priced at $75,000, this 5,100+ square foot site offers a blend of established business and rental income potential. The main structure, built in 1896, houses a thriving bar operation complete with a bar, seating area, gaming area, restrooms, and a small kitchen. An attractive outdoor beer garden adds to the appeal. Adding to the income stream are two apartments located on the property. The property is zoned M-1 Light Industrial, providing flexibility for future development or expansion. Its prime location offers excellent access to both downtown Galesburg and the south side of town, ensuring high visibility and convenient access for patrons and residents. The substantial building size and diverse income streams make this a compelling investment opportunity in a desirable location. The property's address is 497 E Berrien Street, Galesburg, IL 61401. This is a rare chance to acquire a well-established business with significant rental income potential in a thriving Illinois community.

    Property Features for 497 Berrien St

    General Information

    Property type
    Land

    Building Details

    Year Built
    1896
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The store Bar

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Galesburg
    County
    Knox
    State
    Illinois
    Longitude
    -90.3627778
    Latitude
    40.9428897

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    FAQs

    What type of property is this?
    Land - Established Bar & Apartments, High Traffic Area
    Where is this land located?
    The property is located at 497 Berrien St Galesburg, IL.
    What is the asking price?
    The asking price for this property is $75,000.
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    497 Berrien St Galesburg, IL 61401
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    Galesburg, IL 61401
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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
    497 Berrien St Galesburg, IL 61401
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