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    571 North St Galesburg, IL 61401

    Sponsored
    For Sale
    $499,000

    Turnkey Restaurant & Event Space, 12,000 sq ft

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional Galesburg, Illinois commercial property presents a unique investment opportunity. Priced at $499,000, this 12,000 square foot turnkey banquet facility is situated on a 2.54-acre lot in Knox County, offering ample parking and convenient access to East Main Street (US Hwy 150). Built in 1993, the modern metal building features a covered drive-up entry, a large parking lot, and prominent electronic monument signage. The interior boasts a fully equipped commercial kitchen, two contemporary bars, four restrooms, substantial storage space, a dedicated office, and a bridal room. All furniture, fixtures, and equipment—including a complete security system and state-of-the-art sound and video systems—are included in the sale, allowing for immediate operation. The flexible layout accommodates multiple simultaneous events. The expansive property offers significant potential for diverse future uses, making it an attractive prospect for both business owners and investors. A minimum 24-hour notice is required for showings. The property is zoned for Commercial, Restaurant, and Other uses.

    Property Features for 571 North St

    General Information

    Property type
    Restaurants

    Building Details

    Year Built
    1993
    Buildings
    1

    HighLights

    • Asking price: $499,000
    • Property type: Land, Office, Retail; Subtype: Commercial, Restaurant
    • 1993 construction, 1 building on a 2.54‑acre lot
    • 12,000 sq ft turnkey banquet facility with all FF&E included.
    Property Profile Location Intelligence

    Current Use by Public Records

    Cedar Creek East Bar Cedar Creek Hall ... Event Planner

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Galesburg
    County
    Knox
    State
    Illinois
    Longitude
    -90.3609775
    Latitude
    40.9518625

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    FAQs

    What type of property is this?
    Restaurant - Turnkey Restaurant & Event Space, 12,000 sq ft
    Where is this restaurant located?
    The property is located at 571 North St Galesburg, IL.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: Asking price: $499,000; Property type: Land, Office, Retail; Subtype: Commercial, Restaurant; 1993 construction, 1 building on a 2.54-acre lot
    Request Owner's contact information
    571 North St 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
    571 North St Galesburg, IL 61401
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