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    Turn-Key Riverfront Bar and Grill Title is generated by Realmo AI

    104 N Florence Road, Pittsfield, IL 62363

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    For Sale
    $395,000

    Established restaurant/bar with expansion potential near Illinois River.

    Type:General Commercial
    Property size:
    4,288 SF
    Price / SF:
    $92/SF
    Added:
    Jul 25, 2024
    Days on Market:
    666
    Last Refresh:
    May 13 at 8:47 pm

    Property Features for 104 N Florence Road

    General Information

    Standard status
    Active
    Size
    4,288 SF
    Property subtype
    General Commercial

    We can help!

    Listing Contact
    Whitetail Properties Real Esta

    Listing agent Whitetail Properties Real Esta

    Listing date Jul 25, 2024

    Source Xome

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Whitetail Properties Real Esta

    HighLights

    • Turn‑key restaurant/bar business with established customer base and diverse menu.
    • Prime riverfront location with covered outdoor patio and stage, ensuring year‑round usability.
    • Significant expansion potential with 4,288 sqft space and land suitable for cabins/camping.
    • Large parking lot ideal for hosting big events.
    • Planned bridge project to improve accessibility and increase revenue.
    • Ample storage space provided by shed on the west side of the property.

    Overview

    The Riverbank Bar and Grill is a turn-key business situated off the Illinois River and Florence Bridge. The business has an established name in the area and a loyal customer base. It offers a full menu for lunch and dinner, along with a full bar. The 4,288 sqft restaurant/bar space includes a covered outdoor patio seating area with a stage. The outdoor patio also features two heaters and can be enclosed with plastic in the winter for year-round use. The owner manages the day-to-day operations. The ground from the restaurant to the river has been planted in beans this year and could continue to be planted or used for potential cabin sites or camping. The parking lot is substantially large to host big events. A shed on the west side of the property provides storage space. A planned adjacent bridge project is underway, giving better access to the business from across the Illinois River.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Riverbank Bar & Pub

    Suggested Use

    Restaurant Building Supply Hotel & Motel Storage Facility Bar & Pub Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Pittsfield
    County
    Pike
    State
    Illinois
    Longitude
    -90.8034
    Latitude
    39.5728

    FAQs

    What type of property is this?
    Bar & Pub - Established restaurant/bar with expansion potential near Illinois River.
    Where is this bar & pub located?
    The property is located at 104 N Florence Road Pittsfield, IL.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: Turn‑key restaurant/bar business with established customer base and diverse menu.; **Prime riverfront location with covered outdoor patio and stage, ensuring year‑round usability.**; Significant expansion potential with 4,288 sqft space and land suitable for cabins/camping.
    We can help!
    Listing Contact
    Whitetail Properties Real Esta
    Learn More
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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
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