Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    201 Broadway St Central City, IL 62801
    Back to Search
    Property profile & analytics

    201 Broadway St, Central City, IL 62801

    View on Map
    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 201 Broadway St

    Year built
    1923
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This Centralia, IL property at 201 N BROADWAY Street offers a fantastic investment opportunity. The 1923-built property includes two buildings totaling approximately 7000 square feet. The main building, updated in 2022, features a fully equipped restaurant with a large kitchen (including three deep fryers, an eight-burner oven, multiple refrigerators and freezers, and a cold prep table), three banquet areas, a bar with gaming, and four bathrooms (two handicapped accessible). A new Cooking Fire Ansul Suppression system was recently installed. Upstairs, a spacious 3-bedroom, 2-bathroom apartment offers over 2500 square feet of living space with a private entrance. A detached two-car garage (22' x 24') is currently used for storage. The property is zoned for commercial and restaurant use, and its prime location in Central City, IL (zip code 62801) presents significant potential for a thriving business. The asking price is $160,000. This property is ideal for an owner-operator seeking a turnkey restaurant business, or an investor looking for rental income from both the commercial space and the residential apartment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Central City
    County
    Marion
    State
    Illinois
    Longitude
    -89.1292
    Latitude
    38.5493

    Comparable in this City

    • Value Estimation by Request
      1,424 SF

      1310 Walton Way

      Restaurants
      1310 Walton Way, Centralia, IL 62801
      View Details
    • Value Estimation by Request

      1235 Broadway St

      Retail properties & Spaces
      1235 Broadway St, Centralia, IL 62801
      View Details
    • Value Estimation by Request

      104 Pine St

      Medical Office Space
      104 Pine St, Centralia, IL 62801
      View Details
    • Value Estimation by Request

      115 Hickory St

      Flex space
      115 Hickory St, Centralia, IL 62801
      View Details
    • Value Estimation by Request

      803 Broadway St

      Office Spaces
      803 Broadway St, Centralia, IL 62801
      View Details
    • Value Estimation by Request
      4.31 Acres

      501 Schwartz Rd

      Manufacturing properties
      501 Schwartz Rd, Centralia, IL 62801-501
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,070 SF

      Established Restaurant Opportunity

      Restaurant property with strong sales and sub-5% rent-to-sales ratio.
      1077 W Broadway, Centralia, IL 62801
      View Details
    • $2,900,000

      Prime Golf Course Investment Opportunity

      146+ Acres, Established Golf Club, High Potential
      2801 Putter Dr, Centralia, IL 62801
      View Details
    • $3,818,473

      Retail Investment Opportunity

      Retail property with national tenants in a dense retail corridor.
      1301-1309 W Broadway, Centralia, IL 62801
      View Details
    • $2,900,000
      6,400 SF

      Greenview Golf Course: Prime Investment

      146-Acre Golf Course, Restaurant, Banquet Hall
      2801 Putter Dr, Centralia, IL 62801
      View Details
    • $150,000
      1,738 SF

      Centralia Commercial Property - High Visibility

      Prime Retail Space, Drive-Thru Potential, Leased
      1235 Broadway St, Centralia, IL 62801
      View Details
    • $49,900
      6,400 SF

      Centralia Commercial Building - Great Value

      Versatile warehouse space, ample parking, B-4 zoning.
      437 Poplar St, Centralia, IL 62801
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,000 SF

      Dominant Shopping Center Retail Space

      Revitalized shopping center with diverse tenant mix and ample parking.
      1105 W Broadway, Centralia, IL 62801
      View Details
    • Contact for pricing
      49,467 SF

      Dominant Shopping Center Retail Space

      Retail spaces available in a revitalized shopping center.
      1000 W Broadway, Centralia, IL 62801
      View Details
    • Contact for pricing
      1,100 SF

      Dominant Shopping Center Retail Space

      Revitalized shopping center with diverse tenants and ample parking.
      1051 W Broadway, Centralia, IL 62801
      View Details
    • Contact for pricing
      1,200 SF

      Dominant Shopping Center Space Available

      Retail spaces available in revitalized shopping center with strong anchors.
      S Brookside Ave, Centralia, IL 62801
      View Details
    • Contact for pricing
      1,750 SF

      Dominant Shopping Center Space Available

      Retail and outparcel opportunities in revitalized Centralia shopping center.
      1161 W Broadway, Centralia, IL 62801
      View Details
    • Contact for pricing
      2,000 SF

      Dominant Shopping Center Retail Space

      Revitalized shopping center with diverse tenants and ample parking.
      1063 W Broadway, Centralia, IL 62801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    201 Broadway St
    Central City, IL 62801
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    201 Broadway St, Central City, IL, 62801
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!