18706 Springfield RdGroveland, IL 61535

Property Details for 18706 Springfield Rd

Year built

1937

Lot size

0.56 AC

Property size (Sq ft)

2,610 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

05-05-27-201-007

APU

50527201007

Description

This exceptional turnkey business opportunity in Groveland, IL, presents a well-established restaurant spanning 2,610 square feet on a 0.56-acre lot at 18706 Springfield Road. The property boasts a rich history, having operated successfully under the same ownership for 34 years. Included in the sale price of $400,000 are the building, land, existing business, and all equipment. The equipment is modern and recently upgraded, featuring brand-new exhaust systems in the kitchen. The restaurant includes a walk-in cooler currently in use, plus a second walk-in cooler available as an option. The exterior has been recently updated, enhancing curb appeal. The spacious interior comfortably seats 140 guests, divided between two dining rooms and a dedicated banquet area, perfect for larger events. Ample parking is provided with over 50 spaces, ensuring convenient access for patrons. The property's prominent location on Springfield Road ensures high visibility and accessibility. A loyal and dedicated staff contributes to the smooth and efficient operation of this thriving business. This is a rare opportunity to acquire a profitable, established business with significant potential for continued growth. The combination of a strong business history, updated facilities, and prime location makes this an attractive investment.

• CAP approach

  CAP return

  Valuation

  6%

  $692,762

  6.5%

  $639,472

  7%

  $593,796

• Comparable approach

  Method

  Valuation

  Relative Method

  $667,738

  Geo Method

  $512,758

• Alternative Use

  Use

  Valuation

  Residential

  $539,419

  Hospitality

  $494,105

  Educational

  $411,089

  Medical

  $425,227

  Retail

  $639,472

Location Insight

City

Groveland

County

Tazewell

State

Illinois

Latitude

40.5942

Longitude

-89.5329

CBSA code

37900

CBSA name

PEORIA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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