Trust Owned Property summary
This exceptional mixed-use property, located at 228 S State Street in Marengo, IL's central business district, presents a unique investment opportunity. The building boasts a thriving, fully operational restaurant and bar on the ground floor, complete with a liquor license, gaming license (five machines), and all necessary equipment (prep & cooking equipment, coolers, tables, chairs, grills, fryers, freezers, dishes, flatware, etc.). The restaurant comfortably seats over 75 patrons indoors… and an additional 25+ on the outdoor patio. Above the restaurant, three residential apartments provide substantial rental income. The property benefits from high visibility and traffic counts due to its corner location at State Street and Grant Highway. Ample parking is available, with on-street parking in front and a city-owned lot in the rear accommodating up to 50 vehicles. Convenient access to Interstate 90 via newly constructed ramps enhances accessibility. The building is in excellent condition, recently updated with fresh exterior paint and nicely remodeled units. The lower level includes a walk-in cooler. Separate utilities and efficient heating and cooling systems (central A/C & heat on the first floor, electric baseboard heaters on the second) minimize operating costs. The property also includes a separate PIN for an adjacent lot, currently used for the patio. This well-maintained property has been under the same ownership for 35 years, offering a consistent history of success. Currently fully occupied with leased tenants, this property offers immediate income potential with opportunities for rental increases. The property's prime location, strong cash flow, and versatile layout make it an ideal investment for discerning buyers.
Ownership intelligence
Owner of record from public deeds, plus portfolio, hold profile and investor signals where the data supports them. In the full report.
Owner contacts
Skip-traced phones and e-mails of the owner. Included with the full report.
Mortgages
Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.
Property tax · 2022
Value estimate
· Sep 2026Realmo valuation models over county records.
Recently sold
Cap rate analysis
No income signal is modeled for this parcel yet — the Cap Rates tab runs the workflow.
Zoning insight
No data for this sectionNo zoning code is on file for this parcel. Coverage grows with every catalog release.
Location intelligence
Demand index: how under-served this business type is around this point — modeled from the LocInt grid (area demand vs. what already operates, adjusted by real visit traffic). Higher means stronger unmet demand.
Location
Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.
Comparables
6 recorded sales · 6 properties nearbyComparable nearby
Instant AI valuation built from comps, income signals, and proprietary benchmarks.A defensible range, not a single guess.
from $99/month
- Lot area
- 0.09 ac
- APN
- 11-35-283-015
- Assessed value · 2022
- $75,385
- Annual tax · 2022
- $7,050
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
from $99/month
Price sensitivity
The rate is the decision lever; valuation is the consequence.
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Phones and e-mails of the people behind this property's owner, traced from licensed contact data.
Owner phones and e-mails come with the full report for this property - traced from licensed contact data, with verification and Do-Not-Call flags on every number.
Unlock the evidence behind ownership: portfolio, transactions, debt and any signals we can model, to help you decide who to contact next.
Registration is required before any owner information is shown.
The mortgage data is behind the paid report: recorded loans of the owner - lender, amount, rate and the estimated maturity - as part of the Ownership Intelligence workspace.
Registration is required before any owner information is shown.
- Ownership
- Owner Contacts
- Full Property Data
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Calculation
- Location Insight
- Alternative use
- Local Zoning Insight
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- Local Zoning Insight
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- Full Property Data
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Calculation
- Location Insight
- Alternative use
- Local Zoning Insight
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