Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    309 Walnut St Oglesby, IL 61348
    Back to Search
    Property profile & analytics

    309 Walnut St Oglesby, IL 61348

    View on Map
    • Commercial real estate
    • 5,544 SF
    • 0.17 lot acres
    For Sale
    $275,000
    View Listing →
    Oglesby Restaurant & Living Space For Sale
    $275,000
    5,544 SF

    Oglesby Restaurant & Living Space

    Turnkey Restaurant, High Traffic Area, Great Potential

    309 Walnut St, Oglesby, IL 61348
    View Listing
    Property ID
    US28-4095419
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • ATM / Atm
    • Mr. Salsa's, Inc. / Restaurant

    Property Details for 309 Walnut St

    Year built
    1909
    Lot size
    0.17 lot acres
    Property size
    5,544 SF
    Property type
    Commercial real estate
    APN
    18-36-201-008
    APU
    1836201008

    Description

    This exceptional mixed-use property at 309 E Walnut Street, Oglesby, IL, presents a unique investment opportunity. The 5,544 square foot building is ideally situated on busy Route 178, offering easy access to Interstate 39 (less than 3 miles away) and proximity to Starved Rock State Park, ensuring high visibility and foot traffic. Currently operating as a successful restaurant, the property boasts a spacious layout including a bar area with seating for 15, two separate dining areas perfect for private events, and an inviting outdoor patio. A dedicated gaming section adds to the entertainment options. The fully equipped kitchen and dining areas are ready for immediate operation, with all furnishings and fixtures included in the sale price of $275,000. The building also features a significant advantage: a private parking lot accommodating over 20 vehicles – a rare find in Oglesby. Upstairs, two bedrooms and 1.5 bathrooms offer potential for a rentable living space, further enhancing the property's income potential with the addition of a small kitchenette. This turnkey restaurant presents a lucrative opportunity for aspiring restaurateurs or investors seeking a high-traffic commercial property with substantial growth potential. Don't miss this chance to own a well-established business in a prime Oglesby location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Oglesby
    County
    Lasalle
    State
    Illinois
    Longitude
    -89.0557
    Latitude
    41.2948
    CBSA code
    36837
    CBSA name
    OTTAWA, IL MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,975
    $4,853
    $15,564
    $20,417
    -
    $14,559
    $46,692
    $61,251

    Comparable in this City

    • Value Estimation by Request
      3,675 SF

      307 Florence St

      COMMERCIAL (GENERAL) • 3,675 SF
      307 Florence St, Oglesby, IL 61348-1236
      View Details
    • Value Estimation by Request
      2,316 SF

      497 Walnut St

      COMMERCIAL (GENERAL) • 2,316 SF
      497 Walnut St, Oglesby, IL 61348-1292
      View Details
    • Value Estimation by Request
      13,760 SF

      110 Walnut St

      COMMERCIAL (GENERAL) • 13,760 SF
      110 Walnut St, Oglesby, IL 61348-2331
      View Details
    • Value Estimation by Request
      2,280 SF

      501 Walnut St

      COMMERCIAL (GENERAL) • 2,280 SF
      501 Walnut St, Oglesby, IL 61348-1454
      View Details
    • Value Estimation
      $680,000
      25,668 SF

      123 Walnut St

      COMMERCIAL (GENERAL) • 25,668 SF
      123 Walnut St, Oglesby, IL 61348
      View Details
    • Value Estimation by Request
      4,905 SF

      253 Walnut St

      COMMERCIAL (GENERAL) • 4,905 SF
      253 Walnut St, Oglesby, IL 61348-1203
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.80 Acres

      Residential Land Overlooking Vermillion River

      0.8 acre residential lot with utilities nearby in Oglesby.
      30 Foot Trl Rd, Oglesby, IL 61348
      View Details
    • $370,000
      3,150 SF

      Former Restaurant with Drive-Thru

      Former restaurant with drive-thru, large parking, multiple uses possible.
      1 Marquette Ave, Oglesby, IL 61348
      View Details
    • $595,000
      0.94 Acres

      Oglesby, IL Commercial Property

      Commercial property for sale in Oglesby, Illinois.
      210 N Lewis Ave, Oglesby, IL 61348
      View Details
    • $279,000
      0.14 Acres

      Commercial Land in Oglesby, Illinois

      Commercial land available in Oglesby, Illinois for sale.
      139 E Walnut St, Oglesby, IL 61348
      View Details
    • $275,000
      5,544 SF

      Oglesby Restaurant & Living Space

      Turnkey Restaurant, High Traffic Area, Great Potential
      309 Walnut St, Oglesby, IL 61348
      View Details
    • $416,040

      Knaff Farm Land, Oglesby, IL 61348

      Agricultural land / Farmland
      Knaff Farm Land, Oglesby, IL 61348
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      57,630 SF

      Former Restaurant Near I-39 Exit

      Former Burger King restaurant with drive-up windows near I-39.
      1 Marquette Ave, Oglesby, IL 61348
      View Details
    • $13 SF/Yr
      775 SF

      Oglesby Office Space For Lease

      Office space available for lease in Oglesby, Illinois.
      345 N Lewis Ave, Oglesby, IL 61348
      View Details
    View Listing
    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.
    309 Walnut St
    Oglesby, IL 61348
    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
    309 Walnut St, Oglesby, IL, 61348
    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!