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Listed by Kevin Carrocciaof @properties Christie's International Real Estate
$650,000
Est. payment /mo
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 12373188
Year Built 1900
Annual Tax Amount $7,176
Tax Year 2024
Lot Dimensions 4004 SQ FT
Property Sub-Type Mixed Use
Property Description
This is a fully-leased mixed-use property situated in Marengo's central business district. The property consists of a restaurant/bar and three 1BR apartments. The restaurant tenant will be signing a 3-year extension into 2028, with rent escalations each year. All three upstairs apartments are leased month-to-month and have long-term tenants who would like to stay. Situated at the corner of State St and Grant Highway in the Central Business District, this is a high visibility intersection. There is a city-owned public parking lot for 50 cars just behind the building, providing plenty of parking for patrons. The restaurant is accessible from the rear courtyard and the front entrance. Location allows for quick & easy access to Interstate 90 via the newly constructed access ramp. The restaurant business has a liquor license and can apply for a gaming license. The sale includes the restaurant & bar equipment currently being used to operate the business, which includes: prep & cooking equipment, coolers, flat top grills, deep fryers, freezers, etc.. The building is in good condition and move-in ready. The exterior has been freshly painted and is well-illuminated for excellent visibility. The lowest level houses a walk-in cooler and storage. Central heating & air conditioning heat & cool the first floor, while electric baseboard heaters heat the second floor. There are separate utilities throughout. Excellent rental income (though apartment rents should be increased). Separate PIN (currently used as a 20'x68' outdoor dining patio) also available for purchase.
Location
State IL
County Mchenry
Zoning COMMR
Interior
Cooling Central Air, Window Unit(s)
Flooring Varies
Fireplace N
Exterior
Utilities Available Electricity Available
View Y/N true
Roof Type Membrane
Building
Foundation Concrete Perimeter, Stone
Water Municipal Water
Structure Type Brick,Wood,Combination
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