228 S State ST Marengo, IL 60152

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Park Place Realty Group LLC

info@parkplacerealtyllc.com +1(708) 722-5106

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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

Area Harmony / Marengo

Zoning COMMR

Interior

Cooling Central Air, Window Unit(s)

Flooring Varies

Fireplace N

Exterior

Utilities Available Electricity Available

Roof Type Membrane

Building

Dwelling Type Mixed Use

Water Municipal Water

Structure Type Brick,Wood,Combination

Listed by Kevin Carroccia • @properties Christie's International Real Estate

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Park Place Realty Group LLC

Broker | License ID: 888222

+1(708) 722-5106