228 State StMarengo, IL 60152

Property Details for 228 State St

Lot size

0.09 AC

Property type

Commercial real estate

APN

11-35-283-015

APU

1135283015

Description

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.

Location Insight

City

Marengo

County

Mchenry

State

Illinois

Latitude

42.2486

Longitude

-88.6088

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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