228 South State Street

Marengo, IL 60152

$699,900
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Mixed-use property situated in Marengo's central business district allowing for many options. Property allows for rental investment, restaurant/store/office below, & live above. Presently, a fully functioning restaurant & bar with 5 gaming machines, occupies the first floor. The restaurant business has a liquor license and gaming license. Sale includes the restaurant & bar equipment currently being used to operate the business. This includes: prep & cooking equipment, coolers, tables & chairs, flat...Mixed-use property situated in Marengo's central business district allowing for many options. Property allows for rental investment, restaurant/store/office below, & live above. Presently, a fully functioning restaurant & bar with 5 gaming machines, occupies the first floor. The restaurant business has a liquor license and gaming license. Sale includes the restaurant & bar equipment currently being used to operate the business. This includes: prep & cooking equipment, coolers, tables & chairs, flat top grills, deep fryers, freezers, dishes & flatware, etc... Restaurant seats 75+ people (interior) and 25+ on the patio (exterior). Upstairs, you'll find three residential apartments. Situated at the corner of State St and Grant Highway in the Central Business District. High visibility with high traffic count. On-street parking in the front and in the rear you'll find a city-owned public parking lot for free parking for up to 50 cars in the rear. Accessible from the rear courtyard and the front entrances. Quick & easy access to Interstate 90 via newly constructed access ramps. Building is in good condition and move-in ready. Nicely remodeled units throughout. The exterior has been freshly painted. Well-illuminated exterior for better visibility. The lower level houses a walk-in cooler. Low maintenance and low on-going expenses. Central heating & air conditioning for the first floor. Electric baseboard heaters for the second floor. Separate utilities throughout. Good rental income (though rents could be increased). Fully occupied with leased tenants. Property includes separate PIN for adjacent lot to accommodate outdoor patio space. Currently owned by the same owner for the last 35 years. Steps to restaurants, bars, shops, and more!
  1. Listed by Kevin Carroccia • @properties Christie's International Real Estate

Property Details for 228 South State Street

Area
Harmony / Marengo
Township
Marengo
Zoning
COMMR

Location

Listing Courtesy of @properties Christie's International Real Estate
Add your commute
LISTING UPDATED: 02/11/2024 11:41 AM

Property Details for 228 South State Street

StatusActive
MLS #11897761
Days on Market274
Taxes$6,762 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeCommercial Sale
Year Built1900
Lot Size0.13 AC / 5,574 SF
CountyMcHenry County

Location

Listing Courtesy of @properties Christie's International Real Estate
Add your commute

Building Information for 228 South State Street

Stories-Residences4Year Built1900Lot Size0.13 AC / 5,574 SF

Payment Calculator

$4,383 per month

30 year fixed, 7.25% Interest

Principal and Interest

$3,820

Property Taxes

$564

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 228 South State Street

General Information
Addtl Parking Information
  • Outdoor Parking: 31-50 Spaces,Public Lot,Parking-Street
Location and General Information
  • Frontage Type: Signal Intersection, State Road, US Highway
  • Geographic Locale: Far West
  • Information: None
Taxes and HOA Information
  • Additional Parcels: Yes
Property Information
Interior Features
  • Air Conditioning: Central Air, Window Unit(s)
  • Electric: Circuit Breakers, Separate Meters, Service - 0 to 100 Amps, Power - 120V
  • Flooring: Varies
  • Heat/Ventilation: Electric,Forced Air
  • Misc Inside: Accessible Entrance,Accessible Washroom/s,Multi-Tenant,Private Restroom/s,Storage Inside,Other,Basement
  • Num of Baths: 0.0
Exterior Features
  • # Of Apts: 3
  • Misc Outside: Balcony/ies,Courtyard,Accessible Entrance,Patio,Security Lighting,Storms and Screens (as exist),Other
Utilities / Equipment
  • Utilities: Electric to Site, Water-Municipal
Property/Lot Information
  • Tenant Pays: Electricity, Heat, Scavenger, Sewer, Varies by Tenant
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Lot Dimensions: 4004 SQ FT
  • Lot Size Square Feet: 5574.0
  • Stories: 2
  • Exterior Building Type: Brick, Combination
  • Construction: Brick, Wood Frame
  • Roof Type: Membrane
  • Fire Protection: Ansul System,Fire Extinguisher/s,Smoke or Fire Protectors
  • Roof Structure: Flat,Wood Joists
  • Foundation Details: Concrete Perimeter, Stone
  • # Of Offices: 0
  • # Of Stores: 1
  • Property Sub Type: Apts/Stores
Property and Assessments
  • Possible Use: Commercial
  • Public Document Count: 1
  • Document Date: 2024-02-11T17:34:55
  • Photos Count: 28
Miscellaneous
  • Location: Central Business District,Corner,In City Limits
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 4
Income & Expenses
  • Electric Expense: $.00
  • Fuel Expense: $73.00
  • Gross Income: $59,400.00
  • Gross Scheduled Income: $59,400.00
  • Insurance Expense: $332.00
  • Electric Expense Source: Owner Projection
  • Expense Year: 2022
  • Total Annual Expense Source: Owner Projection
  • Fuel Expense Source: Owner Projection
  • Insurance Expense Source: Owner Projection
  • Net Operating Income Year: 2022
  • Trash Expense Source: Owner Projection
  • Total Monthly Income: 4950
  • Water Expense Source: Owner Projection
  • Net Operating Income: $45,894.00
  • Operating Expense: $13,506.00
  • Other Expense: $.00
  • Trash Expense: $29.00
  • Water Sewer Expense: $128.00

Property History for 228 South State Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 228 South State Street

Taxable ValueLand$16,719Additions$58,666Total$75,385
Home Facts
Lot Size4,004 SqFtStyleMiscellaneous CommercialCountyMCHENRYAPN11-35-283-015

Schools near 228 South State Street

This home is within Marengo-Union E Cons D 165 School District.
Rating
School
Type
Grades
Distance
Public - PK to 3
Public - 6 to 8
Public - 9 to 12
Public - 4 to 5
Rating
School
Distance
Locust Elementary School
PublicPK to 3

Marengo Community Middle School
Public6 to 8

Marengo High School
Public9 to 12

Ulysses S Grant Intermediate School
Public4 to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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228 South State Street is a mixed use property for sale in Marengo, IL 60152. This property was listed for sale on October 2, 2023 by @properties Christie's International Real Estate, it's currently listed at $699,900. This listing's school districts are Marengo-Union E Cons D 165 School District, Marengo Chsd 154 School District. Nearby schools include Locust Elementary School, Marengo Community Middle School and Marengo High School. 228 South State Street is a 0-bed, 0-bath, mixed use property built in 1900.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of @properties Christie's International Real Estate

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.