Closed /
MLS #11443281 /
Commercial / Mixed Use /
Out of Area South
Listing information updated 6/10/2023 at 9:03am
The Phoenix is a mixed-use opportunity in Lawrenceville, IL. The building was constructed in 1907, and gutted within the past five years to bring it back to its original glory (thus the name, The Phoenix). The building now has new plumbing & electrical, new flooring, and new vinyl windows. They left the original brick to keep its original charm, and it gives the building a nice industrial feel. The entire roof was removed and replaced with a brand new Duralast commercial grade fabric roof. The tops of the building were reinforced with steel plates and wire. An adjacent parking lot is also included in the sale of this property. The main level of The Phoenix is currently occupied by a restaurant that goes by the same name. The building is owned by the operator of the restaurant, and he is interested is a potential lease-back scenario. Should the buyer of this building want to be an owner operator as well, the seller is negotiable on terms to sell the restaurant and the restaurant equipment. The owner also believes that the lower level would be a great future location for additional apartments. A brand new $27,000 digital sign for the restaurant was just added. The owner did a magnificent job of creating three loft style apartments above the restaurant. Two are smaller (1 bedroom units and 500-600 square feet), the other unit is a HUGE two-bedroom with a loft (approximately 1,700 square feet). The three rentals are bringing in $2,580/month in rental income. The owner is currently including all utilities with the current rent.
Listing Office: MR. LANDMAN
Listing Office Phone: 217.202.0924
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