Contact us: 563.441.1776
Description
Excellent investment opportunity situated in Marengo's central business district. 228 S State property consists of a restaurant/bar and three 1BR apartments. Situated at the corner of State St and Grant Highway, this is a high-visibility intersection. Directly behind this property is a city-owned public parking lot for 50 cars, providing plenty of off-street parking for patrons. The restaurant is accessible from the rear courtyard and the front entrance. This location allows for quick and easy access to Interstate 90, via the recently constructed access ramp. The restaurant business has a liquor license and can apply for a gaming license. 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. There are separate utilities throughout. Central heating & air conditioning heat & cool the first floor, while electric baseboard heaters heat the second floor. The restaurant's lease expires in 2029, reaching $4,000 by 2028. The sale includes the restaurant and bar equipment currently being used to operate the business, which includes: prep & cooking equipment, coolers, flat top grills, deep fryers, freezers, etc.. List of equipment available upon request. Most rents now reflect market rates, with value-added opportunities available.
Property Highlights
Property Type: Commercial - Business
Building Description: 2.0 stories
Year Built: 1900
General Information
County: McHenry
Listed By:
@properties Christie's International Real Estate
312-682-8500
MRED MLS
MLS ID: 12779491
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228 S State Street, Marengo, IL 60152.
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| Loan Type | 30 Year Fixed | FHA 30 Year Fixed | 15 Year Fixed |
| Purchase Price | $650,000 | $650,000 | $650,000 |
| Down Payment | $130,000 | $22,750 | $162,500 |
| Monthly Mortgage Amount | $3,592 | $4,354 | $4,314 |
| Taxes | $905 | $905 | $905 |
| Insurance | $100 | $100 | $100 |
| HOA/Dues/Fees | $0 | $0 | $0 |
| Monthly Mortage Insurance | $0 | $286 | $0 |
| Monthly Estimated Total | $4,687 | $5,735 | $5,409 |
About this area
Find homes for sale in Marengo, Iowa, and learn about the local community and real estate market.
Marengo, IA is the county seat of Iowa County, Iowa. This small community joins together historical and contemporary places and amenities. Ruhl&Ruhl Realtors has plenty of homes for sale in Marengo, IA for you to choose from. Continue browsing this page to see all houses for sale and real estate options in Marengo.
Ruhl&Ruhl Realtors has plenty of homes for sale in Marengo, IA for you to choose from. Continue browsing this page to see all houses for sale and real estate options in Marengo.
Nearest Ruhl&Ruhl Office
1075 Highway 1 West
Iowa City, IA 52246
Phone Number: (319) 339-8111
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 10/15/2026. The listing information on this page last changed on 10/15/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Thu 10/15/2026 12:00:46 AM EST) or MRED MLS (last updated Wed 10/14/2026 11:55:14 PM EST) or SCWMLS (last updated Wed 10/14/2026 11:55:22 PM EST) or Rockford Board of Realtors (NWIAR) (last updated Wed 10/14/2026 10:15:43 PM EST) or Cedar Rapids MLS (last updated Wed 10/14/2026 10:45:46 PM EST) or NEIRBR MLS (last updated Wed 10/14/2026 11:58:43 PM EST) or ICAAR MLS (last updated Wed 10/14/2026 11:37:41 PM EST) or ECIMLS (last updated Wed 10/14/2026 11:44:35 PM EST) or RMLSA (last updated Wed 10/14/2026 11:50:59 PM EST) or Muscatine MLS (last updated Wed 10/14/2026 11:45:11 PM EST) or No Coast MLS (last updated Wed 10/14/2026 11:54:23 PM EST). Real estate listings held by brokerage firms other than Ruhl&Ruhl Realtors may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.
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Based on information submitted to the MLS GRID. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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