Empire Korean Steakhouse & Bar Sale-Leaseback Opportunity

InvestmentSaleRestaurant 6,500 SF
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2100 W White Oaks Dr
Springfield, IL 62704
Price: $2,400,000
Building Size: 6,500 SF
Available Space: 6,500 SF
Lot Size (acre): 2.20 AC
Zoning: PUD, Planned Unit Development
Tax PIN: 21-01.0-477-013
Cap Rate: 6.50%
NOI: $156,000
Year Built (Remodeled): 1994 (2022)

Property Description

Coldwell Banker Commercial Devonshire Realty (CBCDR) is proud to exclusively offer this recently renovated restaurant building with a new operating restaurant sale lease-back opportunity. 

Empire Korean Steakhouse & Bar operates at the property after undergoing an extensive $1M remodel. The finished remodel includes exterior updates (fresh paint), interior updates (dining/bar area demo, new partitions, new floor tile & marble/granite finishes, 30 new hot pot tables, new chairs, bar/counter installation, new kitchen equipment and appliances) and electrical (new lighting & receptacles), mechanical (exhaust fan), and plumbing updates. At closing, Seller/Tenant will execute a 20-year Absolute NNN lease with Buyer at $156,000 annually with 10% rent increases every 5 years. There would be no Landlord expenses. 

The layout consists of a full commercial kitchen, customer seating for 172 in multiple dining areas and a bar area, and 2 ADA-compliant restrooms. The kitchen contains 3 hood ventilation systems (1-4’ hood, 1-13’ hood, and 1-7.5’ hood), 1 walk-in beer cooler (6’ x 11’), 1 walk-in cooler (12’ x 14.5’), 2 walk-in freezers (both 6.5’ x 11’), and a 3-compartment sink. Also, there is a private office, storage room, and 2 employee restrooms in the kitchen area.

Location Description

The property is located on the west side of Springfield. It has visibility from Veterans Pkwy/Rt. 4 (29,400 AADT), the main retail artery and thoroughfare in Springfield. It is minutes away from several large residential neighborhoods and Interstate 72. The trade area includes White Oaks Mall (Macy’s, Dick’s, Esporta Fitness, Cooper’s Hawk), White Oaks Plaza (Big Lots, Home Goods, TJ Maxx, Kohl’s, Harvest Market), and Sam’s Club among many other restaurants, amenities, and professional services.

Area Description

Springfield is the Capital of Illinois.  It is located in central Illinois and is accessed by Interstate 55 and Interstate 72.  It is approximately 202 miles southwest of Chicago and 92 miles northeast of St. Louis.  The historic US Route 66 crosses Illinois from Chicago to East St. Louis, which includes Springfield.