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Property Description
**FOR SALE: The Red Wheel Restaurant/Bar - Monticello, IL** Strategically positioned next to Best Western Monticello Gateway Inn and Circle K Truck Stop, and directly across I-72 from Rick Ridings Ford, Kirby Medical Center, and the Monticello Railway Museum. Situated just off I-72, Exit 166, this prime location offers excellent visibility and accessibility for both locals and travelers.**Property Details: Built:1999, Size: Approx. 5,000 sq. ft., Seating Capacity: Total 280 (Dining: 220, Bar: 60, Outdoor Patio: Additional 50). **Bar Features:** 6 gaming machines, 1 jukebox, 1 ATM, 1 electronic dart board (All currently owned and managed by J new owner must secure their own gaming and alcohol licenses and agreements with J&J.) **Business Highlights: Turnkey Opportunity:All Kitchen equipment included (detailed list available), Gaming Revenue: Historical data accessible via the Illinois Gaming Board website, Stable Operation: 22 years of successful business, Growth Potential: Current operating hours are until 8 PM daily, despite local ordinances allowing later service (until Midnight Mon-Thurs, 1 AM Fri-Sat, and 10 PM Sun). **Why Sell? The current owner is retiring after decades of operation, offering a golden opportunity for a motivated buyer to expand hours and tap into the bar's full potential. **Financials: Owner profit/loss statements are available upon request for qualified buyers. Don't miss this rare chance to own an established restaurant/bar in a thriving location!
Full Property Details
Full Property Details for 803 Iron Horse Pl
General
- Sold For: $525,000
- Taxes: $10,167 (2023)
- Status: Closed
- Type: Business
- Source: MRED
- MLS ID: 12221677
- Added to Site: 291 day(s) ago
Business
- Name: RED WHEEL RESTAURANT
- Business Type: Restaurant
- Years in Business: 11 or More
- Seating Capacity: 100 or More
Interior
- Interior Features: Accessible Entrance, Accessible Washroom/s, Private Restroom(s), Storage Inside, Other
Location
- Area: Western Champaign County / Piatt & McClean Counti
- County: Piatt
- Driving Directions: I72 to Monticello, off exit 166
Heating & Cooling
- Cooling Type: Central Air Conditioning
- Heating Type: Forced Air
Structural Information
- Stories/Levels: 1
- Square Feet: 5,000
Lot Features
- Lot Size (Sq. Ft.): 55,321
- Lot Size Range: 1.0 to 1.99 Acres
- Lot Dimensions: 187.5 x 175 x 191.46 x 145
- Zoning: COMMR
Financial Considerations
- For Sale/Rent/Lease: For Sale Only
- Tax Amount: $10,167.9
- Tax Year: 2023
Disclosures and Reports
- Ownership: Individual
- Property ID: 5061800603613
Listed by Re/Max Realty Associates-Cha
Sold by The Real Estate Group,Inc
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Schools
Schools serving 803 Iron Horse Pl
School District:Monticello Community Unit School District 25
| Name | Grades | Distance |
|---|---|---|
Lincoln Elementary School, Monticello, IL 700 North Buchanan Street, Monticello, IL 61856 | PK-1 | 1.3 mi |
Washington School, Monticello, IL 3 Sage Drive, Monticello, IL 61856 | 4-5 | 2 mi |
White Heath Elementary School 300 West High Street, White Heath, IL 61884 | 2-3 | 4 mi |
Monticello Middle School, Monticello, IL 2015 East Washington Street, Monticello, IL 61856 | 6-8 | 2 mi |
Monticello High School, Monticello, IL 1 Sage Dr, Monticello, IL 61856 | 9-12 | 2 mi |
Disclaimer:
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 803 Iron Horse Pl
Date
Details
Price
Change
Source
12/12/2025
Sold
$525,000
-4.55%
MLS
7/28/2025
Price Reduced
$550,000
-4.35%
MLS
7/02/2025
Price Reduced
$575,000
-14.81%
MLS
12/30/2024
Listed
$675,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
803 Iron Horse Place, Monticello, IL 61856 (MLS# 12221677) is a Business property that was sold at $525,000 on December 12, 2025. Want to learn more about 803 Iron Horse Place? Do you have questions about finding other Business real estate for sale in Monticello? You can browse all Monticello real estate or contact a Coldwell Banker agent to request more information.
