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    Mixed-Use Building in Historic District Title is generated by Realmo AI

    102 E Market, Mount Carroll, IL 61053

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    Claim this Listing
    For Sale
    $450,000

    5+ Units - MOUNT CARROLL, IL

    Property size:
    3,319 SF
    Price / SF:
    $135/SF
    Added:
    May 8, 2025
    Days on Market:
    379
    Last Refresh:
    May 21 at 5:06 pm

    Property Features for 102 E Market

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    3
    Interior features
    Elevator, Laundry In Building
    Accessibility
    Accessible Elevator Installed
    Appliances
    Cooktop, Dishwasher, Dryer, Microwave, Refrigerator, Washer
    Standard status
    Active
    APN
    050801401014
    Size
    3,319 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    4378

    Utilities

    Heating system
    Electric (Heating), Forced Air, Natural Gas
    Cooling system
    Central Air, Window Unit(s)

    Building Details

    Building materials
    Brick, Stone
    Roof type
    Other
    Architectural style
    Other

    We can help!

    Listing Contact
    Amy Barnes
    Amy Barnes

    Listing agent Amy Barnes License #471001588

    Listing office BARNES REALTY, INC. 110 W Carroll Street, Lanark, IL

    Listing date May 8, 2025

    MLS# 202502324 Listing URL

    Copyright © 2026 NorthWest Illinois Alliance of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location in the heart of Mt. Carroll's Historic District, offering a unique commercial/residential blend.
    • Four renovated second‑floor apartments (2014) feature modern amenities and separate utilities, great for immediate rental income.
    • Main floor apartment (added 2018) with modern updates, appliances, and separate HVAC system.
    • Versatile basement with 800+ sq. ft. of unfinished space, offering potential for additional commercial or residential unit.
    • Commercial office space boasts soundproof offices, reception area, conference space, and vault.
    • Recent updates include a bituminous roof (2014) and a new water heater (2024).

    Overview

    Located in the heart of Mt. Carroll’s downtown Historic District, this brick building offers a mix of commercial and residential spaces. Formerly a bank, the property includes commercial office space featuring two glass-enclosed, soundproof offices, a granite and cherry reception area, a conference space, and a vault. A main floor apartment, added in 2018, includes an electric fireplace, modern plumbing, appliances, updated flooring, a gas forced-air furnace, central air, some new windows, two bedrooms, a custom kitchen, and a full bath. The upper level, renovated in 2014, contains four modern apartments with new plumbing and electrical systems, electric furnaces, rooftop central air units, custom kitchen cabinetry with granite countertops, appliances, Pella windows with Levolor blinds, and updated flooring and baths. A shared laundry facility serves three units, while the two-bedroom apartment has its own in-unit washer and dryer as well as a dishwasher. The east half of the basement includes a vault and half bathroom with a rear alley entrance. The west side of the basement offers approximately 800+ sq. ft. of unfinished space with multiple entrances, suitable for conversion into additional commercial or residential space. The building has a bituminous roof installed in 2014, and a new water heater installed in 2024. The property is approximately 3319 square feet. Deed restrictions, a party wall agreement, and a utility easement apply, and the property is subject to current leases.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mount Carroll
    County
    Carroll
    State
    Illinois
    Longitude
    -89.978913
    Latitude
    42.101274

    Nearby Similar for Sale

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      4,264 SF

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      View Details
    • $238,950

      Multi-Use Investment Property in Downtown

      Downtown Mount Carroll multi-use property with retail and apartments.
      101 W Market, MOUNT CARROLL, IL 61053
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    FAQs

    What type of property is this?
    Mixed-use property - Impressive mixed-use property with commercial and residential opportunities in Illinois.
    Where is this mixed-use property located?
    The property is located at 102 E Market Mount Carroll, IL.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: Prime location in the heart of Mt. Carroll's Historic District, offering a unique commercial/residential blend.; Four renovated second‑floor apartments (2014) feature modern amenities and separate utilities, great for immediate rental income.; Main floor apartment (added 2018) with modern updates, appliances, and separate HVAC system.
    (815) 238-8360
    We can help!
    Listing Contact
    Amy Barnes
    Amy Barnes
    Real Estate License ID: 471001588
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    102 E Market, MOUNT CARROLL, IL 61053
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