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    102 S BROADWAY Street unit 1-6 Forest City, IL 61532

    View on Map
    For Sale
    $1,800,000

    COMMERCIAL - Forest City, IL

    Property size:
    600 SF
    Lot size:
    2.00 Acres
    Added:
    Oct 22, 2025
    Days on Market:
    167
    Last Refresh:
    Apr 6 at 4:06 pm

    Property Features for 102 S BROADWAY Street unit 1-6

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMMERCIAL
    Standard status
    Active
    APN
    07-07-113-005
    Size
    600 SF
    Lot size
    2.00 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    BRODERICK'S ADD 30' IMM NE OF LT 1 & LTS 1-2-3-4-5 & 6 BLK 14 191
    Tax Annual Amount
    32887

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Heating system
    Natural Gas

    Building Details

    Floors in Building
    4
    Building materials
    Aluminum Siding, Block, Brick
    Roof type
    Flat, Metal

    We can help!

    Listing Contact
    Adam Merrick
    Adam Merrick

    Listing agent Adam Merrick License #471018071

    Listing office Adam Merrick Real Estate 2400 N Main Street Suite B, East Peoria, IL

    Listing date Oct 22, 2025

    MLS# PA1261797

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

    Overview

    High-Capacity Grain Elevator For Sale

    This is a fully operational grain elevator in Forest City, IL, presenting an opportunity to acquire a strategic agricultural asset. The facility boasts a total storage capacity of over 1.7 million bushels, including a newer 515,000 bushel bin. The main house pit has a capacity of 300 bushels with an unloading rate of 6,000 bushels per hour. A separate pit holds 3,000 bushels and is equipped with a 15,000 bushels per hour leg. The property includes 2 acres of land with ample room available for further development, making it primed for growth. Substantial upgrades to the electrical systems and core infrastructure within the last five years enhance current operations and accommodate future expansion. The office space is 600 square feet, which includes a 200-square-foot tool shop. This well-maintained, high-capacity grain storage operation offers a clear path for expansion.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Agricultural properties

    Suggested Use

    Restaurant Accounting Firm Bar & Pub Pet Store & Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Forest City
    County
    Mason
    State
    Illinois
    Longitude
    -89.828314
    Latitude
    40.370781

    FAQs

    What type of property is this?
    Agricultural property - Turnkey grain elevator with 1.7M+ bushel capacity and expansion potential.
    Where is this agricultural property located?
    The property is located at 102 S BROADWAY Street unit 1-6 Forest City, IL.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: High storage capacity: Over 1.7 million bushels, including a newer **515,000 bushel bin**.; Significant expansion potential: Ample land available for further development.; Recent infrastructure upgrades: Substantial improvements to electrical systems within the last five years.
    (309) 678-3734
    We can help!
    Listing Contact
    Adam Merrick
    Adam Merrick
    Real Estate License ID: 471018071
    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.

    More about this property
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