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    1214 Oak St / Hwy 14 Carmi, IL 62821

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    Sponsored
    For Sale
    $345,000

    Commercial Building - Carmi, IL

    Property size:
    3,750 SF
    Lot size:
    0.42 Acres
    Days on Market:
    6
    Last Refresh:
    Mar 25 at 10:06 pm

    Property Features for 1214 Oak St / Hwy 14

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    13-14-454-013 & 13-14-454-014
    Parking features
    Garage
    Size
    3,750 SF
    Lot size
    0.42 Acres

    Building Details

    Year built
    2004
    Year renovated
    2004
    Floors in Building
    1
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Kimberly A Gwaltney

    Town & Country Real Estate, Inc.

    Listing agent Kimberly A Gwaltney

    Listing date Mar 20, 2026

    MLS# 11676619 Listing URL

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

    Learn more

    Overview

    Move-in Ready Commercial Building

    Located in the center of Carmi, IL, at 1214 Oak Street / Hwy 14, this commercial building experiences high vehicle traffic, with 5500 vehicles per day. It is situated directly across from the White County Fairground and a half block west of HUCK'S Convenience & Gas on Hwy 14. The open span steel frame building features a metal roof and siding, encompassing 3,750 square feet (50'x75'). The building includes sprayed foam insulation and is latex painted white. The interior is lined with plywood for shelving and features a pristine slab monolithic poured floor. The property is set on approximately 0.42 acres with gravel parking. Electrical features include ample electrical outlets strategically placed, RV hook-up, welder hook-up, and LED lighting, along with 4 high-pressure sodium lamps. It also has 2 eight-foot diameter blade factory fans and 1 Dayton gas ceiling heat source. The northeast corner is plumbed for a bath with drains and hookups. There are 3 overhead insulated garage doors, all Bluetooth remote app-operable, sized at 14'x14', 12'x12', and 10'x10'.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Map

    City
    Carmi
    County
    White
    State
    Illinois
    Longitude
    -88.179248
    Latitude
    38.083818

    Nearby Similar for Sale

    • $425,000
      12,600 SF

      14-Unit Carmi Apartment Complex

      Value-add multifamily investment opportunity.
      700 3Rd St, Carmi, IL 62821
      View Details
    • $450,000
      10,313 SF

      Carmi, IL Commercial Investment

      14-Unit Apartment Conversion, High ROI Potential
      700 3Rd St, Carmi, IL 62821
      View Details

    FAQs

    What type of property is this?
    Flex space - Open span steel frame building with ample parking.
    Where is this flex space located?
    The property is located at 1214 Oak St / Hwy 14 Carmi, IL.
    What is the asking price?
    The asking price for this property is $345,000.
    What are key features of this property?
    This property features: - High-traffic location directly across from the White County Fairground and near HUCK'S Convenience & Gas on Hwy 14.; - **3,750 sq. ft. open-span steel frame building** with metal roof and pristine monolithic poured floor.; - Three Bluetooth remote app-operable insulated overhead garage doors (14'x14', 12'x12', 10'x10').
    (618) 384-3033
    Request Owner's contact information
    1214 Oak St / Hwy 14 Carmi, IL 62821
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    Carmi, IL 62821
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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
    1214 Oak St / Hwy 14 Carmi, IL 62821
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    Listing Contact
    Kimberly A Gwaltney
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