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    1240 N MARKET Street Paxton, IL 60957

    View on Map
    For Sale
    $275,000

    COMMERCIAL - Paxton, IL

    Property size:
    38,000 SF
    Lot size:
    7.28 Acres
    Added:
    Jul 14, 2025
    Days on Market:
    264
    Last Refresh:
    Apr 3 at 6:06 am

    Property Features for 1240 N MARKET Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active
    APN
    11140530000700
    Size
    38,000 SF
    Lot size
    7.28 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    8703

    Utilities

    Utilities
    Natural Gas Available
    Cooling system
    Central Air

    Building Details

    Year built
    1958
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Tile, Carpet
    Building materials
    Brick, Block

    We can help!

    Listing Contact
    Ronald Lenington
    Ronald Lenington

    Listing agent Ronald Lenington License #471000902

    Listing office Lenington Realty 135 N Market, Paxton, IL

    Listing date Jul 14, 2025

    MLS# 12419411

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Paxton Commercial Opportunity

    This commercial property in Paxton, Illinois, presents a variety of possibilities for an interested buyer. The property, formerly a nursing home facility, encompasses approximately 38,000 square feet of well-constructed space. A portion of the building, around 6,400 square feet, has been upgraded and previously used as a day care center. The entire property is being offered in its current condition. Potential uses include senior living, a restaurant, or efficiency apartments, among others. The site benefits from city water with fire hydrants and an interior system, as well as city sewer and fire protection services. Several additional outbuildings are included on the property. Situated in a country location with convenient access to the city, the property spans 7.28 acres. It is zoned COMMR. This property is an excellent opportunity for the Paxton community.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    5 Points Academy Daycare Center

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Paxton
    County
    Ford
    State
    Illinois
    Longitude
    -88.09228
    Latitude
    40.471813

    Nearby Similar for Sale

    • $174,900

      Downtown Paxton Commercial Space Available

      Renovated commercial space in downtown Paxton, ready for new business.
      143 N Market Street, Paxton, IL 60957
      View Details
    • $600,000

      Versatile Commercial Property with Apartments

      Commercial property with apartments in downtown Paxton, Illinois.
      125 S Market Street, Paxton, IL 60957
      View Details
    • $122,900

      Paxton Retail/Service Business Building

      Retail/service building with office space and shop bays.
      151 S Railroad Avenue, Paxton, IL 60957
      View Details
    • $122,900
      1,421 SF

      Retail/Service Building with Office Space

      Retail/service building with office space and shop bays.
      151 S Railroad Avenue, Paxton, IL 60957
      View Details

    FAQs

    What type of property is this?
    Senior housing / Retirement Home - Versatile commercial property with redevelopment potential in Paxton, Illinois.
    Where is this senior housing / retirement home located?
    The property is located at 1240 N MARKET Street Paxton, IL.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Large price reduction due to recent loss of tenant.; Near **38,000 sq ft well‑constructed building** (prior nursing home facility).; Located in a country location close to the city.
    (217) 379-4889
    We can help!
    Listing Contact
    Ronald Lenington
    Ronald Lenington
    Real Estate License ID: 471000902
    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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