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    1590 N County Rd2980 Tennessee, IL 62374

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    For Sale
    $399,000

    Farm/Estate - Tennessee, IL

    Type:Farm
    Property size:
    2,850 SF
    Lot size:
    6.43 Acres
    Added:
    Apr 1, 2026
    Days on Market:
    21
    Last Refresh:
    Apr 21 at 10:06 am

    Property Features for 1590 N County Rd2980

    General Information

    Property type
    Farm
    Property subtype
    Farm
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    Garage
    Standard status
    Active
    Size
    2,850 SF
    Lot size
    6.43 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Steve Noble

    Listing agent Steve Noble

    Listing office Arrowhead Land Company 205 E Dewey Ave, Sapulpa, IL

    Listing date Apr 1, 2026

    MLS# 11690978 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.

    Overview

    Versatile Farm/Estate in Tennessee, IL

    Located in the countryside of eastern Hancock County, this 6.43 +/- acre property is a short drive from Macomb. The property, formerly a commercial outfitting business, is equipped with infrastructure suitable for business operations, short-term rentals, hunting accommodations, or rural living. The main home, built in 1920, features approximately 2,850 +/- square feet of finished living space, five bedrooms, two full bathrooms, and an additional half bath. The interior is designed for durability and flexibility, and a full unfinished basement provides storage space. A spacious front porch offers views of the surrounding farmland. Outbuildings include a 30x64 three-sided pole barn constructed in 2020, suitable for equipment or storage, and a storage shed with a concrete floor. A 2,700 +/- square-foot utility building includes approximately 1,085 +/- square feet finished into private living quarters with two bedrooms, a full bathroom with double showers, and an open-concept kitchen and living area. Two prefabricated cabins with water, sewer, and electric in place offer potential for conversion into rental units. The flat, open acreage is suited for recreation, hobby farming, livestock, or future development. The property is located 5+/- miles from Tennessee and 13+/- miles from Macomb, providing access to amenities. The property is located at 1590 N County Rd2980, Tennessee, IL 62374.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Map

    City
    Tennessee
    County
    McDonough
    State
    Illinois
    Longitude
    -90.932313
    Latitude
    40.423465

    FAQs

    What type of property is this?
    Farm - 6.43 acre farm with multiple buildings near Macomb.
    Where is this farm located?
    The property is located at 1590 N County Rd2980 Tennessee, IL.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: 6.43 +/- acre property ideal for business, rentals, hunting, or rural living.; Main home boasts 2,850 +/- sq ft, featuring 5 bedrooms and 2.5 bathrooms.; 2,700 +/- sq ft utility building includes 1,085 +/- sq ft finished living quarters with 2 bedrooms, full bath, and kitchen/living area.
    833USEAHLC
    We can help!
    Listing Contact
    Steve Noble
    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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