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    217 W Washington Street Monticello, IL 61856

    View on Map
    New
    For Sale
    $165,000

    COMMERCIAL - Monticello, IL

    Property size:
    1,800 SF
    Added:
    Apr 3, 2026
    Days on Market:
    4
    Last Refresh:
    Apr 6 at 9:06 pm

    Property Features for 217 W Washington Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    05005400004900
    Size
    1,800 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    25' OFF OF EAST END OF W 1/2 OF LOTS 2 & 3 BLOCK 7 - ORIGINAL TOWN OF MONTICELLO 52 12 30
    Tax Annual Amount
    2056

    Utilities

    Utilities
    Water Available
    Cooling system
    Central Air

    Building Details

    Year built
    1890
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Wood
    Building materials
    Brick, Glass
    Roof type
    Membrane

    We can help!

    Listing Contact
    Nate Evans

    Listing agent Nate Evans License #475124281

    Listing office eXp Realty-Mahomet 501 E Main, Chicago, IL

    Listing date Apr 3, 2026

    MLS# 12609407

    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

    Mixed-Use Investment Opportunity

    This all-brick commercial building in downtown Monticello presents an investment opportunity with dual income streams. The upper-level loft apartment, spanning approximately 1,622 square feet, features a private entrance, tall ceilings, a contemporary feel, and an open-concept layout with natural light. Modest updates have been completed, and the space includes a large living area, one bedroom, and access to an exterior balcony. The loft is currently leased at $875 per month, with the tenant responsible for all utilities. Recent improvements include three new windows. The main level consists of approximately 1,800 square feet of commercial retail space with a storefront on Washington Street, positioned next to a restaurant and bar. The commercial space is currently leased with a strong tenant history and presents a value-add opportunity with below-market rents and potential for increased income. Both units operate independently with separate utilities, with tenants covering all utility expenses. Additional recent updates include fresh exterior paint. The property currently generates approximately $15,000 annually with upside potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Prairie Fire Glass Art Gallery

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Monticello
    County
    Piatt
    State
    Illinois
    Longitude
    -88.572875
    Latitude
    40.025413

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property in downtown Monticello with dual income streams.
    Where is this mixed-use property located?
    The property is located at 217 W Washington Street Monticello, IL.
    What is the asking price?
    The asking price for this property is $165,000.
    What are key features of this property?
    This property features: Prime downtown Monticello location with high visibility storefront; Dual income streams from commercial retail space and residential loft apartment; Value‑add opportunity with below‑market commercial rents and income growth potential
    (888) 574-9405
    We can help!
    Listing Contact
    Nate Evans
    Real Estate License ID: 475124281
    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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