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    Waverly Commercial Property on Town Square Title is generated by Realmo AI

    223 N Pearl Street, Waverly, IL 62692

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    For Sale
    $125,000

    Business - Waverly, IL

    Type:Business
    Property size:
    7,000 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $17/SF
    Added:
    Jan 13, 2026
    Days on Market:
    128
    Last Refresh:
    May 21 at 5:06 pm

    Property Features for 223 N Pearl Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Appliances
    Barbeque or Grill, Dishwasher, Freezer, Ice Maker, Microwave, Range, Refrigerator, Refrigerator - Built-in, Washer, Water - Instant Hot
    Standard status
    Active
    APN
    19-11-204-006
    Size
    7,000 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1033

    Utilities

    Heating system
    Forced Air
    Cooling system
    Ceiling Fan(s), Central Air

    Building Details

    Year built
    1890
    Flooring type
    Wood
    Building materials
    Brick, Metal Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Amy Quarton
    Amy Quarton

    Listing agent Amy Quarton License #475.200446

    Listing office Tarrant and Harman Real Estate and Auction Co 3644 Fosterburg Rd., Alton, IL

    Listing date Jan 13, 2026

    MLS# 25046413 Listing URL

    Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location on the charming town square in Waverly, offering high visibility and traffic.
    • 7,000 sq ft commercial space with historic character from two connected buildings (built in 1890 and 1901).
    • Currently operating as a business and generating income, providing immediate value.
    • Main floor is fully equipped and ready for continued operation with commercial‑grade kitchen equipment.
    • Flexible, unfinished upper level (approx. 3,500 sq ft) ideal for expansion.
    • Convenient highway access and only 30 minutes from Springfield.

    Overview

    Located on the town square in Waverly, Illinois, this 7,000 sq ft commercial property offers historic character and functional space, approximately 30 minutes from Springfield with highway access. The property consists of two connected two-story buildings, with the south building dating to 1890 and the north building built in 1901. Currently operating as a business and generating income, the property provides immediate value for a new owner. With approximately 3,500 sq ft per level, the layout is suited for professional offices, restaurant or café operations, boutique retail, or a multi-use business concept. The main floor is equipped and ready for continued operation, while the upper level offers a flexible, unfinished space ideal for expansion, additional offices, studio space, or storage. Interior features include wood flooring, brick and metal siding, and commercial-grade kitchen equipment such as a built-in grill, double freezers, vented exhaust fans, wine/bar refrigerator, dishwasher, and ovens. Additional amenities include central air, forced-air heat, ceiling fans, full utility connections, and accessibility features such as a ramp entrance and wide doorways. Situated on a 0.15-acre lot in a visible, high-traffic location, this property offers exposure and potential. It is a commercial space with room to grow.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Verda Mae's Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Waverly
    County
    Morgan
    State
    Illinois
    Longitude
    -89.953835
    Latitude
    39.592923

    FAQs

    What type of property is this?
    Retail space - Historic 7,000 sq ft commercial property in Waverly, Illinois.
    Where is this retail space located?
    The property is located at 223 N Pearl Street Waverly, IL.
    What is the asking price?
    The asking price for this property is $125,000.
    What are key features of this property?
    This property features: Prime location on the charming town square in Waverly, offering high visibility and traffic.; 7,000 sq ft commercial space with historic character from two connected buildings (built in 1890 and 1901).; Currently operating as a business and generating income, providing immediate value.
    (217) 415-4372
    We can help!
    Listing Contact
    Amy Quarton
    Amy Quarton
    Real Estate License ID: 475.200446
    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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