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    Residential Land in Westfield Meadows Title is generated by Realmo AI

    304 Victorian Drive, Steeleville, IL 62288

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    Claim this Listing
    For Sale
    $35,000

    Land - Steeleville, IL

    Lot size:
    1.26 Acres
    Added:
    Jan 20, 2026
    Days on Market:
    136
    Last Refresh:
    Jun 5 at 6:06 pm

    Property Features for 304 Victorian Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    17-065-026-00
    Lot size
    1.26 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    655

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Kimberly Wesbecher

    Listing agent Kimberly Wesbecher License #475127487

    Listing office Golden Key Realty 212 N Market Street, Sparta, IL

    Listing date Jan 20, 2026

    MLS# 26003540 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

    • Large parcel size offers unparalleled space and privacy.
    • Located in the desirable Westfield Meadows subdivision.
    • Rare opportunity to acquire one of the last large parcels.
    • Tranquil setting.
    • Established neighborhood.
    • Convenient location.

    Overview

    This is a 1.26-acre residential land parcel located in the Westfield Meadows subdivision in Steeleville, Illinois. The property is situated within an established and desirable neighborhood. It offers space and privacy. The zoning is residential, making it suitable for building a home.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Dental Office Hair Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy Skin Care Clinic Hotel & Motel Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Steeleville
    County
    Randolph
    State
    Illinois
    Longitude
    -89.675294
    Latitude
    38.009629

    Nearby Similar for Sale

    • $45,000

      Residential Land in Steeleville, IL

      2.29 acre lot for residential construction in Steeleville, Illinois.
      0 Victorian Drive, Steeleville, IL 62288
      View Details
    • $45,000

      Residential Land in Steeleville, Illinois

      Residential land suitable for building a single-family home.
      0 Victorian Drive, Steeleville, IL 62288
      View Details
    • $33,000

      Residential Lot in Quiet Neighborhood

      Spacious 1.2-acre treed lot ready for new home construction.
      409 Queen Ann Court, Steeleville, IL 62288
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Large residential parcel in established neighborhood, offering space and privacy.
    Where is this residential land & home lot located?
    The property is located at 304 Victorian Drive Steeleville, IL.
    What is the asking price?
    The asking price for this property is $35,000.
    What are key features of this property?
    This property features: Large parcel size offers unparalleled space and privacy.; Located in the desirable Westfield Meadows subdivision.; Rare opportunity to acquire one of the last large parcels.
    (618) 317-2230
    We can help!
    Listing Contact
    Kimberly Wesbecher
    Real Estate License ID: 475127487
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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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