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    Mixed-Use Property in Downtown Roanoke Title is generated by Realmo AI

    320 N Main Street, Roanoke, IL 61561

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    For Sale
    $179,900

    COMMERCIAL - Roanoke, IL

    Type:Retail
    Added:
    Nov 1, 2025
    Days on Market:
    220
    Last Refresh:
    Jun 8 at 7:06 am

    Property Features for 320 N Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    RTAIL
    Standard status
    Active
    APN
    1014303003

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1892

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Floors in Building
    1
    Building materials
    Vinyl Siding, Brick

    We can help!

    Listing Contact
    Willow Gramm
    Willow Gramm

    Listing agent Willow Gramm License #475132109

    Listing office RE/MAX Choice 2203 Eastland Drive Suite 1 Suite #1, Bloomington, IL

    Listing date Nov 1, 2025

    MLS# 12507868

    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.

    HighLights

    • Unique mixed‑use property in downtown Roanoke.
    • Includes storefront, private offices, and conference rooms.
    • Two kitchens (main level and basement) with dining/breakroom areas.
    • Two full bathrooms (main level and basement).
    • Large basement family room and private room space.
    • Newer roof installed in 2023.

    Overview

    This unique mixed-use property is located in downtown Roanoke. The property previously served as a combination of office space and living quarters. The main level features a storefront, private office spaces, conference rooms, a kitchen with a breakroom area, lots of cabinet spaces, a dining area, and a full bathroom. The basement includes a small kitchen with a refrigerator and stove, two pantries, a large family room area, a full bathroom, and a private room space. A new roof was installed in 2023. The property is clean and ready for a new owner. Permitted uses should be researched with the Village of Roanoke, as the seller makes no warranty on what the space can be used for. The zoning is RTAIL.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center 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
    Roanoke
    County
    Woodford
    State
    Illinois
    Longitude
    -89.19619
    Latitude
    40.796581

    FAQs

    What type of property is this?
    Mixed-use property - Unique mixed-use property with storefront, office, and living space.
    Where is this mixed-use property located?
    The property is located at 320 N Main Street Roanoke, IL.
    What is the asking price?
    The asking price for this property is $179,900.
    What are key features of this property?
    This property features: Unique mixed‑use property in downtown Roanoke.; Includes storefront, private offices, and conference rooms.; Two kitchens (main level and basement) with dining/breakroom areas.
    (309) 664-8500
    We can help!
    Listing Contact
    Willow Gramm
    Willow Gramm
    Real Estate License ID: 475132109
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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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    320 N Main Street, Roanoke, IL 61561
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