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    Flex Building with Garage Apartment Title is generated by Realmo AI

    403 W WALNUT Street, Jacksonville, IL 62650

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    For Sale
    $319,900

    COMMERCIAL - Jacksonville, IL

    Property size:
    2,000 SF
    Price / SF:
    $159/SF
    Added:
    Jun 1, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 3 at 6:06 am

    Property Features for 403 W WALNUT Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B3
    Standard status
    Active
    APN
    0917407041

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2310

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Radiant, Radiant Ceiling, Ceiling, Forced Air
    Cooling system
    Other (Cooling), Central Air

    Building Details

    Year built
    2017
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Aluminum Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Shawn Doerr
    Shawn Doerr

    Listing agent Shawn Doerr License #471018956

    Listing office The Real Estate Group, Inc. 3701 West Wabash, Springfield, IL

    Listing date Jun 1, 2026

    MLS# CA1044143

    Copyright © 2026 RMLS Alliance. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Nearly new building built in 2017; interior finished in 2024‑2025
    • Approx. 2,000 SF garage space with concrete floor, radiant heaters, half bath, and 4 overhead doors (11.6' tall)
    • 2‑bedroom apartment currently rented through Nov 26 at $950/mo
    • Apartment includes gfa/ca heating and an eat‑in kitchen with spacious living room
    • Metal roof with aluminum siding; concrete flooring
    • Zoned B3; public sewer; central air and radiant/forced air heat

    Overview

    This nearly new flex building was built in 2017, with interior improvements completed during 2024–2025. The property includes approximately 2,000 square feet of garage space featuring a concrete floor, radiant heaters, a half bath, and four overhead doors. The overhead doors are 11.6 feet tall, providing straightforward access for storage, vehicles, or light industrial use.

    The building includes an attached two-bedroom apartment, which is currently rented through November 2026. The apartment has gas-fired forced air heat and includes a spacious living room, an eat-in kitchen, and a full bathroom. Zoning is B3, giving the owner flexibility to explore additional uses consistent with the district.

    For buyers, this is a practical setup for an operator or investor who wants income from the residential unit while maintaining dedicated garage space for business or personal storage. The combination of garage-ready overhead access, heated work/storage area, and an income-producing apartment can support a variety of flex strategies. With B3 zoning and a recent interior finish, the building is well positioned for buyers looking to put a turn-key property to work immediately.
    Property Profile Location Intelligence

    Current Use by Public Records

    Kingery's Construction & Roofing Roofing Company

    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
    Jacksonville
    County
    Morgan
    State
    Illinois
    Longitude
    -90.234389
    Latitude
    39.744976

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    FAQs

    What type of property is this?
    Flex space - Nearly new flex building combines heated garage space with a rented two-bedroom living unit under B3 zoning.
    Where is this flex space located?
    The property is located at 403 W WALNUT Street Jacksonville, IL.
    What is the asking price?
    The asking price for this property is $319,900.
    What are key features of this property?
    This property features: Nearly new building built in 2017; interior finished in 2024‑2025; Approx. 2,000 SF garage space with concrete floor, radiant heaters, half bath, and 4 overhead doors (11.6' tall); 2‑bedroom apartment currently rented through Nov 26 at $950/mo
    (217) 248-0457
    We can help!
    Listing Contact
    Shawn Doerr
    Shawn Doerr
    Real Estate License ID: 471018956
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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.

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