Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    507 S Prairie Street Jacksonville, IL 62650

    View on Map
    Pending
    Contact for pricing

    MULTI_FAMILY - Jacksonville, IL

    Added:
    Oct 22, 2024
    Days on Market:
    527
    Last Refresh:
    Apr 1 at 2:06 pm

    Property Features for 507 S Prairie Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Rooms
    Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
    Parking
    2
    Parking features
    On Street
    Basement
    Unfinished
    Standard status
    Pending
    APN
    0920401003

    Taxes and HOA fees

    TaxYear
    2023
    TaxDescription
    Edgmons 1st Addn Lot 8
    TaxAnnualAmount
    1882

    Utilities

    Heating system
    Natural Gas, Forced Air
    Water source
    Public

    Building Details

    Year built
    1930
    Number of units
    2
    Building materials
    Aluminum Siding
    Roof type
    Shingle

    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 Oct 22, 2024

    MLS# CA1032653 Listing URL

    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.

    Overview

    Duplex in Jacksonville, Illinois

    This duplex in Jacksonville, Illinois, requires some TLC. It features separate meters for each unit. The main floor has the potential for 3 bedrooms. The upper unit was previously rented for $500 per month, with tenants responsible for utilities. A storage shed is included. A new sewer line to the street was installed approximately 2 years ago. The property is being sold AS IS.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Jacksonville
    County
    Morgan
    State
    Illinois
    Longitude
    -90.237711
    Latitude
    39.730345

    Nearby Similar for Sale

    • $375,000

      Expansive Commercial Building on Large Lot

      8,000 sq ft building on 1.94 acres for sale.
      3001 W LAFAYETTE Avenue, Jacksonville, IL 62650
      View Details
    • $165,000

      Historic Landmark Building in Jacksonville

      Three-story brick building with commercial zoning and historic significance.
      520 W College, Jacksonville, IL 62650
      View Details
    • $3,300,000

      Turnkey Hotel in Jacksonville, IL

      Flag hotel with strong financials and large rooms for sale.
      200 COMFORT Drive, Jacksonville, IL 62650
      View Details
    • $375,000

      Spacious Commercial Building on Large Lot

      8,000 sq ft building on 1.94 acres for sale.
      3001 W LAFAYETTE Avenue, Jacksonville, IL 62650
      View Details
    • $400,000

      Established Church with Multifaceted Spaces

      Unique church with sanctuary, classrooms, offices, kitchen, and shelter.
      400 W MORGAN Street, Jacksonville, IL 62650
      View Details
    • $400,000

      Established Church in Jacksonville, IL

      Well-known church with sanctuary, classrooms, kitchen, and parking.
      400 W MORGAN Street, Jacksonville, IL 62650
      View Details
    • $225,000

      Jacksonville Senior Care Facility

      Updated former nursing home ready for senior care facility.
      1500 W WALNUT Street, Jacksonville, IL 62650
      View Details
    • $130,000

      Jacksonville Multifamily Property with Garage

      Multifamily property featuring three apartments, office, and oversized garage.
      613 E COLLEGE Avenue unit: 4, Jacksonville, IL 62650
      View Details
    • $450,000

      Unique Mixed-Use Property in Jacksonville

      Versatile property with residential and commercial zoning, endless possibilities.
      352 FRANKLIN Street, Jacksonville, IL 62650
      View Details
    • $450,000

      Unique Mixed-Use Property Opportunity

      Versatile property with residential and commercial zoning in Jacksonville, IL.
      352 FRANKLIN Street, Jacksonville, IL 62650
      View Details
    • $2,152,000
      5,169 SF

      Hardee's NNN Investment Opportunity

      Single-tenant Hardee's NNN property with long-term lease and high visibility.
      842 W Morton Ave, Jacksonville, IL 62650
      View Details
    • $92,500

      Jacksonville Multifamily Investment Opportunity

      Multifamily property in Jacksonville, Illinois, ideal for investment.
      401 S EAST Street, Jacksonville, IL 62650
      View Details

    FAQs

    What type of property is this?
    Duplex - Duplex needing TLC, potential cash flow, separate meters.
    Where is this duplex located?
    The property is located at 507 S Prairie Street Jacksonville, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Cash flow potential from a duplex.; Separate utility meters for each unit.; Natural woodwork and hardwood floors throughout.
    (217) 248-0457
    We can help!
    Listing Contact
    Shawn Doerr
    Shawn Doerr
    Real Estate License ID: 471018956
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!