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

    531 Burkitt St Benton, IL 62812

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Vacant Land - Benton, IL

    Lot size:
    0.20 Acres
    Added:
    Feb 12, 2025
    Days on Market:
    423
    Last Refresh:
    Apr 11 at 11:06 pm

    Property Features for 531 Burkitt St

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    151

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Henry Torn

    Listing agent Henry Torn

    Listing office List With Freedom.com 8908 Briarwood Meadow Lane, Boynton Beach, IL

    Listing date Feb 12, 2025

    MLS# 11432766 Listing URL

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

    Overview

    Residential Lot in Benton, Illinois

    This 0.205 acre residential lot is located in Benton Township, Franklin County, Illinois, and is zoned R-2 (Residential). The area offers a blend of small-town charm and modern convenience with access to schools, parks, and shopping. Its proximity to Benton and Mount Vernon provides additional dining, entertainment, and employment options. The location is surrounded by scenic landscapes, including Rend Lake, a destination for fishing, boating, and outdoor recreation, making it suitable for anyone seeking a peaceful lifestyle with convenient regional access. This property presents an opportunity to build a custom home.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Benton
    County
    Franklin
    State
    Illinois
    Longitude
    -88.910762
    Latitude
    38.00074

    Nearby Similar for Sale

    • $45,000

      Car Wash on Large Lot

      Car wash with development potential in a prime location.
      502 Bailey Lane, Benton, IL 62812
      View Details
    • $6,000

      Residential Lot in Benton, Illinois

      0.23 acre residential lot in Benton Township, Franklin County.
      302 E Webster St, Benton, IL 62812
      View Details
    • $7,900

      Residential Lot in Benton Township

      0.258 acre residential lot in Franklin County, Illinois.
      7 Dial St, Benton, IL 62812
      View Details
    • $4,500

      Residential Lot in Benton Township

      0.258 acre residential lot in Franklin County, Illinois.
      310 Frisco St, Benton, IL 62812
      View Details
    • $5,400

      Residential Lot in Benton, Illinois

      0.206 acre residential lot in Franklin County, Illinois.
      202 E Spani St, Benton, IL 62812
      View Details
    • $4,900

      Residential Lot in Benton, Illinois

      0.172 acre residential lot in Franklin County, Illinois.
      511 Grand St, Benton, IL 62812
      View Details
    • $5,000

      Residential Lot in Benton Township

      0.173 acre residential lot in Franklin County, Illinois.
      600 Hickman St, Benton, IL 62812
      View Details
    • $5,000

      Residential Lot in Benton, Illinois

      0.184 acre residential lot in Franklin County, Illinois.
      806 Glendale St, Benton, IL 62812
      View Details
    • $5,500

      Residential Lot in Benton Township

      0.189 acre residential lot in Franklin County, Illinois.
      0 Madison St, Benton, IL 62812
      View Details
    • $4,000

      Residential Lot in Benton, Illinois

      0.15 acre residential lot in Franklin County, Illinois.
      408 E Smith St, Benton, IL 62812
      View Details
    • $5,000

      Residential Lot in Benton Township

      0.18 acre residential lot in Franklin County, Illinois.
      8 Kirkpatrick St, Benton, IL 62812
      View Details
    • $4,900

      Residential Lot in Benton, IL

      0.166 acre residential lot in Benton Township, Franklin County.
      402 Grand St, Benton, IL 62812
      View Details

    FAQs

    What type of property is this?
    Land - 0.205 acre residential lot in Franklin County, Illinois.
    Where is this land located?
    The property is located at 531 Burkitt St Benton, 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: Build your dream property on this 0.205 acre residential lot.; Zoned R‑2 (Residential) in Benton Township, Franklin County, Illinois.; Convenient access to schools, parks, shopping, dining, entertainment, and employment in Benton and Mount Vernon.
    (855) 456-4945
    We can help!
    Listing Contact
    Henry Torn
    Real Estate License ID: 471018202
    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!