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    Established Nursery and Greenhouse Property Title is generated by Realmo AI

    5671 Highway 8, Mount Carmel, IL 62863

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    For Sale
    $425,000

    Commercial Building - Mt. Carmel, IL

    Lot size:
    8.22 Acres
    Added:
    Oct 23, 2023
    Days on Market:
    942
    Last Refresh:
    May 21 at 5:06 pm

    Property Features for 5671 Highway 8

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    APN
    13-08-300-006-002
    Lot size
    8.22 Acres

    Taxes and HOA fees

    Tax Annual Amount
    901

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Dustin Hawkins
    Dustin Hawkins

    Listing agent Dustin Hawkins

    Listing office Integrity Realty & Auctions 301 Illinois Route 15, Albion, IL

    Listing date Oct 23, 2023

    MLS# 11203757 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.

    HighLights

    • Established commercial property with a loyal customer base cultivated over decades.
    • 8.22 +/- acres of rural land suitable for business expansion or a potential homesite.
    • Multiple greenhouse structures including six 25'x96' Harnois greenhouses, a 30'x60' sales building, and a Conley greenhouse with shade structure.
    • Included equipment: 2008 Ford F250, 2005 Ford E150, 2013 John Deere Lawn Mower, and homemade box trailer.
    • Outdoor wood burner heating system piped into the sales building and first three greenhouses.
    • Two 6000‑gallon propane gas tanks and numerous supplies (pots, flats, shuttles, etc.) included.

    Overview

    This commercial property, known as Hocking's Green Thumb Nursery and Greenhouse, is situated on 8.22 acres in rural Wabash County, near Keensburg, just north of Illinois Route 1. The property features six 25'x96' Harnois greenhouse structures, a 30'x60' sales building, and a Conley greenhouse with an 80'x80' shade structure on a concrete pad. Additionally, there is an 18'x60' homemade greenhouse. The buildings are equipped with growing benches and propane gas heaters. An outdoor wood burner provides heat to the sales building and three of the greenhouses. The property includes two 6000-gallon propane gas tanks and various supplies such as pots, flats, and shuttles. Also included are a 2008 Ford F250 Crew Cab with 220,726 miles, a 2005 Ford E150 Cargo Van with 100,956 miles, and a 2013 John Deere Lawn Mower X750 with a 60" deck and bagger. A homemade box trailer with 16' triple deck shelving is included for plant delivery and supply pickup. The property offers potential for a homesite and/or business expansion. Some utilities will need to be separated from the house to the south of the property. This property presents an entrepreneurial opportunity for a well-established business.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Nursery and garden centers

    Map

    City
    Mount Carmel
    County
    Wabash
    State
    Illinois
    Longitude
    -87.8638
    Latitude
    38.4145

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    FAQs

    What type of property is this?
    Nursery and garden center - Commercial property with greenhouses and sales building on 8.22 acres.
    Where is this nursery and garden center located?
    The property is located at 5671 Highway 8 Mount Carmel, IL.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Established commercial property with a loyal customer base cultivated over decades.; 8.22 +/- acres of rural land suitable for business expansion or a potential homesite.; Multiple greenhouse structures including six 25'x96' Harnois greenhouses, a 30'x60' sales building, and a Conley greenhouse with shade structure.
    (618) 445-2267
    We can help!
    Listing Contact
    Dustin Hawkins
    Dustin Hawkins
    Learn More
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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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