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

    Buchanan Street Wilmington, IL 60481

    View on Map
    Claim this Listing
    Picture of Residential land & home lots at Buchanan Street, Wilmington, IL
    For Sale
    $65,000

    LAND - Wilmington, IL

    Lot size:
    0.62 Acres
    Added:
    Oct 25, 2018
    Days on Market:
    2736
    Last Refresh:
    Apr 21 at 10:06 pm

    Property Features for Buchanan Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    MULTI
    Standard status
    Active
    APN
    0317364000310000
    Lot size
    0.62 Acres

    Taxes and HOA fees

    Tax Year
    2021
    Tax Annual Amount
    1371

    We can help!

    Listing Contact
    Mark Shell
    Mark Shell

    Listing agent Mark Shell License #471000250

    Listing office Pro Real Estate 506 S Water St, Wilmington, IL

    Listing date Oct 25, 2018

    MLS# 10122533 Listing URL

    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.

    Overview

    Wilmington, IL Multi-Family Lot

    This 0.62-acre lot, located in Wilmington, Illinois, is zoned R-5 for multi-family use. The property presents a rare opportunity for development. Restrictions on liquor and tobacco sales will apply.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Wilmington
    County
    Will
    State
    Illinois
    Longitude
    -88.1391584
    Latitude
    41.3073441

    Nearby Similar for Sale

    • $899,000

      Established Business with Storage Units

      Profitable business featuring retail vendor space and storage rental.
      508 N Kankakee Street, Wilmington, IL 60481
      View Details
    • $799,000

      Wilmington Restaurant Opportunity

      Bank-owned restaurant with high-quality equipment and second-floor office/apartment.
      403 N Main Street, Wilmington, IL 60481
      View Details
    • $395,000

      High-Traffic Commercial Lot on Route 66

      Prime commercial lot on historic Route 66 with high visibility.
      625 W Baltimore Street, Wilmington, IL 60481
      View Details
    • $80,000

      Residential Land in Wooded Subdivision

      4.62 acre lot for home and outbuilding construction.
      35149 S Alana Drive lot: 11, Wilmington, IL 60481
      View Details
    • $190,000

      Residential Land in Wilmington, IL

      9.43 acres of residential vacant land bordering a creek.
      Turner Lane, Wilmington, IL 60481
      View Details
    • $25,000

      Wilmington, IL Land For Sale

      Land available in Wilmington, Illinois.
      S Hickory Avenue lot: 26-33, Wilmington, IL 60481
      View Details
    • $41,000

      Wilmington, IL Land For Sale

      0.35 acre commercial land available in Wilmington, Illinois.
      2005 Roberts Street, Wilmington, IL 60481
      View Details
    • $70,000

      Residential Land in Wilmington, IL

      Residential land available in Wilmington, Illinois.
      109 Largemouth Lane, Wilmington, IL 60481
      View Details
    • $850,000

      Wilmington, IL Industrial Land

      2.66 acre industrial land for sale in Wilmington, IL.
      23962 Stripmine Road, Wilmington, IL 60481
      View Details
    • $2,995,000

      Wilmington Commercial Property with Carwash

      Commercial building with car wash and leaseback opportunity.
      1135 S Water Street, Wilmington, IL 60481
      View Details
    • $459,900

      Wilmington Land For Sale

      15 acre commercial land with highway frontage near I-55.
      RT 53 Highway, Wilmington, IL 60481
      View Details
    • $850,000
      115,870 SF

      Wilmington Commercial Land For Sale

      Commercial land available in Wilmington, Illinois, totaling 115870 square feet.
      23962 Strip Mine Road, Wilmington, IL 60481
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Multi-family lot zoned R-5 in Wilmington, Illinois.
    Where is this residential land & home lot located?
    The property is located at Buchanan Street Wilmington, IL.
    What is the asking price?
    The asking price for this property is $65,000.
    What are key features of this property?
    This property features: Multi‑family lot ideal for development.; Zoned R‑5, allowing for multi‑unit construction.; Rare find, these properties don't come up often.
    (815) 476-7916
    We can help!
    Listing Contact
    Mark Shell
    Mark Shell
    Real Estate License ID: 471000250
    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!