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    320 Main St Colfax, IL 61728

    Sponsored
    For Sale
    $300,000

    Ten-unit complex, USDA Section 515 program.

    Property size:
    5,487 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    339
    This exceptional investment opportunity presents a ten-unit multifamily property located at 320 E Main Street, Colfax, Illinois. The property encompasses 5,487 square feet and sits on a 0.79-acre lot. Crucially, this property participates in the USDA Section 515 program, meaning rents are subsidized by the United States Department of Agriculture. Prospective buyers must possess a thorough understanding of and qualification for participation in government-subsidized housing programs like Section 515. Detailed financial information is available upon request to qualified buyers who demonstrate their familiarity with the USDA's requirements for purchasing such properties. It's important to note that this sale includes a package deal with an additional 34 units located in Gibson City, Illinois (MLS# 11617011). This presents a significant portfolio acquisition opportunity for investors experienced in this specific niche of the real estate market. The property is offered at $300,000 and represents a compelling investment for those meeting the necessary qualifications and possessing the expertise to manage properties within the USDA Section 515 program. Serious inquiries only from qualified buyers are encouraged.

    Property Features for 320 Main St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    5,487 SF
    Lot Size
    34,412 SF

    Building Details

    Year Built
    1984
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Spa & Massage Hair Salon Nail Salon Building Supply Auto Repair Shop Wholesale Shop Kitchen & Bath Bar & Pub Cafe & Coffee Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Colfax
    County
    McLean
    State
    Illinois
    Longitude
    -88.61146
    Latitude
    40.56664

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    Nearby Similar for Sale

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    FAQs

    What type of property is this?
    Commercial real estate - Ten-unit complex, USDA Section 515 program.
    Where is this commercial real estate located?
    The property is located at 320 Main St Colfax, IL.
    What is the asking price?
    The asking price for this property is $300,000.
    (815) 929-9381
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    320 Main St Colfax, IL 61728
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    Realmo Value Estimation

    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.

    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.

    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
    320 Main St Colfax, IL 61728
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