Sign Up Successful!
You now have access to more from Realmo!
    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

    1501 Russell St Marion, IL 62959

    Sponsored
    For Sale
    $100,000

    High-potential commercial land, ideal for redevelopment.

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    363
    This exceptional 100,000 dollar commercial property in Marion, Illinois, presents a unique investment opportunity. Situated on a corner lot just under an acre, the property is currently configured as a mobile home court, offering immediate income potential. Existing infrastructure includes readily available electricity and gas connections, significantly reducing the costs and complexities associated with establishing a new business. The property's prime location and versatile nature make it suitable for a wide range of commercial ventures. Entrepreneurs and investors alike will appreciate the potential for redevelopment and adaptation to various business models. The substantial lot size allows for ample space for expansion or the construction of new buildings. This is a rare chance to acquire a well-positioned commercial property in a thriving area, offering both immediate return and long-term growth prospects. The existing utilities are a significant advantage, minimizing upfront investment and accelerating the launch of any new enterprise. Don't miss this chance to secure a valuable asset in a dynamic market. Serious inquiries are encouraged.

    Property Features for 1501 Russell St

    General Information

    Property type
    Other commercial real estate

    We can help!

    Listing Contact
    Robert Thompson

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    Juanita's Mobile Home ... Mobile Home Park

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Marion
    County
    Williamson
    State
    Illinois
    Longitude
    -88.94117
    Latitude
    37.74371

    Nearby Similar for Sale

    • $795,000
      0.56 Acres

      Prime Commercial Property, Marion, IL

      High-visibility commercial property suitable for retail, showroom, or office.
      305 W Main St, Marion, IL 62959
      View Details
    • $270,000

      Updated Duplex with Large Lot

      Updated duplex with separate utilities and potential for expansion.
      1103 W Boulevard St, Marion, IL 62959
      View Details
    • $350,000

      Marion IL Triplex Investment Opportunity

      Triplex with stainless steel appliances and washer/dryer hookups.
      1205 N Otis St, Marion, IL 62959
      View Details
    • $540,000

      Marion, IL Apartment Building

      Six-unit apartment building with remodeling completed in 2024.
      105 S Liberty St, Marion, IL 62959
      View Details
    • $475,000
      5,229 SF

      Marion Office Building on 2.62 Acres

      Freestanding 5,229 SF office building on 2.62 acres.
      3309 Water Tower Rd, Marion, IL 62959
      View Details
    • $1,950,000
      17.90 Acres

      Marion, IL Commercial Opportunity

      Turnkey mechanic shop with land and loyal customer base.
      1504 E Main St, Marion, IL 62959
      View Details
    • $190,000
      0.32 Acres

      Marion Industrial Building For Sale

      3,864 sq. ft. building on 0.32 acres in Marion, IL.
      3310 Water Tower Rd, Marion, IL 62959
      View Details
    • $450,000
      0.31 Acres

      Marion, IL Fourplex Investment Opportunity

      Four-unit multifamily property in Marion, Illinois, fully rented.
      1105 N Monroe St, Marion, IL 62959
      View Details
    • $1,993,000
      1,760 SF

      Take 5 Oil Change Investment

      NNN leased investment property with over 14 years remaining.
      2814 Joseph Cannon Way, Marion, IL
      View Details
    • $475,000

      Industrial Building on 2.62 Acres

      Freestanding 5,229 SF building in industrial park with ample parking.
      3309 Water Tower Rd, Marion, IL 62959
      View Details
    • $1,195,000
      2,040 SF

      Single-Tenant Bank Branch For Sale

      Single-tenant bank branch with long-term lease and drive-thru.
      908 E Deyoung St, Marion, IL 62959
      View Details
    • $425,000
      0.82 Acres

      High-Visibility Marion Commercial Lot

      Prime location, high traffic, level lot.
      2011 Morgan Ave, Marion, IL 62959
      View Details

    FAQs

    What type of property is this?
    Commercial real estate - High-potential commercial land, ideal for redevelopment.
    Where is this commercial real estate located?
    The property is located at 1501 Russell St Marion, IL.
    What is the asking price?
    The asking price for this property is $100,000.
    Request Owner's contact information
    1501 Russell St Marion, IL 62959
    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.
    1501 Russell St
    Marion, IL 62959
    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
    1501 Russell St Marion, IL 62959
    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

    We can help!
    Listing Contact
    Robert Thompson
    Learn more
    Google sign-in failed. Please try again or use another login method.