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    Property profile & analytics

    307 Main St Loraine, IL 62349-1078

    • Commercial real estate
    • 4.95 lot acres
    OFF-MARKET
    Value Estimation
    $75,000
    Last Sale
    Sep 14, 2021
    $95,000
    Location Intelligence
    Property ID
    US28-4112819
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 307 Main St

    Lot size
    4.95 lot acres
    Property type
    Commercial real estate
    APN
    60017100000
    APU
    60017100000

    Description

    This exceptional 12,320 square foot commercial property, located at 307 N Main Street in Loraine, Illinois, presents a unique investment opportunity. Previously a school, the building has been thoughtfully repurposed into a thriving bar and event venue situated on a generous 5-acre lot. The property boasts a modern geothermal heating and cooling system, significantly reducing operating costs. The main bar area, housed in the former gymnasium, retains its original character with a striking 19-foot ceiling and the original basketball court tile flooring, creating a nostalgic and inviting atmosphere. This area also includes a dedicated gaming room. A large, versatile space in the rear of the building is currently used for local bags leagues and has proven highly successful for hosting wedding rehearsals and receptions. The former school cafeteria offers significant potential for culinary expansion, with ample space to install a full-service kitchen. The expansive 5-acre lot provides ample room for future development and expansion of the existing event operations. This established business offers a blend of historical charm and modern functionality, making it an ideal investment for an entrepreneur seeking a unique and profitable venture in a strong community setting. The property's size and versatility make it suitable for a variety of uses, ensuring a strong return on investment.

    Value Estimation

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Loraine
    County
    Adams
    State
    Illinois
    Longitude
    -91.2238
    Latitude
    40.1569
    CBSA code
    39500
    CBSA name
    QUINCY, IL-MO MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2021
    $1,728
    $6,300
    $21,200
    $27,500
    -
    $18,900
    $63,600
    $82,500

    Comparable in this City

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      0.24 Acres

      2603 1500th St

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      109-113 Broad St

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      Loraine, IL 62349

      COMMERCIAL (GENERAL)
      Loraine, IL 62349
      View Details
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    307 Main St
    Loraine, IL 62349-1078
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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
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