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

    8 Carriage Ln Altamont, IL 62411

    Sponsored
    For Sale
    $2,400,000

    Elegant banquet hall, 2.64 acres, 450-guest capacity.

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    363
    This exceptional 2.64-acre property in Altamont, Illinois, presents a unique opportunity to acquire the established Carriage House Event Center. This premier event venue boasts a sophisticated ambiance, ideal for weddings, corporate functions, and large-scale celebrations. The spacious interior comfortably accommodates up to 450 guests, featuring high ceilings, exquisite chandeliers, and customizable lighting to create the perfect atmosphere for any occasion. The building is equipped with commercial-grade appliances, ensuring seamless operation for catering and event services. The Carriage House Event Center has cultivated a strong reputation for exceptional service and memorable events, establishing a loyal clientele and a proven track record of success. The property's prime location in Altamont offers convenient access for guests and ample parking. This turnkey operation presents a compelling investment opportunity for those seeking to enter or expand within the thriving hospitality industry. The established reputation and existing infrastructure provide a solid foundation for continued growth and profitability. The sale includes all existing fixtures and equipment, allowing for immediate operation upon acquisition. This is a rare chance to own a well-regarded and successful event center in a desirable location. The asking price is $2,400,000.

    Property Features for 8 Carriage Ln

    General Information

    Property type
    Other commercial real estate
    Lot Size
    114,998 SF

    Building Details

    Year Built
    2013

    We can help!

    Listing Contact
    Brian Henning

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    Carriage House Event ... Wedding Venue

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Wholesale Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Altamont
    County
    Effingham-IL
    State
    Illinois
    Longitude
    -88.74982
    Latitude
    39.04563

    Nearby Comparable

    • $220,000

      Altamont Commercial Property with Loft

      2,462 SF commercial building with office, loft, and parking.
      107 E Cumberland Rd, Altamont, IL 62411
      View Details
    • $299,900

      Established Grocery Store Business Opportunity

      Turn-key grocery store with equipment and real estate included.
      107 N Charles St, Beecher City, IL 62414
      View Details
    • Contact for pricing
      2.00 Acres

      Effingham, IL Retail Outlot

      High-traffic location, divisible 2-acre lot.
      201 Walk Ave, Effingham, IL 62401
      View Details
    • $1,200,000
      3.83 Acres

      Effingham Commercial Land - $1.2M

      3.83-acre commercial lot, prime I-57 location.
      1600 Fayette Ave, Effingham, IL 62401
      View Details
    • $4,000,000
      20,965 SF

      Motel 6/Studio 6 Effingham, IL

      104-unit motel, strong ROI, prime location
      1412 W Fayette Ave, Effingham, IL 62401
      View Details
    • $650,000

      Commercial Building on South Rt 45

      18,000 sq ft commercial building with five tenants.
      1909 S Banker St, Effingham, IL 62401
      View Details
    • $4,750,000
      2.44 Acres

      Westgate Shopping Center: Effingham, IL

      Prime Retail Investment: 29,102 SF, 5 Units
      101 Keller Dr, Effingham, IL 62401
      View Details
    • $1,800,000
      10,240 SF

      Effingham Retail Storefront Investment

      10,240 SF Retail Space - Excellent Location
      1306 Thelma Keller Ave, Effingham, IL 62401
      View Details
    • $4,424,000

      Prime Development Land For Sale

      Development land zoned M-1 Light Industrial/B-2 Commercial available for sale.
      S Banker St, Effingham, IL 62401
      View Details

    Nearby Similar for Sale

    • $220,000

      Altamont Commercial Property with Loft

      2,462 SF commercial building with office, loft, and parking.
      107 E Cumberland Rd, Altamont, IL 62411
      View Details

    FAQs

    What type of property is this?
    Commercial real estate - Elegant banquet hall, 2.64 acres, 450-guest capacity.
    Where is this commercial real estate located?
    The property is located at 8 Carriage Ln Altamont, IL.
    What is the asking price?
    The asking price for this property is $2,400,000.
    803-0145
    Request Owner's contact information
    8 Carriage Ln Altamont, IL 62411
    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.
    8 Carriage Ln
    Altamont, IL 62411
    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
    8 Carriage Ln Altamont, IL 62411
    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
    Brian Henning
    803-0145
    Learn more
    Google sign-in failed. Please try again or use another login method.