Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    301 W Broadway St Steeleville, IL 62288

    • Office Properties & Spaces
    • 0.02 lot acres
    For Sale
    View listing
    $165,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-3747488
    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

    • Office Properties & Spaces

    Property Details for 301 W Broadway St

    Lot size
    0.02 lot acres
    Property type
    Office Properties & Spaces
    APN
    17-007-003-00
    APU
    1700700300

    Description

    This exceptional commercial property, located at 301 W Broadway in Steeleville, Illinois, presents a fantastic opportunity for a discerning business owner. Priced at $175,000, this low-maintenance building boasts a prime location on the main thoroughfare of Steeleville, ensuring high visibility and accessibility. The property sits on a 0.02-acre lot. A significant upgrade was completed in 2017, with the showroom undergoing a complete remodel. The interior features a secure (10' x 6') Mosler bank vault with a concrete floor, adding a unique and valuable element to the space. Modernizations also include a new HVAC system, ensuring year-round comfort and efficiency. The building is heavily insulated, minimizing energy costs. Further enhancing the interior are new drywall, track lighting, new ceramic flooring, and a commercial-grade dehumidifier, creating a clean, modern, and functional workspace. A convenient storage area and a small bathroom complete the rear of the building. The building's brick construction provides durability and a classic aesthetic. The possibility of utilizing Tax Increment Financing (TIF) funds may be available to assist with business establishment costs. This property is ideal for a variety of businesses seeking a well-maintained, attractively priced space in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $220,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Steeleville
    County
    Randolph
    State
    Illinois
    Longitude
    -89.6605
    Latitude
    38.0072

    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
    2023
    $1,362
    $730
    $22,125
    $22,855
    -
    $2,190
    $66,375
    $68,565

    Comparable in this City

    • Value Estimation
      $225,000
      0.07 Acres

      307 Broadway

      OFFICE (GENERAL) • 0.07 Acres
      307 Broadway, Steeleville, IL 62288-1416
      View Details
    • Value Estimation by Request

      802 Townsend St

      OFFICE (GENERAL)
      802 Townsend St, Steeleville, IL 62288-1142
      View Details
    • Value Estimation by Request

      400 Broadway

      OFFICE (GENERAL)
      400 Broadway, Steeleville, IL 62288-1409
      View Details
    • Value Estimation
      $440,000
      0.66 Acres

      700 Shawneetown Trl

      OFFICE (GENERAL) • 0.66 Acres
      700 Shawneetown Trl, Steeleville, IL 62288-1128
      View Details
    • Value Estimation
      $240,000
      7.64 Acres

      5656 State Rte 4th 4

      OFFICE (GENERAL) • 7.64 Acres
      5656 State Rte 4th 4, Steeleville, IL 62288-2504
      View Details
    • Value Estimation
      $230,000
      0.01 Acres

      Steeleville, IL 62288

      OFFICE (GENERAL) • 0.01 Acres
      Steeleville, IL 62288
      View Details

    Similar Nearby for Sale

    • $159,900
      2,800 SF

      Steeleville Commercial Warehouse - $159,900

      Versatile Warehouse, Office Space, Car Wash Bay
      419 Broadway St, Steeleville, IL 62288
      View Details
    • $85,000
      0.19 Acres

      Steeleville Commercial Building - Huge Potential

      Versatile commercial property with apartment, high visibility.
      601 Sparta St, Steeleville, IL 62288
      View Details
    • New
      $39,500
      1.26 Acres

      Residential Land in Desired Subdivision

      Residential land for sale in Steeleville, Illinois.
      407 Queen Ann Ct, Steeleville, IL 62288
      View Details
    • New
      $35,000
      1.26 Acres

      Residential Land in Westfield Meadows

      Large residential parcel in established neighborhood, offering space and privacy.
      304 Victorian Dr, Steeleville, IL 62288
      View Details
    • $45,000
      2.29 Acres

      Residential Land in Steeleville, Illinois

      2.29 acre residential land for sale in Steeleville, Illinois.
      Victorian Dr, Steeleville, IL 62288
      View Details
    • $45,000
      2.03 Acres

      Residential Land in Steeleville, Illinois

      2.03 acre lot suitable for building a home.
      Victorian Dr, Steeleville, IL 62288
      View Details
    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.
    301 W Broadway St
    Steeleville, IL 62288
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.