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    700 3Rd St Carmi, IL 62821

    Sponsored
    For Sale
    $450,000

    14-Unit Apartment Conversion, High ROI Potential

    Property size:
    10,313 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    338
    This exceptional investment opportunity presents a partially renovated former church building located at 700 S 3rd Street, Carmi, IL. The 10,313 square foot property is undergoing conversion into a 14-unit apartment complex. Currently, two completed units generate a monthly income of $1,440. Two additional units are nearing completion, requiring only minor finishing touches before they can be rented. The remaining ten units are in various stages of renovation. The estimated remaining rehabilitation cost is $150,000. Upon completion of the renovations, the property's estimated value is $750,000, representing a significant return on investment. The building boasts beautiful original details, including stunning wooden beams and casings, which have been preserved during the renovation process. Projected monthly income from all 14 units is estimated to range from $10,000 to $12,000. This property offers a unique blend of historical charm and modern income potential, making it an attractive investment for discerning buyers. The property sits on a 0-acre lot. High-quality photographs will be available shortly. This is a prime opportunity to acquire a substantial income-generating asset in a growing market. Don't miss out on this chance to own a piece of Carmi's history and future.

    Property Features for 700 3Rd St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    10,313 SF

    Building Details

    Year Built
    1929
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Carmi
    County
    White
    State
    Illinois
    Longitude
    -88.1644
    Latitude
    38.09452

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    FAQs

    What type of property is this?
    Commercial real estate - 14-Unit Apartment Conversion, High ROI Potential
    Where is this commercial real estate located?
    The property is located at 700 3Rd St Carmi, IL.
    What is the asking price?
    The asking price for this property is $450,000.
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    700 3Rd St Carmi, IL 62821
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    Carmi, IL 62821
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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
    700 3Rd St Carmi, IL 62821
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