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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

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.
More about this property
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