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

    223 Hampshire Quincy, IL 62301

    • Commercial real estate
    For Sale
    View listing
    $549,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-3934832
    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 223 Hampshire

    Property type
    Commercial real estate
    APN
    231009600100
    APU
    231009600100

    Description

    This exceptional 14,339 square foot commercial building at 223-225 Hampshire Street in Quincy, Illinois, presents a unique investment opportunity. Situated on a 0.48-acre lot, the property offers breathtaking views of the Bayview Bridge and Mississippi River. A covered second-story patio provides an ideal space for relaxation or entertaining, taking full advantage of the picturesque scenery. The upper level is currently unfinished, offering a blank canvas for customization. Transform this space into a spacious living area, professional office, or any configuration to meet your specific needs. The main level presents a compelling mixed-use opportunity. A portion of the main level is currently leased, generating immediate rental income. The remaining space is available for immediate occupancy and adaptable to a wide range of commercial uses. This property is perfectly suited for business expansion, rental investment, or the creation of a dynamic mixed-use space. Its prime location and flexible layout offer endless possibilities for a discerning buyer. The asking price for this remarkable property is $549,900. This is a rare chance to acquire a property with such stunning views and significant income potential in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Quincy
    County
    Adams
    State
    Illinois
    Longitude
    -91.4124
    Latitude
    39.9336
    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
    $9,424
    $18,280
    $116,210
    $134,490
    -
    $54,840
    $348,630
    $403,470

    Comparable in this City

    • Value Estimation by Request
      3,108 SF

      831 Broadway St

      Commercial real estate • 3,108 SF
      831 Broadway St, Quincy, IL 62301
      View Details
    • Value Estimation by Request

      138 Frnt St

      COMMERCIAL (GENERAL)
      138 Frnt St, Quincy, IL 62301-2972
      View Details
    • Value Estimation by Request

      116-118 10th St

      COMMERCIAL (GENERAL)
      116-118 10th St, Quincy, IL 62301
      View Details
    • Value Estimation by Request

      508 11th St

      COMMERCIAL (GENERAL)
      508 11th St, Quincy, IL 62301-4955
      View Details
    • Value Estimation by Request

      538 12th St

      COMMERCIAL (GENERAL)
      538 12th St, Quincy, IL 62301-4902
      View Details
    • Value Estimation by Request

      1000 12th St

      COMMERCIAL (GENERAL)
      1000 12th St, Quincy, IL 62301
      View Details

    Similar Nearby for Sale

    • $150,000
      2,480 SF

      Quincy Commercial Building - Great Potential

      Large Commercial Space, Ideal for Redevelopment
      1123 4Th St, Quincy, IL 62301
      View Details
    • $94,999
      3,108 SF

      Historic Quincy Commercial Building

      Four-unit building, high traffic area, income potential.
      831 Broadway St, Quincy, IL 62301
      View Details
    • $305,000
      0.04 Acres

      Prime Quincy Commercial Building

      High-potential 2-story office building in Quincy, IL
      518 Vermont St, Quincy, IL 62301
      View Details
    • $175,000

      Quincy, IL Commercial Property

      Versatile Quincy Flex Space - $175,000
      1123 4Th St, Quincy, IL 62301
      View Details
    • $275,000
      6,144 SF

      Downtown Quincy Nightclub Investment

      Thriving Nightclub, Turnkey Operation
      510 Jersey St, Quincy, IL 62301
      View Details
    • $1,450,000
      40,000 SF

      Quincy Multi-Use Investment Property

      High-return multifamily & warehouse. TIF zone.
      301 7Th St, Quincy, IL 62301
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Quincy Retail Land Opportunity

      Prime Broadway Street Commercial Lot
      3140 Broadway St, Quincy, IL 62301
      View Details
    • $8 SF/Yr
      10,800 SF

      Quincy, IL Industrial Building

      10,800 sqft Customizable Warehouse
      3511 Northwood Dr, Quincy, IL 62301
      View Details
    • Contact for pricing

      Prime Land Near Regional Mall

      0.324 acre commercial land with high visibility.
      3200 Broadway St, Quincy, IL 62301
      View Details
    • Contact for pricing
      16,553 SF

      Versatile Commercial Space in Quincy

      Multi-use space suitable for retail, office, or storage.
      711 S Front St, Columbus, IL 62301
      View Details
    • $5 SF/Yr
      60,000 SF

      Quincy Warehouse: 60,000 SF

      Prime industrial warehouse, flexible lease options.
      2925 Wisman Ln, Quincy, IL 62301
      View Details
    • $0.01 SF/Yr
      27,600 SF

      Jefferson Street Commercial Property

      Prime Commercial Land, Office & Retail
      2001 Jefferson St, Quincy, IL 62301
      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.
    223 Hampshire
    Quincy, IL 62301
    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.