Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    106 W Washington Street Philo, IL 61864

    View on Map
    Claim this Listing
    For Sale
    $395,000

    COMMERCIAL - Philo, IL

    Lot size:
    0.06 Acres
    Added:
    Mar 28, 2026
    Days on Market:
    41
    Last Refresh:
    May 7 at 7:06 pm

    Property Features for 106 W Washington Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    192723152011
    Lot size
    0.06 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Lot pt 5 Block 2 Philo - Original Town
    Tax Annual Amount
    2324

    Utilities

    Sewer type
    Septic Tank
    Cooling system
    Central Air

    Building Details

    Year built
    1909
    Floors in Building
    2
    Number of units
    1
    Flooring type
    Vinyl
    Building materials
    Brick

    We can help!

    Listing Contact
    Jill Hess
    Jill Hess

    Listing agent Jill Hess License #475167225

    Listing office RE/MAX REALTY ASSOCIATES-CHA 2009 Fox Drive - Suite G, Champaign, IL

    Listing date Mar 28, 2026

    MLS# 12603955

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown location with historic charm and modern upgrades.
    • Turnkey property with multiple income streams from salon and three‑bedroom apartment.
    • Main level salon features a stylish layout with hair services, retail space, and private med spa.
    • Spacious three‑bedroom apartment with new windows and a large eat‑in kitchen.
    • Ample parking with street parking, rear alley access, and a private parking spot.
    • Modern mechanical updates including a tankless water heater and separate furnace.

    Overview

    Restored Historic Mixed-Use Building

    This restored building, originally constructed in the early 1900s, offers a blend of historic character and modern functionality. The main level is currently operating as a salon, featuring hair services, retail space, and a private med spa. Exposed brick walls and luxury vinyl plank flooring enhance the interior. The layout includes two guest bathrooms, a laundry area with a washer, dryer, sink, and shelving, and a private treatment room. A separate section of the main floor features a reception desk, waiting area, sitting space, and a functional kitchen. Ample street parking, rear alley access, and a private parking spot are available. Upstairs, a three-bedroom apartment provides additional income potential or owner-occupancy. The unit includes new windows, generously sized rooms, and a large eat-in kitchen. Modern mechanical updates include a tankless water heater, separate furnace, and a stacked front-loading washer and dryer. The property is located in downtown Philo, Illinois, on a lot of approximately 0.0627 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Hair Salon Building Supply Gym & Fitness Center Big Box & Wholesale Store Hotel & Motel Bar & Pub Grocery & Convenience Store Food Market Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Philo
    County
    Champaign
    State
    Illinois
    Longitude
    -88.158798
    Latitude
    40.007053

    FAQs

    What type of property is this?
    Mixed-use property - Completely renovated mixed-use property with retail and residential spaces.
    Where is this mixed-use property located?
    The property is located at 106 W Washington Street Philo, IL.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: Prime downtown location with historic charm and modern upgrades.; Turnkey property with multiple income streams from salon and three‑bedroom apartment.; Main level salon features a stylish layout with hair services, retail space, and private med spa.
    (217) 373-4964
    We can help!
    Listing Contact
    Jill Hess
    Jill Hess
    Real Estate License ID: 475167225
    Learn More
    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.
    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

    Thank You for Inquiry
    106 W Washington Street, Philo, IL 61864
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!