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    Fairbury Freestanding Office Building Title is generated by Realmo AI

    115 N 3rd St, Fairbury, IL 61739

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    Two-story office building in Fairbury, Illinois, for sale.

    Type:Office
    Property size:
    33,541 SF
    Lot size:
    0.77 Acres
    Price / SF:
    $17/SF
    Added:
    Dec 14, 2021
    Days on Market:
    1619
    Last Refresh:
    May 20 at 8:19 pm

    Property Features for 115 N 3rd St

    General Information

    Standard status
    Active
    Size
    33,541 SF
    Lot size
    0.77 Acres
    Property subtype
    Office

    Building Details

    Year Built
    1981

    We can help!

    Listing Contact
    AJ Thoma III, CCIM, SIOR

    Listing agent AJ Thoma III, CCIM, SIOR License #IL475.135026

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Dec 14, 2021

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Commercial Devonshire Realty

    HighLights

    • Freestanding 9,248 SF office building on .77 acres.
    • Two‑story layout with elevator access to the second floor.
    • Ample 600 Amp 200V 3‑Phase power supply.
    • Includes a vault on both floors.
    • Large parking lot and canopy.
    • Located in Fairbury, IL, near downtown and major routes (US Rt. 24, I‑55, I‑57).

    Overview

    This freestanding two-story office building, constructed in 1981, is available for sale in Fairbury, Illinois. The building encompasses 9,248 square feet and is situated on a 0.77-acre lot. Each floor contains approximately 4,624 square feet. The first floor features five private offices of approximately 100 square feet each, an open work area, a lobby/atrium, a teller area, a vault, a kitchenette, two back offices, and male/female restrooms. The second floor, accessible by elevator, includes one private office, two smaller offices, a large open work area, a board room, a mini kitchenette, a mechanical room, a vault, and male/female restrooms. The property is equipped with 600 Amp 200V 3-Phase power, a large parking lot, and a canopy. A deed restriction will be placed against financial institutions and financial services for five years following the sale. Fairbury, with a population of around 3,700 residents, is located off US Rt. 24 between Interstate 55 and Interstate 57 in Livingston County. The building is located just north of the downtown area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Fairbury
    County
    Livingston
    State
    Illinois
    Longitude
    -88.513204
    Latitude
    40.747415

    Nearby Similar for Sale

    • $160,000

      Fairbury, IL Commercial Property

      Commercial property for sale in Fairbury, Illinois.
      206 W Locust Street, Fairbury, IL 61739
      View Details
    • $579,000
      9 SF

      Fairbury Freestanding Office Building For Sale

      Well-maintained two-story office building in Fairbury, Illinois.
      115 N Third St Fairbury, IL 61739, IL 61739
      View Details

    FAQs

    What type of property is this?
    Office building - Two-story office building in Fairbury, Illinois, for sale.
    Where is this office building located?
    The property is located at 115 N 3rd St Fairbury, IL.
    What is the asking price?
    The asking price for this property is $579,000.
    What are key features of this property?
    This property features: Freestanding 9,248 SF office building on .77 acres.; Two‑story layout with elevator access to the second floor.; Ample 600 Amp 200V 3‑Phase power supply.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    AJ Thoma III, CCIM, SIOR
    Real Estate License ID: IL475.135026
    Learn More
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    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.

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