Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Large Commercial Building in Girard Title is generated by Realmo AI

    118 N 1st Street, Girard, IL 62640

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Spacious lot with a large commercial building needing repair.

    Type:General Commercial
    Property size:
    5,368 SF
    Price / SF:
    $4/SF
    Added:
    Aug 19, 2024
    Days on Market:
    642
    Last Refresh:
    May 13 at 8:30 pm

    Property Features for 118 N 1st Street

    General Information

    Standard status
    Active
    Size
    5,368 SF
    Property subtype
    General Commercial

    We can help!

    Listing Contact
    Lori Smith

    Listing agent Lori Smith

    Listing office RE/MAX Professionals

    Listing date Aug 19, 2024

    Source Xome

    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 RE/MAX Professionals

    HighLights

    • Spacious Lot provides ample possibilities.
    • Large Brick Commercial Building offers a solid structure.
    • Investment Opportunity awaits the savvy buyer.
    • PRICE REDUCED, making this an even more attractive deal.
    • 3 Guest Facilities are available.
    • Level Topography for ease of development.

    Overview

    This commercial property features a large brick building that requires repair. The spacious lot previously housed the Girard Ready Mix business, presenting an investment opportunity with many possibilities. The property is located in Girard, Illinois.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Law Firm Hair Salon Auto Repair Shop Pharmacy Accounting Firm Auto Parts Store Bar & Pub Grocery & Convenience Store Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Girard
    County
    Macoupin
    State
    Illinois
    Longitude
    -89.77743
    Latitude
    39.446568

    Nearby Similar for Sale

    • $350,000

      Profitable Restaurant and Bar Opportunity

      Established restaurant and bar with multiple revenue streams for sale.
      133 S 2ND Street, Girard, IL 62640
      View Details
    • $65,000

      Commercial Space on Girard Square

      1320 sqft commercial space with many opportunities.
      130 W CENTER Street, Girard, IL 62640
      View Details
    • $350,000

      Profitable Restaurant & Bar on Route 66

      Established restaurant and bar with multiple revenue streams and gaming.
      133 S 2ND Street, Girard, IL 62640
      View Details
    • $20,000

      Residential Land in Girard, IL

      Double lot in established neighborhood, near historic Route 66.
      403 S 4TH Street, Girard, IL 62640
      View Details
    • $49,900

      Land For Sale Girard, IL

      Land available for sale in Girard, Illinois, 62640.
      145 S 2ND Street, Girard, IL 62640
      View Details
    • $20,000

      Residential Land in Girard, IL

      Double lot near Whirl-a-Whip and Historic Route 66.
      L7 4TH Street, Girard, IL 62640
      View Details
    • $169,900

      Prime Commercial Land on Route 66

      0.813 acres with high visibility and utilities on site.
      404 S 3RD Street, Girard, IL 62640
      View Details
    • $22,000

      Commercial Building in Girard, Illinois

      Large commercial building with spacious lot, investment opportunity.
      118 N 1ST Street, Girard, IL 62640
      View Details
    • $22,000
      5,368 SF

      Spacious Commercial Building in Girard

      Large commercial building with spacious lot, investment opportunity.
      118 N 1ST Street, Girard, IL 62640
      View Details

    FAQs

    What type of property is this?
    Commercial land - Spacious lot with a large commercial building needing repair.
    Where is this commercial land located?
    The property is located at 118 N 1st Street Girard, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Spacious Lot provides ample possibilities.; Large Brick Commercial Building offers a solid structure.; Investment Opportunity awaits the savvy buyer.
    We can help!
    Listing Contact
    Lori Smith
    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
    118 N 1st Street, Girard, IL 62640
    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!