Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search

    414 Old Route 66 N Litchfield, IL 62056

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $600,000

    0.961 acre redevelopment site on a signalized corner.

    Lot size:
    0.96 Acres

    Property Features for 414 Old Route 66 N

    General Information

    Lot size
    0.96 Acres

    We can help!

    Listing Contact
    Michael Joe Hardin
    Source: Moodyscre

    Listing Agent: Michael Joe Hardin

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

    Learn more

    Property Insight Report

    Overview

    Redevelopment Site on Route 66

    This 0.961-acre redevelopment site is located on a signalized corner. Situated across from the Route 66 Museum, it is suitable for retail, banking, or a convenience store. The location benefits from traffic counts of 1,600 ADT on Old Route 66 and 8,750 ADT on W Union Ave. Buildings are currently being demolished.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Litchfield
    County
    Montgomery
    State
    Illinois
    Longitude
    -89.666545
    Latitude
    39.177675

    Nearby Similar for Sale

    • $300,000
      18,000 SF

      Litchfield Bowling Alley Business Opportunity

      12-lane bowling alley with bar, gaming, and event space.
      3320 Illinois Route 16, Litchfield, IL 62056
      View Details
    • $95,000
      0.04 Acres

      Mixed-Use Building with Income Potential

      Mixed-use property featuring residential apartments and commercial space.
      104 W Edwards St, Litchfield, IL 62056
      View Details
    • $135,000
      2,072 SF

      Litchfield Duplex with Income Potential

      Cash-flowing duplex with immediate upside in a thriving rental market.
      836 S Chestnut St, Litchfield, IL 62056
      View Details
    • $399,000
      8,015 SF

      8,015 SF Mixed-Use Building

      Mixed-use building with restaurant, retail, and apartment units.
      117 E Union Ave, Litchfield, IL 62056
      View Details
    • $2,401,300
      2,671 SF

      Taco Bell NNN Investment

      NNN leased Taco Bell in Litchfield, IL for sale.
      1201 W Weir St, Litchfield, IL 62056
      View Details
    • $355,000
      3,297 SF

      Professional Office Building For Sale

      3,297 SF office building with excellent parking and access.
      1365 E Union Ave, Litchfield, IL 62056
      View Details
    • $325,000
      2.50 Acres

      Litchfield Entertainment Center - Great Investment!

      Bowling Alley, Event Center, & Bar - High Traffic Area
      3320 Illinois 16, Litchfield, IL 62056
      View Details

    FAQs

    What type of property is this?
    Commercial land - 0.961 acre redevelopment site on a signalized corner.
    Where is this commercial land located?
    The property is located at 414 Old Route 66 N Litchfield, IL.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: - Prime 0.961-acre redevelopment site at the best signalized corner in Litchfield.; - High traffic location: 1,600 ADT on Route 66 and 8,750 ADT on W Union Ave.; - Ideal for Retail, Banking, or C-Store development.
    (618) 660-8759
    Request Owner's contact information
    414 Old Route 66 N Litchfield, IL 62056
    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.
    414 Old Route 66 N
    Litchfield, IL 62056
    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
    414 Old Route 66 N Litchfield, IL 62056
    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

    We can help!
    Listing Contact
    Michael Joe Hardin
    (618) 660-8759
    Learn more
    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.