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    324 East Main St Knoxville, IL 61448

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    For Lease
    Contact for pricing

    6,731 SF retail building with ample parking and drive-thru.

    Property size:
    6,731 SF
    Lot size:
    6,731 SF

    Property Features for 324 East Main St

    General Information

    Size
    6,731 SF

    We can help!

    Listing Contact
    Matthew Tarshis
    Source: Frontlinerepartners

    Listing Agent: Matthew Tarshis

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

    Learn more

    Overview

    Knoxville Retail Building on Main

    The property at 324 E Main Street in Knoxville, Illinois, is a 6,731 square foot single-story retail building. Formerly a First Midwest Bank, the property is zoned CORP and is situated on a 1.04-acre parcel. It offers ample surface parking and convenient access to the surrounding Knoxville trade area. The site is located near the intersection of East Main Street and South Broad Street, providing strong visibility and steady traffic counts of approximately 6,600 vehicles per day. It also provides direct connectivity to U.S. Route 150 and Interstate 74. The property benefits from its proximity to local retail, dining, and community amenities within downtown Knoxville. Neighboring retailers include Hy-Vee Grocery Store, Dollar General, McDonald’s, Hardee’s, Taco Bell, Charleys Cheesesteak’s, Stir Coffee, The Beehive, Big Catz BBQ, and Alfano’s Pizzeria. The property is conveniently located less than one mile south of Interstate-74 and about 30 miles northwest of Peoria. It features monument signage and a drive-thru.
    Location Intelligence

    Current Use by Public Records

    Old National Bank ... Atm Old National Bank Bank

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Illinois
    Longitude
    -90.290053
    Latitude
    40.9077

    Nearby Similar for Lease

    • Contact for pricing
      6,731 SF

      Restaurant/Retail Space with Drive-Thru

      Restaurant or retail space with drive-thru and ample parking.
      324 E Main St, Knoxville, IL 61448
      View Details

    FAQs

    What type of property is this?
    Bank - 6,731 SF retail building with ample parking and drive-thru.
    Where is this bank located?
    The property is located at 324 East Main St Knoxville, IL.
    What are key features of this property?
    This property features: - High-visibility location on Main Street, boasting strong traffic counts at the intersection of East Main Street and South Broad Street.; - Convenient access to Interstate-74 (I-74) and U.S. Route 150.; - Substantial 6,731 square foot single-story retail building on a 1.04-acre parcel.
    (847) 542-9058
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    324 East Main St Knoxville, IL 61448
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    Knoxville, IL 61448
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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.

    More about this property
    324 East Main St Knoxville, IL 61448
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    We can help!
    Listing Contact
    Matthew Tarshis
    (847) 542-9058
    Learn more
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