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    Historic Event Center and Gaming Facility Title is generated by Realmo AI

    1329 WALNUT Street, Murphysboro, IL 62966

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    A 1916 Elks Lodge conversion offering a ballroom, bar, gaming, and event spaces for up to 500 guests.

    Type:Office
    Added:
    Oct 22, 2025
    Days on Market:
    228
    Last Refresh:
    Jun 6 at 4:03 am

    Property Features for 1329 WALNUT Street

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1916

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    Listing Contact
    Robert Davenport
    Robert Davenport

    Listing agent Robert Davenport License #471019751

    Listing office Re/Max Realty Central

    Listing date Oct 22, 2025

    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 Re/Max Realty Central

    HighLights

    • Built in 1916 as the Murphysboro Elks Lodge; locally known as the “Old Elks Building”
    • Downtown Murphysboro event center serving as the home of Rosie's Gaming
    • Event spaces include lounge, ballroom, renovated great hall, kitchens, lobbies, and an elevator
    • Gaming amenities plus a full bar and gaming machines included
    • Supports events for up to 500 guests
    • Two leased businesses/gaming parlors and two established event centers included as part of the sale

    Overview

    Built in 1916 as the Murphysboro Elks Lodge, this historic property now operates as the Murphysboro Event Center, also identified locally as the “Old Elks Building.” The building includes a lounge, gaming machines, a full bar, a ballroom, and a renovated Great Hall, along with kitchens, lobbies, and an elevator.

    The facility is positioned in downtown Murphysboro and is designed to support a wide range of programming, from smaller gatherings to grand receptions for up to 500 guests. In addition to the on-site event spaces, the offering includes a gaming facility and a leased building as part of the sale.

    For tenants, operators, and buyers seeking a ready-to-run entertainment and event use, the combination of ballroom space, bar service setup, and gaming capability can simplify the transition into a diversified hospitality operation. The building’s layout and established event infrastructure can also support alternative concepts such as a banquet hall, performance venue, gallery or cultural center, or conference space, subject to applicable approvals. The sale further includes two turnkey businesses—two gaming parlors and two established event centers—located in Herrin and operating out of leased property.
    Location Intelligence

    Current Use by Public Records

    Casinos

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Murphysboro
    County
    Jackson
    State
    Illinois
    Longitude
    -89.337131
    Latitude
    37.764264

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    FAQs

    What type of property is this?
    Casino - A 1916 Elks Lodge conversion offering a ballroom, bar, gaming, and event spaces for up to 500 guests.
    Where is this casino located?
    The property is located at 1329 WALNUT Street Murphysboro, IL.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: Built in 1916 as the Murphysboro Elks Lodge; locally known as the “Old Elks Building”; Downtown Murphysboro event center serving as the home of Rosie's Gaming; Event spaces include lounge, ballroom, renovated great hall, kitchens, lobbies, and an elevator
    (618) 924-3644 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Robert Davenport
    Robert Davenport
    Real Estate License ID: 471019751
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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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    1329 WALNUT Street, Murphysboro, IL 62966
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