Mixed-Use Building with Long-Term
19478 Springfield Road Groveland, Groveland, IL 61535
For Sale
$564,900
Newly remodeled mixed-use building with two apartments and three commercial units, fully occupied with long-term leases in place.
Property Size6,200 SF
Price / SF$91.11
Days on Market122
Property Features for 19478 Springfield Road Groveland
General Information
Standard status
Size
Total Parking Spaces
Zoning
Occupancy
Financials
Cap Rate
Business Included
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Tenancy
Listing Agency:
RE/MAX Traders Unlimited
Listed By:
Scott Cramer
(309) 722-1612
Source:
Realestatepeoria
Added: Jul 13
Changed: Oct 31
Last Checked: Oct 7 at 9:43AM
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 Traders Unlimited
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This fully occupied, newly remodeled mixed-use building includes two residential apartments and three commercial units. The property is described as having long-term tenants and long-term leases, with a reported in-place NOI of $51,216 and gross income of $62,556.
The listing is offered for sale as an income-producing property with minimal landlord responsibilities as stated in the remarks. It is positioned as a turn-key investment opportunity supported by the current occupancy and lease structure, along with the reported cap rate of 9.07%.
The building’s mix of residential and commercial units provides an income stream across five total units, all currently occupied.
The listing is offered for sale as an income-producing property with minimal landlord responsibilities as stated in the remarks. It is positioned as a turn-key investment opportunity supported by the current occupancy and lease structure, along with the reported cap rate of 9.07%.
The building’s mix of residential and commercial units provides an income stream across five total units, all currently occupied.
Key Highlights
- Mixed‑use building built in 1979 with 2 residential apartments and 3 commercial units
- Fully occupied with long‑term tenants and long‑term leases in place
- In‑place NOI of $51,216 and gross income of $62,556
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,948
Cap Rate
7.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$818,960
$819.0K
Cap Rate 7%
$584,971
$585.0K
Cap Rate 9%
$454,978
$455.0K
Market Conditions
NOI Build-Up for 6,200 SF
Gross rent
$63.2K $10.20/SF
− Vacancy
−$4.7K −$0.77/SF
EGI
$58.5K $9.44/SF
− OpEx
−$17.5K −$2.83/SF
NOI
$40.9K $6.60/SF
Area
Tazewell County, IL
Vacancy
7.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$818,960
Cap Rate 7%
$584,971
Cap Rate 9%
$454,978
Alternative Uses
Best Use
Multifamily LT 5
$585.0K
$511.9K – $682.5K
NOI $40,948 @ 7.0% cap · market cap 7.25%
Second Best
Mixed Use
$584.6K
$511.5K – $682.0K
NOI $40,920 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$2.43M
$2.12M – $2.83M
NOI $169,831 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Explore this area
Business Placement
Demographics for 61535, IL
1,748
Population
666
Households
2.6
Avg Household Size
44
Median Age
36%
College-Educated
90%
High-School Grad
7.4 sq mi
ZIP Area
236
Density / Sq Mi
$138,594
Median Household Income
$64,654
Median Earnings
$222,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Newly remodeled mixed-use building with two apartments and three commercial units, fully occupied with long-term leases in place.
Where is this mixed-use property located?
The property is located at 19478 Springfield Road Groveland Groveland, IL.
What is the asking price?
The asking price for this property is $564,900.
What are key features of this property?
This property features: Mixed‑use building built in 1979 with 2 residential apartments and 3 commercial units; Fully occupied with long‑term tenants and long‑term leases in place; In‑place NOI of $51,216 and gross income of $62,556
