Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Light Industrial Land for Development Title is generated by Realmo AI

    2151 Formosa Rd, Troy, IL 62294

    View on Map
    Claim this Listing
    New
    For Sale
    Contact for pricing

    Zoned I-1 light industrial land with utilities and allowable outdoor storage for build-to-suit development.

    Type:LAND
    Lot size:
    2.68 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 2:26 am

    Property Features for 2151 Formosa Rd

    General Information

    Standard status
    Active
    Lot size
    2.68 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    David Wittenauer
    David Wittenauer

    Listing agent David Wittenauer License #1999074639

    Listing office Wittenauer Properties

    Listing date Jun 3, 2026

    Source Moodyscre

    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 Wittenauer Properties

    HighLights

    • Zoned I‑1 light industrial land with an Enterprise Zone designation
    • Utilities available and outdoor storage allowable
    • 1‑16 acres contiguous (with the option to divide), plus preliminarily plotted lots
    • Lots are approx. 450'± x 200'±, but sizes can be changed (2.07–8.89 acres noted)
    • Excellent I‑55 access with a new single‑point diamond interchange
    • Formosa Road TIF in place; build‑to‑suit development planned

    Overview

    This offering presents contiguous light industrial land zoned I-1, with utilities available. The seller indicates the site is preliminarily plotted into lots and is capable of being divided. Outdoor storage is allowable, and the property is also described as supporting build-to-suit arrangements.

    The location is identified as 2151 Formosa Rd in Troy, IL, with “excellent I-55 access” noted in the materials. The remarks further reference a new single-point diamond interchange, along with Enterprise Zone designation and the Formosa Road TIF.

    The subdividable, plotted configuration is designed to accommodate a range of tenant and user needs, while the build-to-suit approach can help operators align improvements with site requirements. The lot dimensions are described as approximately 450’± x 200’±, with the possibility of changes, providing flexibility for an industrial yard or other light industrial use where outdoor storage is part of the plan.
    Location Intelligence

    Current Use by Public Records

    Industrial land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Troy
    County
    Madison
    State
    Illinois
    Longitude
    -89.913988
    Latitude
    38.735456

    Nearby Similar for Sale

    • $325,000

      Remodeled Commercial Space in Troy

      Remodeled commercial space with new addition in downtown Troy.
      215 E Market Street, Troy, IL 62294
      View Details
    • $144,000

      Residential Land in Troy, Illinois

      4 +/- acre lot near Troy with city utilities.
      402 N Powell Street, Troy, IL 62294
      View Details
    • $184,000

      Residential Land in Troy, Illinois

      2.09 acre lot with city utilities near Troy amenities.
      2285 Staunton Road, Troy, IL 62294
      View Details
    • $61,000

      Residential Land in Troy, IL

      Corner lot in desirable Troy neighborhood, convenient location.
      420 Chamberlain Drive, Troy, IL 62294
      View Details
    • $164,000

      Residential Land in Troy, Illinois

      2.05 acre lot with city utilities near Troy amenities.
      2265 Staunton Road, Troy, IL 62294
      View Details
    • $184,000

      Residential Land in Troy, Illinois

      2.08 acre lot with city utilities near Troy, IL.
      2281 Staunton Road, Troy, IL 62294
      View Details
    • $164,000

      Residential Land in Troy, Illinois

      2.23 acre lot with city utilities near Troy amenities.
      2261 Staunton Road, Troy, IL 62294
      View Details
    • $184,000

      Residential Land in Troy, Illinois

      2.25 acre lot with city utilities near Troy, IL.
      2289 Staunton Road, Troy, IL 62294
      View Details
    • $125,000

      Residential Land in Troy, Illinois

      3.2 acre lot with city utilities near Troy amenities.
      332 N Kimberlin Street, Troy, IL 62294
      View Details
    • $1,212,000

      48.48 Acres Near Troy, IL

      48.48-acre property near Troy, IL, with farmland and mature timber.
      0 Lower Marine Road, Troy, IL 62294
      View Details
    • $134,900

      Residential Land in Troy, Illinois

      1.49 acre residential building site with utilities available.
      Xxx Maple Grove Rd., Troy, IL 62294
      View Details
    • $54,900

      Residential Lot in Triad District

      Vacant residential lot in the Triad School District.
      313 Park Street, Troy, IL 62294
      View Details

    FAQs

    What type of property is this?
    Industrial land - Zoned I-1 light industrial land with utilities and allowable outdoor storage for build-to-suit development.
    Where is this industrial land located?
    The property is located at 2151 Formosa Rd Troy, IL.
    What is the asking price?
    The asking price for this property is $321,037.
    What are key features of this property?
    This property features: Zoned I‑1 light industrial land with an Enterprise Zone designation; Utilities available and outdoor storage allowable; 1‑16 acres contiguous (with the option to divide), plus preliminarily plotted lots
    (618) 719-1197 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing David Wittenauer
    David Wittenauer
    Real Estate License ID: 1999074639
    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
    2151 Formosa Rd, Troy, IL 62294
    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!