Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    24301 S William Dr Manhattan, IL

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $642,770

    32 acres of vacant farmland in Manhattan, Illinois.

    Type:LAND
    Lot size:
    32.30 Acres
    Added:
    Jun 16, 2025
    Days on Market:
    290
    Last Refresh:
    Mar 29 at 11:23 pm

    Property Features for 24301 S William Dr

    General Information

    Standard status
    Active
    Lot size
    32.30 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Mark Goodwin
    Mark Goodwin

    Listing agent Mark Goodwin License #471003664

    Listing office Goodwin & Associates Realestate

    Listing date Jun 16, 2025

    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 Goodwin & Associates Realestate

    Overview

    32 Acres Vacant Farmland

    This property features 32 acres of vacant farmland in Manhattan, Illinois. The land has frontage on S Cedar Road and a Soil Productivity Index (PI) of 124.7. Nearly 100% of the acres are tillable, making it suitable for continued agricultural production or potential development. The property is bordered by a residential neighborhood, Hanover Estates, on the north property line, and two residential lots on the west border.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Suggested Use

    Building Supply HVAC Service Cosmetic Store Florist

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

    Location Insight

    • Map
    • Local Demand
    City
    Manhattan
    County
    Will
    State
    Illinois
    Longitude
    -87.959
    Latitude
    41.4454

    Nearby Similar for Sale

    • $170,000

      Vacant Land in Manhattan, IL

      Expansive land in Manhattan, IL, ready for development.
      24232 S Bay To Bay Court, Manhattan, IL 60442
      View Details
    • $1,100,000

      Updated 6-Flat with Garage

      Well-maintained 6-unit building with garage in Manhattan, Illinois.
      235 Woodrow Street, Manhattan, IL 60442
      View Details
    • Contact for pricing
      5 SF

      5 Acres Commercial Land Available

      5 acres of commercial land in Manhattan, Illinois.
      509 South State Street, Manhattan, IL, 60442
      View Details
    • $3,734,780

      152 Acres Farmland Manhattan, IL

      152 acres of farmland with development potential in Manhattan, IL.
      West Baker Road, Manhattan, IL
      View Details
    • $2,816,000

      68 Acres Prime Commercial Land

      68 acres of vacant farmland for commercial development.
      23310 US 52, Manhattan, IL
      View Details
    • $1,365,000

      39 Acres Vacant Farmland

      39 acres of vacant farmland with industrial development potential.
      26811 S Kankakee St, Manhattan, IL
      View Details
    • $600,000

      10 Acres in Downtown Manhattan

      10 acres of land zoned for duplex units.
      W Waterford Lane, Manhattan, IL 60442
      View Details
    • $329,900

      Manhattan Land Parcel For Sale

      10-acre commercial land parcel at Route 52 and Bruns Rd.
      W Bruns Rd, Manhattan, IL
      View Details
    • $195,000

      Manhattan Land Parcel For Sale

      Land parcel available in Manhattan, Illinois.
      W Sweedler Rd, Manhattan, IL
      View Details
    • $487,500

      Manhattan, IL Farmland Opportunity

      32-acre parcel near Manhattan, IL, with development potential.
      W Sweedler Road, Manhattan, IL
      View Details
    • $329,900

      Undeveloped Farmland Near I-72

      389.12 acres of farmland with utilities near I-72.
      West Bruns Road, Manhattan, IL
      View Details
    • $2,816,000

      68 Acres Commercial Development Land

      68 acres of vacant farmland for commercial development.
      S Route 52, Manhattan, IL 60442
      View Details

    FAQs

    What type of property is this?
    Land - 32 acres of vacant farmland in Manhattan, Illinois.
    Where is this land located?
    The property is located at 24301 S William Dr Manhattan, IL.
    What is the asking price?
    The asking price for this property is $642,770.
    What are key features of this property?
    This property features: 32 acres of vacant farmland; High Soil Productivity Index (PI) of 124.7; Nearly 100% tillable acres
    (815) 741-2226
    We can help!
    Listing Contact
    Mark Goodwin
    Mark Goodwin
    Real Estate License ID: 471003664
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!