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    Multi-Family Investment Property Title is generated by Realmo AI

    300 E 2nd Street, Pana, IL 62557

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    Claim this Listing
    New
    For Sale
    $179,000

    5 Family or More - Pana, IL

    Property size:
    2,116 SF
    Lot size:
    0.26 Acres
    Price / SF:
    $84/SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 9:06 pm

    Property Features for 300 E 2nd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    11-25-22-104-007-00
    Size
    2,116 SF
    Lot size
    0.26 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2571

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Ceiling Fan(s), Multi Units, Window Unit(s)

    Building Details

    Year built
    1890
    Number of units
    7
    Architectural style
    Other

    We can help!

    Listing Contact
    Kelly Washburn
    Kelly Washburn

    Listing agent Kelly Washburn License #471002525

    Listing office Fayette County Real Estate 725 West Fillmore, Vandalia, IL

    Listing date Jun 2, 2026

    MLS# 25019756 Listing URL

    Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 7 one‑bedroom, one‑bathroom units; all units are currently rented
    • New roof installed in 2024
    • Apartment 4 has been renovated
    • Built in 1890

    Overview

    This multi-family investment property includes seven one-bedroom, one-bathroom units. All units are currently rented, providing immediate occupancy for an investor or an owner-operator looking to add income-producing real estate to their portfolio. Recent improvements include a new roof installed in 2024, and Apartment 4 has been renovated, adding additional value within the building.

    The property is located at 300 E 2nd Street in Pana, IL, in Christian County. The asset is situated on a 0.2571-acre lot and has a total property size of 2,116 square feet. Because the units are occupied, notice is required prior to scheduling a showing.

    With all units leased, this building may suit investors seeking a turn-key opportunity with existing rent roll. The roof replacement and renovation work already completed can also appeal to buyers who want to reduce near-term capital concerns while underwriting a residential income strategy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Pana
    County
    Christian
    State
    Illinois
    Longitude
    -89.078433
    Latitude
    39.388839

    FAQs

    What type of property is this?
    Apartment building - Seven rented one-bedroom units offer immediate income with recent roof replacement and partial renovation.
    Where is this apartment building located?
    The property is located at 300 E 2nd Street Pana, IL.
    What is the asking price?
    The asking price for this property is $179,000.
    What are key features of this property?
    This property features: 7 one‑bedroom, one‑bathroom units; all units are currently rented; New roof installed in 2024; Apartment 4 has been renovated
    (618) 322-5127
    We can help!
    Listing Contact
    Kelly Washburn
    Kelly Washburn
    Real Estate License ID: 471002525
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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
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