Office/Storage
417 W Walnut Street Chillicothe, IL 61523
For Sale
$119,900
Converted residential property with office rooms, reception space, storage areas, and eight designated on-site parking spaces.
Property Size1,277 SF
Price / SF$93.89
Days on Market109
Property Features for 417 W Walnut Street
General Information
- Standard status
- Active
- Size
- 1,277 SF
- Property subtype
- General Commercial
Listing Agency:
RE/MAX Traders Unlimited
(309) 657-0063
Listed By:
Rich Gillespie · License #475118423
Source:
Xome
Added: Apr 7
Changed: Jul 23
Last Checked: Jul 24 at 5:31AM
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
Investment Insights
Based on property information with market context.
This converted residential property is currently suited for a mix of office and storage use. The main level includes a welcoming front entry into a foyer, a reception or common area, three private office spaces, a dedicated storage room, and a half bathroom. An upper level offers two additional rooms that can be used for storage or file organization; these upper rooms do not have heat or A/C. There is also a partial basement that houses the mechanicals.
The property includes eight designated on-site parking spaces for convenient access. Updates include a furnace and A/C replacement in 2009 and a roof replacement in 2010.
The property was previously utilized as an appraisal office, and it is described as zoned C 2. The layout supports operations that need both workspace and storage within a practical interior configuration.
The property includes eight designated on-site parking spaces for convenient access. Updates include a furnace and A/C replacement in 2009 and a roof replacement in 2010.
The property was previously utilized as an appraisal office, and it is described as zoned C 2. The layout supports operations that need both workspace and storage within a practical interior configuration.
Key Highlights
- Converted residential property with reception/common space, multiple offices, and storage areas
- Zoned C‑2; previously used as an appraisal office
- Main level includes 3 private offices, a storage room, and a half bathroom
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $16.5k | $12.96 |
| − Vacancy | −$1.3k | −$1.04 |
| EGI | $15.2k | $11.92 |
| − OpEx | −$4.6k | −$3.58 |
| NOI | $10.7k | $8.35 |
1,277 SF · lease $12.96/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Office B
$235.6K
$206.2K – $274.9K
NOI $16,492 @ 7.0% cap · market cap 13.75%
Second Best
Retail
$152.3K
$133.2K – $177.6K
NOI $10,658 @ 7.0% cap · market cap 8.89%
Theoretical Best
Multifamily LT 5
$1.12M
$977.5K – $1.30M
NOI $78,198 @ 7.0% cap · market cap 65.22%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
FAQs
What type of property is this?
Office building - Converted residential property with office rooms, reception space, storage areas, and eight designated on-site parking spaces.
Where is this office building located?
The property is located at 417 W Walnut Street Chillicothe, IL.
What is the asking price?
The asking price for this property is $119,900.
What are key features of this property?
This property features: Converted residential property with reception/common space, multiple offices, and storage areas; Zoned C‑2; previously used as an appraisal office; Main level includes 3 private offices, a storage room, and a half bathroom
