Office/Storage
For Sale
$119,900
417 W Walnut Street, Chillicothe, IL 61523
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 Market115
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 30 at 3:59AM
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 authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
347
Businesses Nearby
Explore this area
Business Placement
Demographics for 61523, IL
10,951
Population
4,773
Households
2.3
Avg Household Size
44
Median Age
27%
College-Educated
96%
High-School Grad
53.3 sq mi
ZIP Area
205
Density / Sq Mi
$74,100
Median Household Income
$45,229
Median Earnings
$907
Median Rent
$151,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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
