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    500 W State St Jacksonville, IL 62650

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    58-unit multifamily property with distinctive architectural character in central Illinois.

    Property size:
    73,791 SF
    Lot size:
    2.23 Acres

    Property Features for 500 W State St

    General Information

    Standard status
    Active
    Size
    73,791 SF
    Lot size
    2.23 Acres

    We can help!

    Listing Contact
    Yianni Mouflouzelis
    Source: Crexi

    Listing Agency: Marcus & Millichap - Chicago Downtown Listing Agent: Yianni Mouflouzelis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Unique Multifamily Asset in Jacksonville

    Located at 500 W. State Street in Jacksonville, Illinois, School Apartments is a 58-unit multifamily property. Originally a school building, it was converted to multifamily use in 1983. The property features distinctive architectural character and durable construction. Its centralized location in an established residential corridor in Morgan County provides accessibility to employment, retail, and community services. The property is near neighborhood retail and daily needs shopping, with Jacksonville Shoppes and Wal-Mart Plaza approximately 1.5 miles away. Passavant Area Hospital, a primary healthcare provider, is two miles from the property. Illinois College contributes to rental demand from students, faculty, and staff. Located within the Jacksonville School District 117 attendance area and near major local roadways, the property is well-positioned within a stable residential submarket. Jacksonville is a key hub in Central Illinois, with employment in healthcare, education, corrections, government services, and light manufacturing. Major employers include Passavant Area Hospital, Illinois College, and Jacksonville Correctional Center. The city is connected to Springfield and surrounding communities via U.S. Route 67 and IL-104. The property has a total size of 73791 square feet.
    Location Intelligence

    Current Use by Public Records

    School Apartments Apartment Building

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Jacksonville
    County
    Morgan
    State
    Illinois
    Longitude
    -90.2357416
    Latitude
    39.7346272

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    FAQs

    What type of property is this?
    Apartment building - 58-unit multifamily property with distinctive architectural character in central Illinois.
    Where is this apartment building located?
    The property is located at 500 W State St Jacksonville, IL.
    What are key features of this property?
    This property features: - Unique architectural character from its original school building design, converted to multifamily in 1983.; - Centralized location in an established residential corridor, offering easy access to employment, retail, and community services.; - Conveniently located near Jacksonville Shoppes, Wal-Mart Plaza (1.5 miles), and Passavant Area Hospital (2 miles).
    Request Owner's contact information
    500 W State St Jacksonville, IL 62650
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    Jacksonville, IL 62650
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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
    500 W State St Jacksonville, IL 62650
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    Listing Contact
    Yianni Mouflouzelis
    Real Estate License ID: 475205207
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