Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    1214 Sloan St Harrisburg, IL 62946

    Sponsored
    For Sale
    $66,000

    Prime Commercial Lot, Huge Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This 62946 Harrisburg, IL commercial property, located at 1214 E Sloan Street, presents a unique investment opportunity at an asking price of $66,000. Currently configured as a salon, this versatile property offers significant potential for conversion to residential use. The substantial 882 square foot full dry basement provides ample additional space ideal for work or living areas, expanding the property's functionality. Recent upgrades include new windows and a newer HVAC system, further enhancing its value and appeal. A transferable Helitech warranty is included, providing peace of mind for the new owner. The property's location in Saline County offers easy access to local amenities and transportation routes. This is an exceptional opportunity to acquire a well-maintained property with considerable flexibility and potential for immediate return on investment. The lot's size is not specified in the provided information, but the existing building and basement offer significant square footage. The property is zoned for commercial use, but the potential for residential conversion makes it a highly attractive option for a variety of buyers. Serious inquiries are encouraged.

    Property Features for 1214 Sloan St

    General Information

    Property type
    Land

    We can help!

    Listing Contact
    TAMMY KISSING
    TAMMY KISSING

    Learn more

    Property Insight Report

    HighLights

    • $66,000 asking price for commercial land.
    • Located at 1214 E Sloan Street, Harrisburg, IL 62946.
    • Previously used as a salon, easily convertible to residential.
    • Features a full, dry 882 sq ft basement.
    • Includes newer windows and HVAC system with a transferable warranty.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisburg
    County
    Saline
    State
    Illinois
    Longitude
    -88.5275998
    Latitude
    37.7310641

    Nearby Comparable

    • $129,000

      Harrisburg Warehouse - $129K

      Prime Commercial Warehouse, Harrisburg, IL
      323 Raymond St, Harrisburg, IL 62946
      View Details
    • $129,000
      5,356 SF

      Harrisburg Commercial Building Investment

      Prime location, versatile space, great income potential.
      323 Raymond St, Harrisburg, IL 62946
      View Details
    • $110,000

      Commercial Building with Apartments

      Commercial building with retail space and residential apartments.
      323 E Raymond St, Harrisburg, IL 62946
      View Details
    • $65,000

      Prime Harrisburg Commercial Land

      $65,000 - Build Your Vision
      400 Main St, Harrisburg, IL 62946
      View Details
    • $475,000
      1.13 Acres

      High Visibility Commercial Corner Property

      Commercial building on a high-traffic corner with retail and office potential.
      404 N Commercial St, Harrisburg, IL 62946
      View Details
    • $280,000
      0.83 Acres

      Prime Harrisburg Commercial Space Available

      Versatile commercial property on high-traffic US Highway 45 N.
      618 N Commercial St, Harrisburg, IL 62946
      View Details
    • $180,000
      2.54 Acres

      Commercial Land in Harrisburg, IL

      Prime commercial land with high visibility and development potential.
      972 S Commercial St, Harrisburg, IL 62946
      View Details
    • $199,000
      0.90 Acres

      Commercial Land in High-Traffic Area

      High-visibility commercial land with concrete pad in place.
      630 N Commercial St, Harrisburg, IL 62946
      View Details
    • $150,000
      9.63 Acres

      Harrisburg Commercial Property with Acreage

      Commercial property in Harrisburg, IL with nearly 10 acres.
      201 W Barnett St, Harrisburg, IL 62946
      View Details

    Nearby Similar for Sale

    • $450,000
      0.98 Acres

      Harrisburg Commercial Medical Office Building

      Modern medical office building suitable for various commercial uses.
      30 Veterans Dr, Harrisburg, IL 62946
      View Details
    • $475,000
      1.13 Acres

      High Visibility Commercial Corner Property

      Commercial building on a high-traffic corner with retail and office potential.
      404 N Commercial St, Harrisburg, IL 62946
      View Details
    • $190,000

      Well-Maintained Office Building in Harrisburg

      Ready for new owners, flexible layout, co-owned parking lot.
      300 W Small St Unit, Harrisburg, IL 62946
      View Details
    • $280,000
      0.83 Acres

      Prime Harrisburg Commercial Space Available

      Versatile commercial property on high-traffic US Highway 45 N.
      618 N Commercial St, Harrisburg, IL 62946
      View Details
    • $110,000

      Commercial Building with Apartments

      Commercial building with retail space and residential apartments.
      323 E Raymond St, Harrisburg, IL 62946
      View Details
    • $150,000
      9.63 Acres

      Harrisburg Commercial Property with Acreage

      Commercial property in Harrisburg, IL with nearly 10 acres.
      201 W Barnett St, Harrisburg, IL 62946
      View Details
    • $180,000
      3,360 SF

      Harrisburg Commercial Space - Huge Potential

      Versatile 3360 sq ft building, ideal for various businesses.
      311 Small St, Harrisburg, IL 62946
      View Details
    • $129,000
      5,356 SF

      Harrisburg Commercial Building Investment

      Prime location, versatile space, great income potential.
      323 Raymond St, Harrisburg, IL 62946
      View Details

    FAQs

    What type of property is this?
    Land - Prime Commercial Lot, Huge Potential
    Where is this land located?
    The property is located at 1214 Sloan St Harrisburg, IL.
    What is the asking price?
    The asking price for this property is $66,000.
    What are key features of this property?
    This property features: $66,000 asking price for commercial land.; Located at 1214 E Sloan Street, Harrisburg, IL 62946.; Previously used as a salon, easily convertible to residential.
    Request Owner's contact information
    1214 Sloan St Harrisburg, IL 62946
    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.
    1214 Sloan St
    Harrisburg, IL 62946
    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
    1214 Sloan St Harrisburg, IL 62946
    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

    We can help!
    Listing Contact
    TAMMY KISSING
    TAMMY KISSING
    Real Estate License ID: 475171532
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.