Former Church Apartment Complex
For Sale
Contact for pricing
700 3rd St, Carmi, IL 62821
14-unit apartment complex project for sale with significant potential.
Property Size12,600 SF
Price / SF$31.67
Days on Market898
Property Features for 700 3rd St
General Information
Standard status
Active
Size
12,600 SF
Class
C
Total Parking Spaces
60
Property subtype
Multifamily
Zoning
COMMERCIAL
Occupancy
15%
Investment Type
Value Add
Net Operating Income
$33,600
Building Details
Year Built
1929
Year Renovated
2023
Buildings
1
Stories
3
Units
14
Listing Agency:
EXP Realty, LLC
Listed By:
Lucas Neuffer · License #RB16001028
Source:
Crexi
Added: Mar 5, 2024
Changed: Aug 8
Last Checked: Aug 20 at 4:14AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 14-unit apartment complex is a former church that was converted into apartments. Construction began in 2023, but the owner has decided to sell the property before completion. Contractors are available to finish the project. The building features a mix of unit types, including one 3-bedroom unit, two 2-bedroom units, three studios, and eight 1-bedroom units. The building has a rubber roof that is in good condition, along with five HVAC systems, four of which are new. An adjacent large parking lot offers approximately 60 parking spots, with potential for storage units or additional buildings. Five units are new construction with new framing, insulation, plumbing, electrical, drywall, flooring, and paint, and require punch list items to be completed. Four units existed prior to the current owner's purchase and have been leased and are currently for lease if not occupied. The remaining four units are in various stages of construction, with two being framed out and the other two needing plumbing finished. As of January 2026, the building has two tenants and generates $1,440 per month in rent. The building has the potential to earn $10,000+ per month. The property size is 12,600 square feet.
Key Highlights
- High Income Potential: Building has potential to earn $10,000+ per month once fully leased.
- New Construction Units: Five units are brand new with new framing, insulation, plumbing, electrical, drywall, flooring, and paint.
- Large Parking Lot: Approximately 60 parking spots adjacent to the building offer potential for storage units or additional buildings.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
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Business Placement
Demographics for 62821, IL
7,083
Population
3,547
Households
2
Avg Household Size
46
Median Age
17%
College-Educated
85%
High-School Grad
170.5 sq mi
ZIP Area
42
Density / Sq Mi
$54,471
Median Household Income
$38,449
Median Earnings
$831
Median Rent
$107,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 14-unit apartment complex project for sale with significant potential.
Where is this apartment building located?
The property is located at 700 3rd St Carmi, IL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: High Income Potential: Building has potential to earn $10,000+ per month once fully leased.; New Construction Units: Five units are brand new with new framing, insulation, plumbing, electrical, drywall, flooring, and paint.; Large Parking Lot: Approximately 60 parking spots adjacent to the building offer potential for storage units or additional buildings.
