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

    700 3Rd St Carmi, IL 62821

    Sponsored
    For Sale
    $425,000

    Value-add multifamily investment opportunity.

    Property size:
    12,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 14-unit apartment building in Carmi, Illinois, presents a compelling value-add investment opportunity. Located at 700 3rd St, this three-story, 12,600 square foot brick complex boasts a 7.91% cap rate and a current NOI of $33,600. The property, built in 1929 and renovated in 2023, offers a mix of unit sizes: one 3-bedroom, two 2-bedroom, three studio, and eight 1-bedroom apartments. Five units are brand new, featuring new framing, insulation, plumbing, electrical, drywall, flooring, and paint, requiring only minor finishing touches. Four pre-existing units are currently leased or available for lease. The remaining five units are in various stages of construction, with two framed and two needing plumbing completion. The property includes a substantial 60-space parking lot, offering potential for expansion or additional income streams. The building features a well-maintained rubber roof and five HVAC systems, four of which are brand new. The property is zoned commercial and offers significant potential for increased income, with projections exceeding $10,000 in monthly revenue. This is a rare chance to acquire a multifamily property with a blend of completed and nearly completed units, offering immediate cash flow and significant upside potential. The asking price is $425,000, or $30,357 per unit. The current occupancy rate is 15%.

    Property Features for 700 3Rd St

    General Information

    Property type
    Multifamily properties
    Square Feet
    12,600 SF
    Class
    C

    Building Details

    Year Built/Renovated
    1929/2023
    Buildings
    1
    Stories
    3
    Units
    14

    HighLights

    • Strong Cash Flow Potential
    • Brand New Construction
    • Ample Parking Included
    • Experienced Contractors Already Engaged
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Carmi
    County
    White
    State
    Illinois
    Longitude
    -88.148657
    Latitude
    38.0697776

    Nearby Comparable

    • $199,000
      2,403 SF

      Charming Farmhouse with Modern Updates

      Updated 4-bedroom farmhouse with dream garage in central location.
      201 5Th St, Carmi, IL 62821
      View Details
    • $255,000

      Modern Commercial Building in Carmi

      Versatile commercial building with showroom, office, and workshop in Carmi.
      809 Oak St, Carmi, IL 62821
      View Details
    • $255,000

      Commercial Building in Carmi, IL

      Modern commercial building with showroom, office, and workshop in Carmi.
      809 Oak St, Carmi, IL 62821
      View Details
    • $450,000
      10,313 SF

      Carmi, IL Commercial Investment

      14-Unit Apartment Conversion, High ROI Potential
      700 3Rd St, Carmi, IL 62821
      View Details
    • $525,000

      Commercial Building in Premier Location

      Well-maintained 3600 sq ft building in Carmi's industrial park.
      1600 Sunset Dr, Carmi, IL 62821
      View Details
    • $60,000
      0.26 Acres

      Crossville Self-Storage Facility For Sale

      Well-maintained 20-unit self-storage facility with highway frontage in Crossville, IL.
      101 Fifth St, Crossville, IL 62827
      View Details
    • $185,000

      Crossville Hardware Store & Land

      Established Business, Prime Location
      200 Main St, Crossville, IL 62827
      View Details
    • $225,000
      1,550 SF

      Crossville Farmhouse with Equestrian Amenities

      10-acre country retreat featuring barns, workshop, and modern comforts.
      1972 Cr 1985 North, Crossville, IL 62827
      View Details

    Nearby Similar for Sale

    • $239,000
      2,600 SF

      Charming Farmhouse on 2.1 Acres

      Beautifully maintained 4-bedroom farmhouse with outbuilding and barn.
      598 County Road 1725 E, Carmi, IL 62821
      View Details
    • $199,000
      2,403 SF

      Charming Farmhouse with Modern Updates

      Updated 4-bedroom farmhouse with dream garage in central location.
      201 5Th St, Carmi, IL 62821
      View Details
    • $525,000

      Commercial Building in Premier Location

      Well-maintained 3600 sq ft building in Carmi's industrial park.
      1600 Sunset Dr, Carmi, IL 62821
      View Details
    • $255,000

      Modern Commercial Building in Carmi

      Versatile commercial building with showroom, office, and workshop in Carmi.
      809 Oak St, Carmi, IL 62821
      View Details
    • $255,000

      Commercial Building in Carmi, IL

      Modern commercial building with showroom, office, and workshop in Carmi.
      809 Oak St, Carmi, IL 62821
      View Details
    • $450,000
      10,313 SF

      Carmi, IL Commercial Investment

      14-Unit Apartment Conversion, High ROI Potential
      700 3Rd St, Carmi, IL 62821
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Value-add multifamily investment opportunity.
    Where is this multifamily property located?
    The property is located at 700 3Rd St Carmi, IL.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Strong Cash Flow Potential; Brand New Construction; Ample Parking Included
    Request Owner's contact information
    700 3Rd St Carmi, IL 62821
    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.
    700 3Rd St
    Carmi, IL 62821
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    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.

    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.

    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
    700 3Rd St Carmi, IL 62821
    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
    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.