700 3rd St, Carmi, IL 62821

Building Details

Year Built

1929

Listing office EXP Realty, LLC

Listing date Mar 5, 2024

Source Crexi

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All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty, LLC

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Overview

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.

Suggested Use

Real Estate Agency Dental Office Skin Care Clinic Department Store Hotel & Motel Building Supply Cafe & Coffee Shop Computer & Electronic Repair Electrical Service Furniture & Home Goods

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

Location Insight

• Map
• Local Demand

City

Carmi

County

White

State

Illinois

Longitude

-88.1644413

Latitude

38.0945104

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FAQs

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.