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    965 Goreville Rd Goreville, IL 62939

    Sponsored
    For Sale
    $825,000

    6-Unit Apartment Building, Excellent Investment

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    406
    This exceptional 6-unit apartment building, constructed in 2007, presents a compelling investment opportunity in Goreville, Illinois. Located at 965 Goreville Road, zip code 62939, the property boasts a prime location and features a secure building design prioritizing tenant comfort and security. The building comprises one structure with six identical units, each approximately 1000 square feet. Each unit includes two bedrooms, a full bathroom with a 5-foot easy-step-in shower, an eat-in kitchen equipped with an electric range, refrigerator, dishwasher, garbage disposal, and stackable washer/dryer. A sliding door in the living room leads to a private patio overlooking a beautifully landscaped common area. A significant advantage is the large, secure lobby entrance with individual keypads for enhanced security. Further enhancing the property is a 1458 square foot common area, complete with a private office, systems/storage room, and a public bathroom. The property also includes a 20' x 72' three-sided parking garage with assigned tenant bays and individual storage units. The blacktop driveway adds to the property's appeal. The building has maintained full occupancy since its opening and features private-pay tenants. Significant potential exists for future expansion given the ample available land. Architectural drawings and county aerial photos are available for review. The asking price for this fully occupied, privately owned property is $825,000.

    Property Features for 965 Goreville Rd

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    2007
    Buildings
    1
    Units
    6

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    Listing Contact
    LYNN BEASLEY
    LYNN BEASLEY

    Learn more

    HighLights

    • Six‑unit apartment building built in 2007, located at 965 Goreville Road, Goreville, IL 62939.
    • Each of the six identical units offers 1,000 square feet, two bedrooms, and a full bathroom.
    • Units feature eat‑in kitchens with appliances (range, refrigerator, dishwasher, disposal, stackable washer/dryer) and private patios.
    • Secure building with keypads, a large common area (1,458 sq ft) including a private office and storage, and a 20' x 72' three‑sided parking garage with assigned bays and storage units.
    • 100% occupancy with private‑pay tenants; significant expansion potential.
    • Asking price: $825,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Small apartment buildings

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Nail Salon Auto Parts Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Goreville
    County
    Johnson
    State
    Illinois
    Longitude
    -88.9227329
    Latitude
    37.5957718

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    FAQs

    What type of property is this?
    Multifamily property - 6-Unit Apartment Building, Excellent Investment
    Where is this multifamily property located?
    The property is located at 965 Goreville Rd Goreville, IL.
    What is the asking price?
    The asking price for this property is $825,000.
    What are key features of this property?
    This property features: Six-unit apartment building built in 2007, located at 965 Goreville Road, Goreville, IL 62939.; Each of the six identical units offers 1,000 square feet, two bedrooms, and a full bathroom.; Units feature eat-in kitchens with appliances (range, refrigerator, dishwasher, disposal, stackable washer/dryer) and private patios.
    Request Owner's contact information
    965 Goreville Rd Goreville, IL 62939
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    Goreville, IL 62939
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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
    965 Goreville Rd Goreville, IL 62939
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    We can help!
    Listing Contact
    LYNN BEASLEY
    LYNN BEASLEY
    Learn more
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