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    116 Park Ave Herrin, IL 62948

    For Sale
    $1,600,000

    Prime Commercial Land w/ Income

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional investment opportunity in Herrin, IL, presents a well-maintained building on a corner lot with high visibility from Route 148. The property includes three established commercial units, each with private entrances and updated spaces designed for optimal functionality. The largest commercial unit features a convenient drive-thru. Upstairs, there are four residential apartments: three two-bedroom, one-bathroom units, each with in-unit laundry, and one spacious, industrial-designed two-bedroom, one-bathroom unit, also with in-unit laundry. All residential units are currently occupied, providing immediate rental income. A dry basement offers ample storage. This property offers a blend of commercial and residential income streams, making it an attractive investment. The asking price is $1,600,000. The property is located at 116 N PARK Avenue, Herrin, IL 62948 and is commercially zoned. This is a rare opportunity to acquire a property with established tenants and multiple income streams in a desirable location. The property's prime location and diverse income potential make it a strong investment for the future.

    Property Features for 116 Park Ave

    General Information

    Property type
    Land

    HighLights

    • $1,600,000 asking price.
    • Commercial land located at 116 N Park Avenue, Herrin, IL 62948.
    • Three established commercial businesses with private entrances and updated spaces; one with a drive‑thru.
    • High visibility corner lot on Route 148.
    • Four residential apartments (three 2‑bed/1‑bath, one 2‑bed/1‑bath industrial‑style), all occupied with in‑unit laundry.
    • Dry basement for storage.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Herrin
    County
    Williamson
    State
    Illinois
    Longitude
    -89.0272172
    Latitude
    37.8040734

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    FAQs

    What type of property is this?
    Land - Prime Commercial Land w/ Income
    Where is this land located?
    The property is located at 116 Park Ave Herrin, IL.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: $1,600,000 asking price.; Commercial land located at 116 N Park Avenue, Herrin, IL 62948.; Three established commercial businesses with private entrances and updated spaces; one with a drive-thru.
    Request Owner's contact information
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    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
    116 Park Ave Herrin, IL 62948
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