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    947 Knox Highway 27 Gilson, IL 61436

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    For Sale
    Contact for pricing

    Turn-key event space; historic charm.

    Property size:
    2,964 SF

    Property Features for 947 Knox Highway 27

    General Information

    Property type
    Land
    Square Feet
    2,964 SF
    Lot Size
    54,450 SF

    Building Details

    Buildings
    1

    We can help!

    Listing Contact
    Cassie Causey
    Cassie Causey

    Listing Agency: Century 21 Affiliated Galesburg Listing Agent: Cassie Causey

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 2,964 square foot event venue in Gilson, Illinois, presents a unique investment opportunity. Situated on a 1.25-acre lot at 947 Knox Hwy 27, this property boasts a renovated and updated building, perfect for a variety of events. The venue includes a charming wedding chapel featuring beautiful stained-glass windows and a rustic ambiance, a bride and groom dressing area, a spacious reception area, and a large prep space in the lower level. Recent improvements include a new roof, updated HVAC system, foundation work, refreshed bathrooms, and the addition of central air conditioning. The property also offers a small outdoor firepit area and ample space for outdoor events. All existing inventory is included in the sale price of $189,900. This turnkey operation is ideally suited for hosting weddings, birthday parties, showers, graduations, corporate events, and more. The property's location in Knox County, Illinois, zip code 61436, provides easy access for clients and guests. This is a rare chance to acquire an established and profitable event venue with significant recent upgrades. The property is ready for immediate use, offering a strong return on investment for the discerning buyer. Contact us today to schedule a viewing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Gilson
    County
    Knox
    State
    Illinois
    Longitude
    -90.2624112
    Latitude
    40.8384056

    Nearby Similar for Sale

    • $184,900
      2,964 SF

      947 Knox Highway 27, Gilson, IL 61436

      Commercial real estate • 2,964 SF
      947 Knox Highway 27, Gilson, IL 61436
      View Details

    FAQs

    What type of property is this?
    Land - Turn-key event space; historic charm.
    Where is this land located?
    The property is located at 947 Knox Highway 27 Gilson, IL.
    What is the asking price?
    The asking price for this property is $189,900.
    What are key features of this property?
    This property features: $189,900 asking price.; 1.25-acre lot with a 2,964 sq ft building.; Special purpose property; renovated event venue.
    (318) 780-5698 Call to check price and availability
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    947 Knox Highway 27 Gilson, IL 61436
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    Gilson, IL 61436
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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
    947 Knox Highway 27 Gilson, IL 61436
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Cassie Causey
    Cassie Causey
    Real Estate License ID: 475184455
    (318) 780-5698
    Learn more
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