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    203 2Nd St Gilman, IL 60938

    For Sale
    $195,000

    Historic Illinois building, 29,216 sq ft.

    Property size:
    29,216 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 29,216 square foot industrial property, located at 203 W 2nd St, Gilman, IL 60938, presents a unique investment opportunity. Built in 1877, this two-story structure is the oldest surviving commercial building in Gilman, boasting a rich history as a flax mill and various other businesses. Currently vacant, the substantial stone building offers immense potential for redevelopment. The asking price is $195,000, translating to $6.67 per square foot. Its mixed-use zoning allows for a wide range of possibilities, including but not limited to a banquet hall, restaurant, or motel. The property's size and historical significance make it an attractive proposition for investors seeking a unique and potentially high-return project. The building's substantial size and solid construction provide a strong foundation for adaptive reuse. This is a rare chance to acquire a piece of Illinois history and transform it into a thriving commercial venture. The property is classified as institutional investment for development, and its location in Iroquois County offers access to local amenities and transportation networks. Serious inquiries are encouraged.

    Property Features for 203 2Nd St

    General Information

    Property type
    Manufacturing properties
    Square Feet
    29,216 SF

    Building Details

    Year Built
    1877
    Buildings
    1
    Stories
    2

    HighLights

    • $195,000 asking price for this 29,216 square foot industrial/mixed‑use property.
    • Located at 203 W 2nd St, Gilman, IL 60938.
    • Features a 2‑story, 29,216 SF building constructed in 1877.
    • Priced at $6.67 per square foot.
    • Suitable for redevelopment; potential uses include banquet hall, restaurant, or motel.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Hair Salon Building Supply Clothing Store Auto Repair Shop Gym & Fitness Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gilman
    County
    Iroquois
    State
    Illinois
    Longitude
    -87.9952837
    Latitude
    40.7688011

    Nearby Comparable

    • $195,000

      Historic Gilman Commercial Building

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      203 2Nd St, Gilman, IL 60938
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      7,040 sq ft commercial space, 0.8-acre lot.
      610 Crescent St, Gilman, IL 60938
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    Nearby Similar for Sale

    • $195,000

      Historic Gilman Commercial Building

      Prime Location, Endless Potential
      203 2Nd St, Gilman, IL 60938
      View Details
    • $375,000
      7,040 SF

      Gilman Commercial Building - Great Investment

      7,040 sq ft commercial space, 0.8-acre lot.
      610 Crescent St, Gilman, IL 60938
      View Details

    FAQs

    What type of property is this?
    Manufacturing property - Historic Illinois building, 29,216 sq ft.
    Where is this manufacturing property located?
    The property is located at 203 2Nd St Gilman, IL.
    What is the asking price?
    The asking price for this property is $195,000.
    What are key features of this property?
    This property features: $195,000 asking price for this 29,216 square foot industrial/mixed-use property.; Located at 203 W 2nd St, Gilman, IL 60938.; Features a 2-story, 29,216 SF building constructed in 1877.
    Request Owner's contact information
    203 2Nd St Gilman, IL 60938
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    Gilman, IL 60938
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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
    203 2Nd St Gilman, IL 60938
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