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    203 2Nd St Gilman, IL 60938

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    For Sale
    Contact for pricing

    Historic Illinois building, 29,216 sq ft.

    Property size:
    29,216 SF

    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

    We can help!

    Listing Contact
    Richard Hansen
    Richard Hansen

    Listing Agency: McColly Rosenboom Commercial Bourbonnais Listing Agent: Richard Hansen

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

    Learn more

    Property Insight Report

    Overview

    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 Profile Insight Report Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy Big Box & Wholesale Store

    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 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.
    (815) 939-1255 Call to check price and availability
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    203 2Nd St Gilman, IL 60938
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    Gilman, IL 60938
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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
    203 2Nd St Gilman, IL 60938
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Richard Hansen
    Richard Hansen
    Real Estate License ID: 471000534
    (815) 939-1255 (815) 383-4558
    Learn more
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