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    121-123 Main St Salem, IL 62881

    Sponsored
    For Sale
    $95,000

    Prime Downtown Location, High Income Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This 1940s building at 121-123 W MAIN Street, Salem, IL 62881, presents a unique investment opportunity. The property, encompassing land, office, and retail space, offers three separate commercial spaces on the main level, potentially combinable into one large unit. A newer HVAC unit serves the main floor. Upstairs, four rental units exist; one currently generates $550 monthly rent, while three others require renovation to become rentable. Previous tenants include The Added Touch, Salem Cycles, and Ritter Farms, showcasing the building's established commercial history. Some plumbing and electrical updates have already been completed. The building's location in Salem's downtown district offers significant income potential. Contact the City of Salem for information on available TIF funds and grants. This property requires sweat equity but holds substantial promise for a savvy investor. The asking price is $95,000.

    Property Features for 121-123 Main St

    General Information

    Property type
    Retail properties

    Building Details

    Year Built
    1940
    Buildings
    1

    HighLights

    • Asking Price: $95,000
    • Property Type: Land, Office, Retail Building (1940 construction) with three main‑level commercial spaces and four upper‑level residential units.
    • Located at 121‑123 W MAIN Street, Salem, IL 62881.
    • Main level features a newer HVAC unit and potential for single or multi‑tenant occupancy.
    • Upper level includes four residential units; one currently rented for $550/month, others needing renovation. Partial plumbing and electrical updates completed.
    • Potential for significant income generation; explore TIF funds and grants from the City of Salem.
    Property Profile 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
    Salem
    County
    Marion
    State
    Illinois
    Longitude
    -88.9464311
    Latitude
    38.6269501

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    FAQs

    What type of property is this?
    Retail property - Prime Downtown Location, High Income Potential
    Where is this retail property located?
    The property is located at 121-123 Main St Salem, IL.
    What is the asking price?
    The asking price for this property is $95,000.
    What are key features of this property?
    This property features: Asking Price: $95,000; Property Type: Land, Office, Retail Building (1940 construction) with three main-level commercial spaces and four upper-level residential units.; Located at 121-123 W MAIN Street, Salem, IL 62881.
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    Salem, IL 62881
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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
    121-123 Main St Salem, IL 62881
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