Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    1217 Main St Olney, IL 62450

    • Office Properties & Spaces
    • 2,300 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 1217 Main St

    Property size
    2,300 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional executive office space in Olney, Illinois, offers a total of 2,300 square feet currently available for lease. Located at 1217 E Main St, 62450, this property presents a fantastic opportunity for businesses seeking flexible and modern office solutions. The building is configured to accommodate multiple tenants, with spaces ranging from a minimum of 300 square feet to a maximum contiguous space of 2,000 square feet. This allows for scalability to suit various business needs, from small startups to larger established companies. The entire 2,300 square feet is currently vacant, providing immediate occupancy for a single tenant or the opportunity to divide the space among multiple tenants. Situated in Richland County, this property benefits from a convenient location within Olney, offering easy access to local amenities and transportation networks. The property type is classified as an office building, specifically designed for executive office use, ensuring a professional and efficient work environment. Interested parties are encouraged to inquire about lease terms and availability. This is a rare opportunity to secure high-quality office space in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Olney
    County
    Richland
    State
    Illinois
    Longitude
    -88.0725
    Latitude
    38.7309

    Comparable in this City

    • Value Estimation by Request

      Ground Behind 1909th Miller Tif

      OFFICE (GENERAL)
      Ground Behind 1909th Miller Tif, Olney, IL 62450
      View Details
    • Value Estimation
      $230,000
      4.48 Acres

      Rte 130

      OFFICE (GENERAL) • 4.48 Acres
      Rte 130, Olney, IL 62450
      View Details
    • Value Estimation by Request

      724 Cherry St

      OFFICE (GENERAL)
      724 Cherry St, Olney, IL 62450-1117
      View Details
    • Value Estimation
      $225,000
      5.47 Acres

      Miller Dr

      OFFICE (GENERAL) • 5.47 Acres
      Miller Dr, Olney, IL 62450
      View Details
    • Value Estimation by Request
      2.52 Acres

      701 West St

      Office Properties & Spaces • 2.52 Acres
      701 West St, Olney, IL 62450
      View Details
    • Value Estimation by Request

      724 Clem St

      OFFICE (GENERAL)
      724 Clem St, Olney, IL 62450-4737
      View Details

    Similar Nearby for Sale

    • $799,000
      11,700 SF

      Olney, IL Commercial Office Building

      Executive & Creative Office Space, 11,700 SF
      4295 Holly Rd, Olney, IL 62450
      View Details
    • $949,900
      99,000 SF

      99,000 SF Warehouse/Office Building

      99,000 SF warehouse and office space on 10+ acres.
      3471 N Union Dr, Olney, IL 62450
      View Details
    • New
      Contact for pricing
      0.10 Acres

      Residential Lot Near Downtown Olney

      Affordable residential lot near downtown Olney, Illinois.
      502 West Chestnut St, Olney, IL 62450
      View Details
    • $345,000
      2,375 SF

      Olney Industrial Property - $345K

      Flex/Warehouse space, 5.5 acres, great potential.
      600 Camp Ave, Olney, IL 62450
      View Details
    • $69,900
      1.14 Acres

      Olney Vacant Land For Sale

      1.14 acre lot in White Oaks Subdivision, build your dream home.
      5336 E Red Oak Ln, Olney, IL 62450
      View Details
    • $949,900
      10.03 Acres

      Olney Industrial Property - 10 Acres

      Spacious Warehouse & Office Space - 10 Acres
      3471 Union Dr, Olney, IL 62450
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1217 Main St
    Olney, IL 62450
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.