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    31 Luxor Lndg Ln Goreville, IL 62939

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    For Sale
    Contact for pricing

    Build Your Dream Home, Enjoy Resort Amenities

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    406
    This exceptional 0-unit land parcel, Lot 31 Luxor Landing Lane in Goreville, Illinois (zip code 62939), presents a unique opportunity. Priced at $24,900, this property offers the perfect location to construct your ideal retirement villa. The lot's strategic position within the Luxor Landing Homeowners Association grants full access to the community clubhouse and a sizable in-ground pool overlooking the picturesque Lake of Egypt. Enjoy the convenience of golf cart accessibility within the community. A significant advantage is the common ground to the immediate right, minimizing the likelihood of future construction directly adjacent to the property. Furthermore, essential utilities are readily available, with water and sewer connections already in place. This lot presents a compelling investment prospect, with the potential to generate rental income from a future structure, potentially offsetting mortgage payments. The property's coordinates are 37.5919777 latitude and -88.9470872 longitude. Don't miss this chance to build your dream home in a desirable lakeside community.

    Property Features for 31 Luxor Lndg Ln

    General Information

    Property type
    Land

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    Listing Contact
    Richard Davis
    Richard Davis

    Learn more

    HighLights

    • $24,900 asking price.
    • 0.31‑acre lot located in Goreville, IL.
    • Johnson County location, zip code 62939.
    • Utilities available (water and sewer).
    • Lake of Egypt proximity with access to clubhouse and pool.
    • Part of Luxor Landing Homeowners Association.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Goreville
    County
    Johnson
    State
    Illinois
    Longitude
    -88.9470872
    Latitude
    37.5919777

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    FAQs

    What type of property is this?
    Land - Build Your Dream Home, Enjoy Resort Amenities
    Where is this land located?
    The property is located at 31 Luxor Lndg Ln Goreville, IL.
    What is the asking price?
    The asking price for this property is $24,900.
    What are key features of this property?
    This property features: $24,900 asking price.; 0.31-acre lot located in Goreville, IL.; Johnson County location, zip code 62939.
    (618) 997-6495
    Request Owner's contact information
    31 Luxor Lndg Ln Goreville, IL 62939
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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
    31 Luxor Lndg Ln Goreville, IL 62939
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    We can help!
    Listing Contact
    Richard Davis
    Richard Davis
    Real Estate License ID: 471-002549
    (618) 997-6495
    Learn more
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