Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    000 Starling Dr Louisville, IL 62858

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $215,000

    Illinois Commercial Land: Versatile Venue, $215,000

    Property Features for 000 Starling Dr

    General Information

    Property type
    Restaurants

    Building Details

    Buildings
    1

    We can help!

    Listing Contact
    Rodney Hawkins

    Listing Agency: Midwest Farm & Land Co. LLC Listing Agent: Rodney Hawkins

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

    Learn more

    Overview

    This exceptional 4.22-acre property in Louisville, Illinois, presents a unique investment opportunity. Located on a quiet dead-end road near Flora, the site features a charming log cabin building previously used as a successful event venue. The rustic interior boasts a large open area, a substantial barn wood bar, and barn tin accents on the walls and ceiling, complemented by double French doors. The spacious layout is ideal for hosting various events, including birthday parties, bridal showers, and wedding receptions. An expansive outdoor area with picnic tables and a fire pit provides ample space for gatherings, with room for additional tented areas. The property's versatility extends beyond event hosting; its potential as a deer hunting lodge or traveler's rental is significant. With minimal modifications, the building could easily be converted into a comfortable residence. The property includes a mini-split heating and cooling system, 200-amp electrical service, a septic system, and rural water. The substantial acreage offers ample room for expansion or the construction of a new home. This property is priced at $215,000 and presents endless possibilities for a savvy investor. The property is zoned for commercial, restaurant, and warehouse uses. The existing building is heated and cooled and has a septic system and rural water. The property is located in Clay County, Illinois, with the address being 000 Starling Drive, Louisville, IL 62858.
    Property Profile Location Intelligence

    Current Use by Public Records

    Distribution centers

    Map

    City
    Louisville
    County
    Clay
    State
    Illinois
    Longitude
    -88.4745479
    Latitude
    38.7411594

    Nearby Similar for Sale

    • $199,000
      1,175 SF

      Louisville Commercial Property: 4.22 Acres

      Rustic Venue, Hunting Lodge, or Home Site
      000 Starling Dr, Louisville, IL 62858
      View Details

    FAQs

    What type of property is this?
    Restaurant - Illinois Commercial Land: Versatile Venue, $215,000
    Where is this restaurant located?
    The property is located at 000 Starling Dr Louisville, IL.
    What is the asking price?
    The asking price for this property is $215,000.
    What are key features of this property?
    This property features: $215,000 asking price.; 1-building property on 4.22 acres in Louisville, IL.; Located on a dead-end road near Flora, IL.
    Request Owner's contact information
    000 Starling Dr Louisville, IL 62858
    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.
    000 Starling Dr
    Louisville, IL 62858
    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
    000 Starling Dr Louisville, IL 62858
    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

    We can help!
    Listing Contact
    Rodney Hawkins
    Learn more
    Google sign-in failed. Please try again or use another login method.