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    108 Broadway Goreville, IL 62939

    Sponsored
    For Sale
    $350,000

    Prime Commercial Land, Goreville, IL

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    406
    This exceptional commercial land parcel, located at 108 N Broadway in Goreville, Illinois, 62939, is offered at $350,000. Built in 2013, this property features a single building with significant interior square footage, adaptable to a variety of commercial uses. The property includes two bathrooms, catering to both staff and clients. A key advantage is the expansive parking lot, providing ample space for employees and customers, ideal for businesses anticipating high traffic volume. The location in downtown Goreville ensures high visibility and easy access, making it suitable for retail, office, or service-based businesses. The property's versatility and prime location offer significant potential for growth and profitability. This is a rare opportunity to acquire a well-maintained commercial property in a thriving Illinois community. The property's spacious layout allows for customization to meet specific business needs, maximizing its potential for success. The strategic location in the heart of Goreville ensures maximum exposure to the local community and visitors, providing a strong foundation for commercial success. Don't miss this chance to own a versatile and profitable commercial property.

    Property Features for 108 Broadway

    General Information

    Property type
    Land

    Building Details

    Year Built
    2013
    Buildings
    1

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    Listing Contact
    Aaron Coon
    Aaron Coon

    Learn more

    HighLights

    • $350,000 asking price for commercial land at 108 N Broadway, Goreville, IL 62939.
    • 2013‑built single building with substantial interior space suitable for various commercial uses.
    • Includes two bathrooms.
    • Large parking lot accommodating high traffic volume.
    • High‑visibility downtown Goreville location, ideal for retail, office, or service businesses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Subway Sandwich Shop

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Goreville
    County
    Johnson
    State
    Illinois
    Longitude
    -88.9725514
    Latitude
    37.5562041

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    FAQs

    What type of property is this?
    Land - Prime Commercial Land, Goreville, IL
    Where is this land located?
    The property is located at 108 Broadway Goreville, IL.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: $350,000 asking price for commercial land at 108 N Broadway, Goreville, IL 62939.; 2013-built single building with substantial interior space suitable for various commercial uses.; Includes two bathrooms.
    Request Owner's contact information
    108 Broadway Goreville, IL 62939
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    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
    108 Broadway Goreville, IL 62939
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    We can help!
    Listing Contact
    Aaron Coon
    Aaron Coon
    Learn more
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