Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    22.89 Acres Commercial Land Title is generated by Realmo AI

    Wells By-Pass Mt, Vernon, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Commercial land near I-57 and IL Rt. 15 intersection.

    Type:LAND
    Lot size:
    37.91 Acres
    Added:
    Oct 10, 2024
    Days on Market:
    580
    Last Refresh:
    Apr 5 at 8:45 pm

    Property Features for Wells By-Pass Mt

    General Information

    Standard status
    Active
    Lot size
    37.91 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Michael Pierceall
    Michael Pierceall

    Listing agent Michael Pierceall

    Listing office BARBERMurphy

    Listing date Oct 10, 2024

    Source Moodyscre

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

    All listing content including descriptions, pricing, images are the copyrighted material of BARBERMurphy

    HighLights

    • 22.89 acres of commercial land.
    • Located approximately a quarter‑mile from the I‑57 & IL Rt. 15 intersection.
    • All essential utilities border or are in close proximity to the site.
    • Located near major commercial developments.
    • Conceptual Development Plan depicts flexible division of the property based on end‑user needs.
    • Property is located within a TIF District.

    Overview

    This 22.89-acre commercial land parcel is situated along Wells By-Pass, approximately a quarter-mile from the southwest quadrant of the intersection of I-57 and Illinois Route 15. Essential utilities border or are in close proximity to the site. The property is located near major commercial developments. A conceptual development plan depicts a flexible layout for division of the property based on end-user needs. The property is located within a TIF District.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Vernon
    County
    Marion
    State
    Illinois
    Longitude
    -89.087
    Latitude
    38.8023

    Nearby Similar for Sale

    • $950,000

      Versatile Commercial Property on Broadway

      High-visibility commercial property with flexible space and residential dwelling.
      1719 Broadway, Mt Vernon, IL 62864
      View Details
    • $550,000
      4,760 SF

      Commercial Property with Storage Facility

      Commercial building, storage units, and open lot for sale.
      2801 & 2803 Veterans Memorial Drive, Mt Vernon, IL 62864
      View Details
    • $174,000

      Commercial Building in Prime Location

      Remodeled commercial building with income potential and flexible usage.
      903 Salem Road, Mt Vernon, IL 62864
      View Details
    • $675,000

      Prime Commercial Land Opportunity

      4 acres of commercial land in high-traffic area.
      605 S 42ND Street, Mt Vernon, IL 62864
      View Details
    • $98,000

      Versatile Commercial Property Package

      Multi-building commercial property with residential potential in Mt Vernon, IL.
      314 S 5TH Street, Mt Vernon, IL 62864
      View Details
    • $39,900

      Commercial Land on IL Hwy 37

      2.10 acres of commercial land with highway access.
      15752 N IL Hwy 37, Mt Vernon, IL 62864
      View Details
    • $149,900

      Commercial Building in High Traffic Area

      2700 SF commercial building on corner lot for sale.
      823 S 10TH Street, Mt Vernon, IL 62864
      View Details
    • $50,000

      4 Acres on Illinois Highway

      4 acres with access to I-57 & I-64.
      E Illinois Highway 15, Mt Vernon, IL 62864
      View Details
    • $22,000

      Cleared Lot Near Interstate 57

      Residential lot near amenities and I-57 in Mt Vernon.
      1701 Triangle Street, Mt Vernon, IL 62864
      View Details
    • $172,500

      Wooded Acreage with Scenic Views

      17.36 acres ideal for recreation, hunting, or homesite.
      19549 N Moonbeam Lane, Mt Vernon, IL 62864
      View Details
    • $1,049,000

      Prime Land Tracts Available

      Multiple land tracts available in Mt. Vernon, Illinois.
      0 Potomac Blvd, Mt. Vernon, IL 62864
      View Details
    • $115,500

      Commercial Lot For Sale

      Commercial lot in high-traffic area with city utilities.
      2906 BROADWAY, Mt Vernon, IL 62864
      View Details

    FAQs

    What type of property is this?
    Land - Commercial land near I-57 and IL Rt. 15 intersection.
    Where is this land located?
    The property is located at Wells By-Pass Mt Vernon, IL.
    What is the asking price?
    The asking price for this property is $947,750.
    What are key features of this property?
    This property features: 22.89 acres of commercial land.; Located approximately a quarter‑mile from the I‑57 & IL Rt. 15 intersection.; All essential utilities border or are in close proximity to the site.
    (618) 791-8396 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Michael Pierceall
    Michael Pierceall
    Learn More
    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.
    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

    Thank You for Inquiry
    Wells By-Pass, Mt Vernon, IL
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!