Your AI Navigator in Commercial Real Estate
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
    Back to Search
    Property profile & analytics

    112 4Th St Chillicothe, IL 61523

    • Warehouses
    • 1,856 SF
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 112 4Th St

    Year built
    1960
    Lot size
    0.04 lot acres
    Property size
    1,856 SF
    Property type
    Warehouses
    Property subtype
    Retail properties

    Description

    This 1,856-square-foot commercial building, situated on a 0.04-acre lot at 112 N 4th Street in Chillicothe, Illinois (zip code 61523), presents a compelling redevelopment opportunity. Built in 1960, this single-story structure boasts a C-2 zoning designation, ideal for a variety of commercial uses. Previously operating as a convenience store and gas station, all gas pumps, tanks, and related equipment have been removed, and a "No Further Remediation" letter is available. The property benefits from high visibility at the hard corner of N 4th Street and W Birch Street. Utilities are currently disconnected. The building's 1,856 square feet of net rentable space offers significant potential for renovation and adaptation to suit diverse business needs. This is a chance to capitalize on a prime location in a thriving area. The property is classified as Industrial, Land, and Retail, making it suitable for a range of commercial ventures. Serious inquiries are encouraged to explore this exceptional redevelopment prospect.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chillicothe
    County
    Peoria
    State
    Illinois
    Longitude
    -89.492
    Latitude
    40.908

    Comparable in this City

    • Value Estimation by Request

      723 2Nd St

      Medical offices
      723 2Nd St, Chillicothe, IL 61523
      View Details
    • Value Estimation by Request
      0.70 Acres

      322 Plz Dr

      Restaurants • 11,835 SF
      322 Plz Dr, Chillicothe, IL 61523
      View Details
    • Value Estimation by Request
      31.42 Acres

      11407 Il-6

      Land • 31.42 Acres
      11407 Il-6, Chillicothe, IL 61523
      View Details
    • Value Estimation by Request
      7.01 Acres

      Truitt Ave

      Land • 7.01 Acres
      0 Truitt Ave, Chillicothe, IL 61523
      View Details
    • Value Estimation by Request
      9,500 SF

      607 4Th St

      Lifestyle centers • 9,500 SF
      607 4Th St, Chillicothe, IL 61523
      View Details
    • Value Estimation by Request
      0.00 Acres

      305 Ash St

      INDUSTRIAL (GENERAL) • 0.00 Acres
      305 Ash St, Chillicothe, IL 61523-1603
      View Details

    Similar Nearby for Sale

    • $223,000

      Chillicothe Medical Office Building

      Downtown Chillicothe, IL - $223,000
      723 2Nd St, Chillicothe, IL 61523
      View Details
    • $120,000
      2,249 SF

      Chillicothe Retail Land Opportunity

      Prime C-3 zoned lot, 2,249 sq ft building.
      1206 Truitt Ave, Chillicothe, IL 61523
      View Details
    • $645,000
      31.42 Acres

      Chillicothe, IL Commercial Land

      31.42 Acres, I1 Zoning, High Traffic
      11407 Il-6, Chillicothe, IL 61523
      View Details
    • $690,000
      10,600 SF

      Chillicothe Retail Investment Opportunity

      10,600 SF Flex Space, High Traffic Area
      312 Plaza Park, Chillicothe, IL 61523
      View Details
    • $1,216,000
      3,415 SF

      Hardee's NNN Lease Investment Opportunity

      NNN leased Hardee's restaurant for sale in Chillicothe, Illinois.
      108 N 4Th St, Chillicothe, IL 61523
      View Details
    • $310,000
      11,835 SF

      CVS Pharmacy

      McDonald's
      322 Plz Dr, Chillicothe, IL 61523
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      10,600 SF

      Chillicothe Retail Space For Lease

      10,600 SF Retail Building, High Traffic Area
      312 Plaza Park, Chillicothe, IL 61523
      View Details
    • $12 SF/Yr
      9,100 SF

      Chillicothe Office Space For Lease

      Prime Chillicothe location, multiple suites available.
      226 4Th St, Chillicothe, IL 61523
      View Details
    • $7 SF/Yr
      12,500 SF

      Versatile Space in High-Traffic Location

      12,500 sq ft space suitable for office or retail.
      400 Plaza Park S, Chillicothe, IL 61523
      View Details
    • $11 SF/Yr
      5,200 SF

      Chillicothe Office Space - Main Street

      Prime Retail/Office Space - High Visibility
      420 4Th St, Chillicothe, IL 61523
      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.
    112 4Th St
    Chillicothe, IL 61523
    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.

    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
    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.