Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    404 Adams Rd Macomb, IL 61455

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    404 Adams Rd Macomb, IL 61455

    View on Map
    • Apartment buildings
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 404 Adams Rd

    Year built
    1970
    Property type
    Apartment buildings

    Description

    This exceptional 29-unit apartment portfolio in Macomb, Illinois, presents a compelling investment opportunity. The property comprises four buildings totaling 24,483 net rentable square feet, built in 1970. The unit mix includes three one-bedroom, seven two-bedroom apartments, eighteen two-bedroom townhomes, and one four-bedroom single-family house. Located just steps from Western Illinois University's main campus and a half-mile from downtown Macomb, this property benefits from a strong student population (over 7,000 students annually) and a walk score of 78. The current Net Operating Income (NOI) is $85,019, yielding a 7.33% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $140,879, resulting in a 12.14% pro-forma cap rate. This substantial projected growth offers a compelling return on investment. The asking price is $1,160,000, or $40,000 per unit. The property's prime location near the university and downtown Macomb ensures consistent occupancy and rental income. This portfolio offers an investor the chance to acquire a well-positioned multifamily asset with immediate cash flow and substantial upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Macomb
    County
    McDonough
    State
    Illinois
    Longitude
    -90.677
    Latitude
    40.4625

    Comparable in this City

    • Value Estimation by Request
      30,240 SF

      209 Charleston Blvd

      Multifamily properties • 30,240 SF
      209 Charleston Blvd, Macomb, IL 61455
      View Details
    • Value Estimation by Request
      0.83 Acres

      311 University Dr

      Multifamily properties • 0.83 Acres
      311 University Dr, Macomb, IL 61455
      View Details
    • Value Estimation by Request

      150 Carriage Hl

      Land
      150 Carriage Hl, Macomb, IL 61455
      View Details
    • Value Estimation by Request
      4.29 Acres

      1009 Candy Ln

      Land • 4.29 Acres
      1009 Candy Ln, Macomb, IL 61455
      View Details
    • Value Estimation by Request

      230 Arlington Dr

      Land
      230 Arlington Dr, Macomb, IL 61455
      View Details
    • Value Estimation by Request

      Macomb, IL 61455

      COMMERCIAL (GENERAL)
      Macomb, IL 61455
      View Details

    Similar Nearby for Sale

    • $279,000

      Seven-Unit Apartment Building Near WIU

      Seven-unit apartment building near WIU with income potential.
      605 W Orchard St, Macomb, IL 61455
      View Details
    • $205,000
      3,780 SF

      Mixed-Use Commercial Building on Square

      Well-maintained mixed-use building on Macomb's historic downtown square.
      11 East Side Sq, Macomb, IL 61455
      View Details
    • $179,000

      Macomb Triplex Near WIU

      Triplex near WIU with rental income potential.
      601 W Orchard St, Macomb, IL 61455
      View Details
    • $256,000

      Macomb Triplex Near WIU

      Triplex near WIU with potential for additional units.
      1613 W Adams St, Macomb, IL 61455
      View Details
    • $130,000
      2,600 SF

      Macomb Duplex Near WIU

      Duplex built in 2006, close to WIU and downtown.
      303 W Adams St, Macomb, IL 61455
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Furnished Office Spaces Available

      Multiple furnished office spaces for rent with included utilities.
      1420 E Carroll St, Macomb, IL 61455
      View Details
    • Contact for pricing

      Retail Space in Macomb, IL

      Retail space in vibrant Macomb, IL near Western Illinois University.
      212 E Calhoun St, Macomb, IL 61455
      View Details
    • Contact for pricing

      Retail/Office Center Near Wal-Mart

      Multi-tenanted retail and office spaces available near Super Wal-Mart.
      1690 E Jackson St, Macomb, IL 61455
      View Details
    • Contact for pricing

      Macomb Office Space Available

      Tastefully decorated and mostly furnished office space for rent.
      1420 E Carroll St, Macomb, IL 61455
      View Details
    • Contact for pricing
      1,000 SF

      Office/Flex/Retail Space For Lease

      Office, flex, or retail spaces available for lease.
      503 W Jackson St, Macomb, IL 61455
      View Details
    • Contact for pricing

      9.87 Acres Land For Rent

      9.87 acres of land available for rent.
      1600 E Jackson St, Macomb, IL 61455
      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.
    404 Adams Rd
    Macomb, IL 61455
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!