Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    121-123 Main St Salem, IL 62881
    Back to Search
    Property profile & analytics

    121-123 Main St Salem, IL 62881

    View on Map
    • Commercial real estate
    • 7,500 SF
    For Sale
    $95,000
    View Listing →
    \"" Salem Cycles\"" and \""Ritter Farms\"". The Commercial location includes three separate spaces for three individual businesses or could be combined into one large location on the main level. The main floor Has a newer HVAC unit. The upstairs has four separate rental units one is currently rented for $550 a month the other three units need some TLC to get them in rentable condition. Some plumbing and electrical work has been done. With some vision and some sweat equity this building could be a great investment opportunity! NOTE: Call the City of Salem to discuss availability of Tiff funds and other possible grants available. Call today for your private showing!""""}""" For Sale
    $95,000
    7,500 SF

    \"" Salem Cycles\"" and \""Ritter Farms\"". The Commercial location includes three separate spaces for three individual businesses or could be combined into one large location on the main level. The main floor Has a newer HVAC unit. The upstairs has four separate rental units one is currently rented for $550 a month the other three units need some TLC to get them in rentable condition. Some plumbing and electrical work has been done. With some vision and some sweat equity this building could be a great investment opportunity! NOTE: Call the City of Salem to discuss availability of Tiff funds and other possible grants available. Call today for your private showing!""""}"""

    Historic Salem Commercial Building

    121-123 Main St, Salem, IL 62881
    View Listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 121-123 Main St

    Year built
    1940
    Property size
    7,500 SF
    Property type
    Commercial real estate

    Description

    Downtown Salem, IL - High Income Potential

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Illinois
    Longitude
    -88.9465
    Latitude
    38.627

    Comparable in this City

    • Value Estimation by Request
      1,960 SF

      2010 Mitchell St

      Commercial real estate • 1,960 SF
      2010 Mitchell St, Salem, IL 62881
      View Details
    • Value Estimation by Request

      805 Broadway Ave

      COMMERCIAL (GENERAL)
      805 Broadway Ave, Salem, IL 62881-2362
      View Details
    • Value Estimation by Request

      114 Church St

      COMMERCIAL (GENERAL)
      114 Church St, Salem, IL 62881-1614
      View Details
    • Value Estimation by Request
      0.80 Acres

      4215 County Farm Rd

      COMMERCIAL (GENERAL) • 0.80 Acres
      4215 County Farm Rd, Salem, IL 62881-5601
      View Details
    • Value Estimation by Request

      113 Cross Crk Blvd

      COMMERCIAL (GENERAL)
      113 Cross Crk Blvd, Salem, IL 62881-1921
      View Details
    • Value Estimation by Request
      7.37 Acres

      Hotze Rd

      COMMERCIAL (GENERAL) • 7.37 Acres
      Hotze Rd, Salem, IL 62881
      View Details

    Similar Nearby for Sale

    • $205,000
      3,168 SF

      206 Main St, Salem, IL 62881

      Commercial real estate • 3,168 SF
      206 Main St, Salem, IL 62881
      View Details
    • $485,000
      24,000 SF

      Salem Commercial Property - Huge Potential

      24,000 sq ft, 2.2 acres, high traffic area
      121 Westgate Ave, Salem, IL 62881
      View Details
    • $96,000
      1,113 SF

      Salem Commercial Building - Prime Location

      Downtown Salem, IL - Versatile Commercial Space
      300 Church St, Salem, IL 62881
      View Details
    • $95,000
      7,500 SF

      \"" Salem Cycles\"" and \""Ritter Farms\"". The Commercial location includes three separate spaces for three individual businesses or could be combined into one large location on the main level. The main floor Has a newer HVAC unit. The upstairs has four separate rental units one is currently rented for $550 a month the other three units need some TLC to get them in rentable condition. Some plumbing and electrical work has been done. With some vision and some sweat equity this building could be a great investment opportunity! NOTE: Call the City of Salem to discuss availability of Tiff funds and other possible grants available. Call today for your private showing!""""}"""

      Historic Salem Commercial Building
      121-123 Main St, Salem, IL 62881
      View Details
    • Contact for pricing

      Prime Commercial Lot in Salem

      6.05-acre commercial lot in Salem, Illinois, B3 Highway Business District.
      2019 W Main St, Salem, IL 62881
      View Details
    • $205,000

      Downtown Salem Restaurant - Turnkey!

      Established Restaurant, Updated, Ready to Go!
      206 Main St, Salem, IL 62881
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,000 SF

      Prime Retail Space in Salem

      Retail or office space with strong visibility and ample parking.
      606 W Main St, Salem, IL 62881
      View Details
    • Contact for pricing

      Land For Rent in Salem

      Land available for rent in Salem, Illinois.
      100 Holiday Ln, Salem, IL 62881
      View Details
    • $40,000

      Commercial Land Near Highway 50

      0.87 acre commercial land with utilities near Highway 50.
      100 Holiday Ln, Salem, IL 62881
      View Details
    View Listing
    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.
    121-123 Main St
    Salem, IL 62881
    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
    121-123 Main St, Salem, IL, 62881
    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!