603 Broad St Jonesboro, IL 62952
- Commercial real estate
- 0.25 lot acres
Current Use by Public Records
- A J Video / Video Store
Property Details for 603 Broad St
- Lot size
- 0.25 lot acres
- Property type
- Commercial real estate
- APN
- 05-30-04-061
- APU
- 53004061
Description
This exceptional commercial property, situated on a hill in the bustling town of Jonesboro, Illinois, presents a unique investment opportunity. The main building, formerly a grocery store, boasts an impressive 22,000 square feet of space. This expansive area includes well-appointed office space, a convenient break room, separate men's and women's restrooms, ample storage, a walk-in cooler, and a functional loading dock, making it ideal for a variety of businesses. A second building, slightly over 2,200 square feet, is currently leased to a long-term tenant, providing immediate and consistent rental income. The property also features a substantial paved parking lot equipped with lighting, ensuring convenient access and ample space for customers and employees. The high-traffic location guarantees excellent visibility and accessibility, making this property an attractive prospect for entrepreneurs and investors alike. The combined square footage of both buildings totals 21,696 square feet, offering significant flexibility and potential for expansion or diversification. This property is priced at $500,000 and presents a compelling opportunity to capitalize on a prime commercial location in a thriving community. The property sits on a lot with no acreage listed.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $245,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $245,000
- 6.5%
- $230,000
- 7%
- $235,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $245,000
- Geo Method
- $215,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $280,000
- Retail
- $265,000
- Mixed-Use
- $255,000
- Hospitality
- $250,000
- Educational
- $260,000
- Residential Income
- $245,000
- Energy
- $250,000
- Income-Based Land
- $290,000
- Food Service
- $260,000
Location Insight
- Map
- Local Demand
- City
- Jonesboro
- County
- Union
- State
- Illinois
- Longitude
- -89.2835
- Latitude
- 37.4353