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    Property profile & analytics

    320 Main St Colfax, IL 61728

    • Commercial real estate
    For Sale
    View listing
    $300,000
    Value Estimation
    Location Intelligence
    Property ID
    US28-2109155
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 320 Main St

    Property type
    Commercial real estate
    APN
    17-02-155-012
    APU
    1702155012

    Description

    This exceptional investment opportunity presents a ten-unit multifamily property located at 320 E Main Street, Colfax, Illinois. The property encompasses 5,487 square feet and sits on a 0.79-acre lot. Crucially, this property participates in the USDA Section 515 program, meaning rents are subsidized by the United States Department of Agriculture. Prospective buyers must possess a thorough understanding of and qualification for participation in government-subsidized housing programs like Section 515. Detailed financial information is available upon request to qualified buyers who demonstrate their familiarity with the USDA's requirements for purchasing such properties. It's important to note that this sale includes a package deal with an additional 34 units located in Gibson City, Illinois (MLS# 11617011). This presents a significant portfolio acquisition opportunity for investors experienced in this specific niche of the real estate market. The property is offered at $300,000 and represents a compelling investment for those meeting the necessary qualifications and possessing the expertise to manage properties within the USDA Section 515 program. Serious inquiries only from qualified buyers are encouraged.

    Value Estimation

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

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Colfax
    County
    Mclean
    State
    Illinois
    Longitude
    -88.6114
    Latitude
    40.5665
    CBSA code
    14010
    CBSA name
    BLOOMINGTON, IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,764
    $5,290
    $56,472
    $61,762
    -
    $15,870
    $169,416
    $185,286

    Comparable in this City

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      118 Main St

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      118 Main St, Colfax, IL 61728
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      113 Main St

      COMMERCIAL (GENERAL) • 1,300 SF
      113 Main St, Colfax, IL 61728-9265
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      115 Main St

      COMMERCIAL (GENERAL) • 1,000 SF
      115 Main St, Colfax, IL 61728-9265
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      111 Main St

      COMMERCIAL (GENERAL)
      111 Main St, Colfax, IL 61728
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    • Value Estimation by Request
      0.22 Acres

      109 Wn St

      COMMERCIAL (GENERAL) • 0.22 Acres
      109 Wn St, Colfax, IL 61728-8943
      View Details

    Similar Nearby for Sale

    • $300,000
      5,487 SF

      Colfax Multifamily Investment Opportunity

      Ten-unit complex, USDA Section 515 program.
      320 Main St, Colfax, IL 61728
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    • $369,000

      101 Center St, Colfax, IL 61728

      Commercial real estate
      101 Center St, Colfax, IL 61728
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    • $1,386,000

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    320 Main St
    Colfax, IL 61728
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    Realmo Value Estimation

    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.

    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
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