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

    497 Berrien St Galesburg, IL 61401

    • Commercial real estate
    For Sale
    View listing
    $75,000
    Last Sale
    Aug 21, 2025
    $75,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0715017
    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

    • The store / Bar

    Property Details for 497 Berrien St

    Property type
    Commercial real estate
    APN
    99-14-152-009
    APU
    9914152009

    Description

    This exceptional Galesburg commercial property presents a unique investment opportunity. Located at 497 E Berrien Street, this 5,100+ square foot building sits on a 0.34-acre lot and offers a diverse income stream. The main business is an established bar featuring a spacious bar area, comfortable seating, a dedicated gaming area, restrooms, and a small kitchen. Adding to the appeal is a pleasant outdoor beer garden, perfect for warmer months. Beyond the bar, the property includes two income-generating apartments, providing supplemental revenue. The building's versatile layout and ample space offer potential for expansion or adaptation to suit various business needs. The property is zoned M-1 Light Industrial, providing flexibility for future uses. Its excellent location offers easy access to both downtown Galesburg and the south side of town, ensuring high visibility and convenient access for patrons and residents. Priced at $95,000, this property represents a compelling opportunity for investors seeking a blend of established income and significant growth potential. The combination of a thriving bar, rental apartments, and prime location makes this a truly remarkable investment prospect. The property's size and zoning allow for a variety of future uses, making it an adaptable and valuable asset. Don't miss this chance to acquire a well-established and profitable commercial property in a desirable Galesburg location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Galesburg
    County
    Knox
    State
    Illinois
    Longitude
    -90.3628
    Latitude
    40.9428
    CBSA code
    23660
    CBSA name
    GALESBURG, IL MICROPOLITAN 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
    $2,513
    $7,060
    $19,410
    $26,470
    -
    $21,180
    $58,230
    $79,410

    Comparable in this City

    • Value Estimation by Request
      9.70 Acres

      9 Co Hwy

      Land • 9.70 Acres
      9 Co Hwy, East Galesburg, IL 61401
      View Details
    • Value Estimation by Request
      12,000 SF

      571 North St

      Commercial real estate • 12,000 SF
      571 North St, Galesburg, IL 61401
      View Details
    • Value Estimation by Request
      14,280 SF

      102-108 Main St

      Commercial real estate • 14,280 SF
      102-108 Main St, Galesburg, IL 61401
      View Details
    • Value Estimation by Request
      5.70 Acres

      618 Us Hwy 150th E

      COMMERCIAL (GENERAL) • 5.70 Acres
      618 Us Hwy 150th E, Galesburg, IL 61401-8311
      View Details
    • Value Estimation by Request
      0.44 Acres

      1968 Henderson St

      COMMERCIAL (GENERAL) • 0.44 Acres
      1968 Henderson St, Galesburg, IL 61401-1325
      View Details
    • Value Estimation by Request

      1338 Henderson St

      COMMERCIAL (GENERAL)
      1338 Henderson St, Galesburg, IL 61401-1513
      View Details

    Similar Nearby for Sale

    • $700,000
      0.84 Acres

      Galesburg Commercial Land Outlot

      High-traffic, 0.84-acre commercial lot.
      0 National Blvd, Galesburg, IL 61401
      View Details
    • $160,000
      8,000 SF

      Historic Galesburg Commercial Building

      8,000 sq ft, prime downtown location
      415-419 Main St, Galesburg, IL 61401
      View Details
    • $40,000
      0.40 Acres

      Galesburg Commercial Land - $40K

      Prime Commercial Lot, High Traffic Area
      484 Henderson St, Galesburg, IL 61401
      View Details
    • $40,000
      2,832 SF

      Galesburg Commercial Building - Great Potential

      Versatile Commercial Space, 2832 sq ft, $40,000
      600 Holton St, Galesburg, IL 61401
      View Details
    • $600,000

      Galesburg Commercial Building - $600K

      17,250 SF Multi-Use Commercial Property
      468 Berrien St, Galesburg, IL 61401
      View Details
    • $1,450,000
      14.03 Acres

      Galesburg Commercial Development Land

      High-traffic location, endless potential.
      2028 Seminary St, Galesburg, IL 61401
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      1,246 SF

      Downtown Main Street Retail/Office Space

      Prime location, 1246 sq ft, single tenant.
      251 Main St, Galesburg, IL 61401
      View Details
    • Contact for pricing
      5,021 SF

      Galesburg Retail Space: Prime Location

      5,021 SF Retail Space - High Visibility
      187 Losey St, Galesburg, IL 61401
      View Details
    • Contact for pricing
      1,500 SF

      Galesburg Retail Space: Prime Location

      1,500 SF Retail Space, Ample Parking
      23 Farnham St, Galesburg, IL 61401
      View Details
    • $8 SF/Yr
      7,462 SF

      Freestanding Retail Property Sublease Opportunity

      Freestanding retail property for sublease on a half-acre lot.
      1110 E Main St, Galesburg, IL 61401
      View Details
    • $12 SF/Yr
      2,550 SF

      Galesburg Commercial Warehouse Space

      High-Visibility Warehouse & Office Space in Galesburg, IL
      825 Henderson St, Galesburg, IL 61401
      View Details
    • $4 SF/Yr
      36,000 SF

      Knox Hwy Industrial Property

      36,000 SF Warehouse, 3.79 Acres
      252 Knox Highway 10, Galesburg, IL 61401
      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.
    497 Berrien St
    Galesburg, IL 61401
    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.
    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.