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    700 3Rd St Carmi, IL 62821
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    700 3Rd St Carmi, IL 62821

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    • Apartment buildings
    • 12,600 SF
    For Sale
    $349,000
    View Listing →
    Former Church Apartment Complex Project For Sale
    $349,000
    12,600 SF

    Former Church Apartment Complex Project

    14-unit apartment complex project for sale with significant potential.

    700 3rd St, Carmi, IL 62821
    View Listing
    Property ID
    US28-4910761
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 700 3Rd St

    Year built
    1929
    Property size
    12,600 SF
    Property type
    Apartment buildings

    Description

    This is a 14 unit complex that is a former church turned into apartments. The construction was started in 2023 and owner has decided to sell rather than finish project. There are contractors that could be in place to finish the current project. The building has a steady mix of units: One 3 bedroom, Two 2 bedrooms, Three Studios, and 8 One Bedrooms The building has a rubber roof that is in good condition and has 5 HVAC systems, 4 of which are brand new. There is a large parking lot adjacent to the building with approximately 60 parking spots that could be used for storage units or additional buildings. Five of the units are brand new construction: New framing, insulation, plumbing, electrical, drywall, flooring, paint. These units need punch list items to be completed. Four of the units are existing prior to current owner purchase and have been leased and currently are for lease if not occupied. The remaining four units are in various stages of construction with two being framed out and the other two needing plumbing finished. As of January 2026 the building currently has 2 tenants, and makes $1,440 a month in rent. Building has potential to earn $10,000+ per month.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Carmi
    County
    White
    State
    Illinois
    Longitude
    -88.1644413
    Latitude
    38.0945104

    Comparable in this City

    • $100,000

      Carmi Vacant Land with Utilities

      Eleven in-town lots with utilities in a quiet area.
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      Vacant Land in Edgewood Estates

      Residential land in Carmi, IL, located in Edgewood Estates.
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    • $36,000
      2.66 Acres

      Carmi, IL Vacant Land

      2.66 acres of vacant land in Colony West Subdivision.
      14 Colony West, Carmi, IL 62821
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      Vacant Land Ready for Development

      Vacant lot available for development in Carmi, Illinois.
      1 Roser Dr, Carmi, IL 62821
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    • $345,000
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      Move-in Ready Commercial Building

      Open span steel frame building with ample parking.
      1214 Oak St / Hwy 14, Carmi, IL 62821
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      0.34 Acres

      Carmi, IL Building Lot

      Desirable 15,000 sq ft building lot in Carmi, IL.
      116 Iris Ln, Carmi, IL 62821
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    Similar Nearby for Sale

    • $450,000
      10,313 SF

      Carmi, IL Commercial Investment

      14-Unit Apartment Conversion, High ROI Potential
      700 3Rd St, Carmi, IL 62821
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      Vacant Land Ready for Development

      Vacant lot available for development in Carmi, Illinois.
      1 Roser Dr, Carmi, IL 62821
      View Details
    • $36,000
      2.66 Acres

      Carmi, IL Vacant Land

      2.66 acres of vacant land in Colony West Subdivision.
      14 Colony West, Carmi, IL 62821
      View Details
    • $345,000
      3,750 SF

      Move-in Ready Commercial Building

      Open span steel frame building with ample parking.
      1214 Oak St / Hwy 14, Carmi, IL 62821
      View Details
    • Contact for pricing
      0.34 Acres

      Carmi, IL Building Lot

      Desirable 15,000 sq ft building lot in Carmi, IL.
      116 Iris Ln, Carmi, IL 62821
      View Details
    • $100,000

      Carmi Vacant Land with Utilities

      Eleven in-town lots with utilities in a quiet area.
      715 Old Orch, Carmi, IL 62821
      View Details
    View Listing
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    Carmi, IL 62821
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    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
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