306 Westgate AveJacksonville, IL 62650

Property Details for 306 Westgate Ave

Lot size

0.46 AC

Property type

Commercial real estate

APN

09-18-303-002

APU

918303002

Description

This exceptional 4,377 square foot brick commercial building presents a compelling investment opportunity in a high-traffic area of Jacksonville, Illinois. Situated on Westgate Avenue, the property boasts excellent visibility and accessibility. The building is divided into two distinct units, offering flexibility for a variety of uses. The larger unit, currently vacant, encompasses over 3,000 square feet and features an attached garage, a half-bath, and dedicated office space, providing ample room for customization to suit a wide range of business needs. The possibilities are truly endless for this expansive space. The smaller unit, measuring approximately 1,200 square feet, is currently leased, generating consistent rental income. The property also includes a convenient parking lot, ensuring ample space for customers and employees. The building is well-maintained, reflecting a clear commitment to quality and pride of ownership. The seller is open to exploring creative financing or leasing options, making this an even more attractive proposition for prospective buyers. This is a rare opportunity to acquire a substantial commercial property in a prime location with significant upside potential. Don't miss out on this chance to own a piece of Jacksonville's thriving commercial landscape.

• CAP approach

  CAP return

  Valuation

  6%

  $6,075,800

  6.5%

  $5,608,430

  7%

  $5,207,820

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,562,160

  Geo Method

  $1,562,160

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $11,126,500

  Retail / Commercial

  $5,689,000

  Mixed-Use / Specialty

  $5,655,640

  Hospitality / Lodging

  $4,132,340

  Office

  $5,608,430

  Institutional / Educational

  $5,874,920

  Residential Income

  $6,873,650

  Multifamily

  $8,316,380

  Automotive / Energy

  $5,035,640

  Parking / Income-Based Land

  $1,750,660

  Restaurant / Food Service

  $2,913,640

  Healthcare / Senior Housing

  $5,813,170

Location Insight

City

Jacksonville

County

Morgan

State

Illinois

Latitude

39.74

Longitude

-90.2613

CBSA code

27300

CBSA name

JACKSONVILLE, IL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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