Three-Tenant Retail
For Sale
$850,000
1205 S Mattis Avenue, Champaign, IL 61821
COMMERCIAL - Champaign, IL
Property Size6,200 SF
Lot Size0.55 Acres
Price / SF$137.10
Days on Market147
Property Features for 1205 S Mattis Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
South of Springfield, North on Mattis
Subdivision
Champaign, Savoy
Standard status
Active
APN
442015432017
Lot size
0.55 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Lot 3 Meadow Fair Sub 2
Tax Annual Amount
12855
Legal Description
Lot 3 Meadow Fair Sub 2
Utilities
Cooling system
Central Air
Amenities
front and rear parking
Building Details
Year built
1977
Floors in Building
1
Number of units
3
Listing Agency:
LANDMARK REAL ESTATE
(217) 352-1933
Listed By:
Rose Price · License #475122445
(217) 352-1933
Added: Mar 25
Changed: Aug 4
Last Checked: Aug 18 at 6:06AM
MLS# 12596553
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This retail property at 1205 S Mattis Avenue comprises approximately 6,200 square feet on a 0.5508-acre parcel. Built in 1977, the commercial building is occupied by three established tenants and includes central air conditioning. Front and rear parking serve the building, providing on-site access for occupants and visitors.
A new roof was installed in 2025, representing a completed capital improvement for the property. The asset is located in Champaign, Illinois, and carries COMMR zoning. Its multi-tenant configuration and existing occupancy provide a defined commercial layout for continued retail use.
A new roof was installed in 2025, representing a completed capital improvement for the property. The asset is located in Champaign, Illinois, and carries COMMR zoning. Its multi-tenant configuration and existing occupancy provide a defined commercial layout for continued retail use.
Key Highlights
- Approximately 6,200 square feet of retail space
- Three established tenants in place
- New roof installed in 2025
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$52,419
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,048,380
$1.0M
Cap Rate 7%
$748,843
$748.8K
Cap Rate 9%
$582,433
$582.4K
Market Conditions
NOI Build-Up for 6,200 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$81.8K $13.20/SF
− Vacancy
−$7.0K −$1.12/SF
EGI
$74.9K $12.08/SF
− OpEx
−$22.5K −$3.62/SF
NOI
$52.4K $8.45/SF
Area
Champaign County, IL
Vacancy
8.50%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,048,380
Cap Rate 7%
$748,843
Cap Rate 9%
$582,433
Alternative Uses
Best Use
Retail
$748.8K
$655.2K – $873.7K
NOI $52,419 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,292 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
Business Placement
Demographics for 61821, IL
29,057
Population
13,751
Households
2.1
Avg Household Size
36
Median Age
50%
College-Educated
95%
High-School Grad
7.7 sq mi
ZIP Area
3,774
Density / Sq Mi
$69,284
Median Household Income
$40,225
Median Earnings
$1,001
Median Rent
$174,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property with established occupants, dual-side parking, central air, and COMMR zoning.
Where is this retail space located?
The property is located at 1205 S Mattis Avenue Champaign, IL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Approximately 6,200 square feet of retail space; Three established tenants in place; New roof installed in 2025
