Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    1638 E Grove Ave E, Unit 419 Rantoul, IL 61866

    Sponsored
    For Sale
    Contact for pricing

    LAND - Rantoul, IL

    Lot size:
    0.66 Acres
    Days on Market:
    131
    Last Refresh:
    Jan 20 at 1:06 pm

    Property Features for 1638 E Grove Ave E

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    COMMR
    APN
    200901127017
    Lot size
    0.66 Acres

    We can help!

    Listing Contact
    Herman Fogal
    Herman Fogal

    Realty 2000, Inc. (217) 892-2000 [email protected]

    Listing agent Herman Fogal (217) 840-1941

    Listing date Sep 12, 2025

    MLS# 09654530 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Commercial Land on Route 136

    This 0.66-acre commercial land is located on the east side of Rantoul, Illinois, on the busy Route 136. The property is situated near two shopping centers, medical facilities, and banking facilities. The land is very flat and features a sidewalk on the north side along Route 136. It is located across the street from Pizza Hut and adjacent to The Roofing Dog and Jordahl Chiropractic Clinic. Rural King and El Toro's are located just east of the property. A fire hydrant is situated in front of the property. Village utilities are nearby. The zoning is COMMR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rantoul
    County
    Champaign
    State
    Illinois
    Longitude
    -88.127602
    Latitude
    40.311775

    Nearby Similar for Sale

    • $1,475,000
      10.50 Acres

      Rantoul Tourist Attraction and Banquet

      Established tourist attraction and banquet center on 10.5 acres.
      1356 County Road 2900 N, Rantoul, IL 61866
      View Details
    • $233,000
      3.01 Acres

      Unique Property with Endless Potential

      Versatile 4800 SF property on 3 acres near Rantoul.
      1902 N County Road 3000 N, Rantoul, IL 61866
      View Details
    • $233,000
      3.01 Acres

      Unique Rantoul Property with Possibilities

      Versatile 4800 SF property on 3 acres near Rantoul.
      1902 N County Road 3000 N, Rantoul, IL 61866
      View Details
    • $185,000
      0.98 Acres

      Office and Storage Space

      Office and storage space with landscaping and parking.
      810 S Century Blvd, Rantoul, IL 61866
      View Details
    • $370,000
      2.01 Acres

      Rantoul Commercial Property with Fenced Yard

      Versatile commercial building with fenced yard in Rantoul, Illinois.
      121 E Neal Dr, Rantoul, IL 61866
      View Details
    • $224,900
      0.06 Acres

      Charming Storefront in Downtown Rantoul

      Two-story building with endless possibilities in a prime location.
      101 E Sangamon Ave, Rantoul, IL 61866
      View Details
    • New
      $695,000
      Pending

      Rantoul Multifamily Investment Opportunity

      Well-maintained 16-unit apartment complex in Rantoul, Illinois.
      1942 County Rd, Rantoul, IL 61866
      View Details
    • $2,240,000
      58 SF

      Turnkey Reindeer Ranch and Venue

      Established agritourism destination with banquet hall, gift shop, and farmhouse.
      1356 County Road 2900 North Rantoul, Rantoul, IL 61866
      View Details
    • $149,900
      3.40 Acres

      Prime Rantoul Commercial Theater

      Spacious theater, ample land, investment opportunity.
      101 Neal Dr, Rantoul, IL 61866
      View Details
    • $233,000
      4,800 SF

      Rantoul Commercial Building - $233K

      Spacious 4800 sq ft building, endless potential.
      1902 County Road 3000, Rantoul, IL 61866
      View Details
    • $149,900
      5.10 Acres

      Prime Rantoul Commercial Property

      Four Brick Dormitories, 288 Units
      101 Borman Dr, Rantoul, IL 61866
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial land on Route 136 near shopping and medical facilities.
    Where is this commercial land located?
    The property is located at 1638 E Grove Ave E, Unit 419 Rantoul, IL.
    What is the asking price?
    The asking price for this property is $23,000.
    What are key features of this property?
    This property features: - High-traffic location on Route 136.; - Proximity to shopping centers, medical facilities, and banks.; - Flat land with sidewalk access.
    (217) 840-1941
    Request Owner's contact information
    1638 E Grove Ave E, Unit 419 Rantoul, IL 61866
    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.
    1638 E Grove Ave E, Unit 419
    Rantoul, IL 61866
    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
    1638 E Grove Ave E, Unit 419 Rantoul, IL 61866
    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

    We can help!
    Listing Contact
    Herman Fogal
    Herman Fogal
    Real Estate License ID: 475098977
    (217) 840-1941
    Learn more
    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.