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    1824 E Main St Danville, IL 61832

    Sponsored
    For Sale
    $650,000

    COMMERCIAL - Danville, IL

    Lot size:
    0.92 Acres
    Days on Market:
    112
    Last Refresh:
    Jan 19 at 9:06 am

    Property Features for 1824 E Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    COMMR
    APN
    23101160260000
    Lot size
    0.92 Acres

    Building Details

    Floors in Building
    2

    We can help!

    Listing Contact
    Moses Hall

    MoHall Commercial & Urban Development LLC (312) 826-9925 [email protected]

    Listing agent Moses Hall (312) 826-9925

    Listing date Sep 30, 2025

    Copyright © 2025 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

    Operating Motel with Development Potential

    The American Inn Motel, situated on approximately 0.92 acres across three parcels, offers a hospitality asset with additional land for development or expansion. The property features 33 exterior-entry guest rooms and a 3-bedroom apartment suitable for owner occupancy or rental income. A new roof has been installed with warranty. Located on East Main Street (U.S. Route 136), the property is near Interstate 74 and within Danville's Campus Corridor TIF District, which may offer financial incentives. The location is near the VA Illiana Health Care System, Danville Area Community College (DACC), and the Golden Nugget Danville Casino. The motel reported a gross income of $249,320 in 2023, up from $199,793 in 2022, with nightly rates ranging from $65 to $85. The motel caters to transient highway travelers, extended-stay guests, workforce lodging, and visiting families. Danville is undergoing a resurgence fueled by public-private investment, industrial expansion, and infrastructure growth. Major employers include Carle Health, AutoZone Distribution Center, Watchfire Signs, Viscofan, and multiple state and federal institutions. The recent opening of the Golden Nugget Casino adds a tourism and entertainment layer to the city's evolving economy. The site is zoned B1 Neighborhood Business, offering flexibility for future repositioning or redevelopment, whether hospitality, multifamily, or mixed-use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    American Inn Motel Motel Ship Guy Auto ... Trucking Company Action Amusement Amusement Machine Supplier

    Suggested Use

    Law Firm Restaurant Dental Office Clothing Store Building Supply Gym & Fitness Daycare Center Auto Repair Shop Kitchen & Bath Pharmacy

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

    Similar Places Nearby

    American Inn Motel, VAMC Danville

    Location Insight

    • Map
    • Local Demand
    City
    Danville
    County
    Vermilion
    State
    Illinois
    Longitude
    -87.593748
    Latitude
    40.131708

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    FAQs

    What type of property is this?
    Motel - 33-room motel with land on a strategic arterial corridor.
    Where is this motel located?
    The property is located at 1824 E Main St Danville, IL.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: - Strategic location in Danville's Campus Corridor TIF District, near major demand generators offering potential financial incentives.; - Operating 33-room motel with stable cash flow: $249,320 gross income in 2023, up from $199,793 in 2022.; - Additional land included (0.92 acres total across three parcels) providing development potential.
    (312) 826-9925
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    1824 E Main St Danville, IL 61832
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    Danville, IL 61832
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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
    1824 E Main St Danville, IL 61832
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    We can help!
    Listing Contact
    Moses Hall
    Real Estate License ID: 471019687
    (312) 826-9925
    Learn more
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