Building Details

Floors in Building 1

Flooring type Carpet

Building materials Brick, Frame

Roof type Composition

Listing Agency: The Real Estate Group, Inc. m***@thegroup.com Show Phone

Listed By: Jay Clark · License #475103848 Show Phone

Added: Sep 15 Last Checked: Sep 17 at 12:06AM

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MLS# CA1046540

Copyright © 2026 RMLS Alliance. 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 mixed-use commercial property at 215-221 N MAIN Street in Chatham comprises 3,238 square feet divided into two spaces measuring 1,764 and 1,364 square feet. Current occupants include a hair salon and spa, along with a sports memorabilia business. The building features brick and frame construction, carpet flooring, forced-air heat, central air, a composition roof, available water, and public sewer.

Positioned at the southwest corner of Main St. (IL4) and Walnut, the property records traffic of 14,000 cars per day. McDonald's, AJ's, Huck's, Shell, and Sangamo Brewing are identified nearby. B-2 zoning supports the existing commercial setting, with the space described as suitable for insurance, accounting, and chiropractic office uses.

Key Highlights

• 3,238 square feet divided into 1,764‑square‑foot and 1,364‑square‑foot spaces
• B‑2 zoning at 215‑221 N MAIN Street, Chatham, IL 62629
• Southwest corner of Main St. (IL4) and Walnut

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

$25,111

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

3.64%

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%

$502,220 $502.2K

Cap Rate 7%

$358,729 $358.7K

Cap Rate 9%

$279,011 $279.0K

Market Conditions

NOI Build-Up for 3,238 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

$42.7K $13.20/SF

− Vacancy

−$2.6K −$0.79/SF

EGI

$40.2K $12.41/SF

− OpEx

−$15.1K −$4.65/SF

NOI

$25.1K $7.76/SF

Area

Sangamon County, IL

Vacancy

6.00%

Lease Rate

$13.20 /SF/Yr

Expense Ratio

37.50%

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%

$502,220

Cap Rate 7%

$358,729

Cap Rate 9%

$279,011

Alternative Uses

Best Use

Mixed Use

$358.7K

$313.9K – $418.5K (±1% cap)

NOI $25,111 @ 7.0% cap · market cap 3.64%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$715.1K

$625.7K – $834.3K (±1% cap)

NOI $50,059 @ 7.0% cap · market cap 7.26%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Spa & wellness properties

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Restaurant Building Supply Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

14,000 VPD

Traffic count

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

385

Businesses Nearby

Explore this area Business Placement

Demographics for 62629, IL

15,255

Population

6,160

Households

2.5

Avg Household Size

37

Median Age

50%

College-Educated

97%

High-School Grad

34.9 sq mi

ZIP Area

437

Density / Sq Mi

$106,373

Median Household Income

$60,951

Median Earnings

$1,159

Median Rent

$232,000

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - B-2 property with existing hair salon, spa, and sports memorabilia occupants at a highly exposed Chatham intersection.

Where is this mixed-use property located?

The property is located at 215-221 N MAIN Street Chatham, IL.

What is the asking price?

The asking price for this property is $689,900.

What are key features of this property?

This property features: 3,238 square feet divided into 1,764‑square‑foot and 1,364‑square‑foot spaces; B‑2 zoning at 215‑221 N MAIN Street, Chatham, IL 62629; Southwest corner of Main St. (IL4) and Walnut