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    Versatile Commercial Space in Homer Title is generated by Realmo AI

    307 E 2nd Street, Homer, IL 61849

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    COMMERCIAL - Homer, IL

    Type:Retail
    Added:
    Oct 7, 2025
    Days on Market:
    228
    Last Refresh:
    May 22 at 1:06 am

    Property Features for 307 E 2nd Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    INDUS
    Standard status
    Active

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Lots pt 22, pt 24, pt 26, pt 28, pt 30 Block 29 Coffeen and Groenendyke's Add and other land
    Tax Annual Amount
    12518

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1970
    Floors in Building
    1
    Number of units
    2

    We can help!

    Listing Contact
    Brandon Moore
    Brandon Moore

    Listing agent Brandon Moore License #475119265

    Listing office RE/MAX REALTY ASSOCIATES-CHA 2009 Fox Drive - Suite G, Champaign, IL

    Listing date Oct 7, 2025

    MLS# 12489776

    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.

    HighLights

    • Versatile 1,181 SF commercial space adaptable for various businesses.
    • Ample on‑site parking for customers and employees.
    • Additional 882 SF of loft storage space available.
    • Move‑in ready condition.
    • Property owners are open to build‑out options.
    • Convenient location with high visibility and accessibility.

    Overview

    This commercial space in Homer, Illinois, offers 1,181 square feet suitable for a storefront, retail shop, office, or other business ventures. The property includes on-site parking and is move-in ready. An additional 882 square feet of loft storage is available, providing flexibility for inventory and supplies. Previously used as a gun store and a food bank, the space has a history of community service. The layout and location are ideal for businesses such as a pawn shop, flower shop with delivery services, or professional office space. The property owners are open to build-out options to meet specific needs, subject to an agreed-upon lease. This adaptable space offers visibility, accessibility, and potential for growth.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Auto Repair Shop Kitchen & Bath Showroom Grocery & Convenience Store Food Market HVAC Service Barber Shop Bakery (Bike/Boat/Book/etc) Store Home Appliance Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Homer
    County
    Champaign
    State
    Illinois
    Longitude
    -87.955313
    Latitude
    40.037102

    FAQs

    What type of property is this?
    Retail space - Adaptable commercial space suitable for retail, office, or storefront.
    Where is this retail space located?
    The property is located at 307 E 2nd Street Homer, IL.
    What are key features of this property?
    This property features: Versatile 1,181 SF commercial space adaptable for various businesses.; Ample on‑site parking for customers and employees.; Additional 882 SF of loft storage space available.
    (217) 373-4964
    We can help!
    Listing Contact
    Brandon Moore
    Brandon Moore
    Real Estate License ID: 475119265
    Learn More
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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
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