Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    229 S Mattis Ave Champaign, IL 61821

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Over 300,000 SF shopping center on 36 acres for sale.

    Lot size:
    36.26 Acres

    Property Features for 229 S Mattis Ave

    General Information

    Lot size
    36.26 Acres

    Building Details

    Year built
    1958

    We can help!

    Listing Contact
    Zach Wetherell, Ccim
    Source: Cbcworldwide

    Listing Agent: Zach Wetherell, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Champaign Retail Opportunity: Country Fair

    Country Fair Shopping Center, originally constructed between 1958 and 1960, encompasses over 300,000 square feet of building area spread across 36 acres. The property, located in the heart of Champaign, Illinois, is being offered for sale for the first time in over 30 years. The property includes three separate buildings. The building at 101-301 S. Mattis, totaling 211,780 square feet, houses tenants such as Sol Beauty, Talecris Plasma, Dollar Tree, and Karen’s Kloset. The building at 1910-2004 W. Springfield, comprising 65,970 square feet, is occupied by Big Lots, Kroger (Ruler Foods), and Dollar General. The building at 230-250 Country Fair Dr. is a 14,891 square foot building housing local TV station WICD. Additionally, there are three ground leases on outlots for a Thorntons Gas/Convenience Store, Chase Bank, First Federal ATM, and Taco Bell. There are up to 5 other potential outlots that could be ground leased or sold off to potential users.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Country Fair Shopping ... Shopping Center & Mall

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    Westgate Mall, Country Fair Shopping Center, Union Square, Coinstar Kiosk | Bitcoin ATM, Coin Cloud Bitcoin ATM

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.279347
    Latitude
    40.1149631

    Nearby Similar for Sale

    • $698,000
      5,700 SF

      Commercial Building Near Major Intersection

      Retail and office space with warehouse in high-traffic location.
      909 W Bloomington Rd, Champaign, IL 61821
      View Details
    • New
      $359,900
      Pending

      Warehouse/Office Condo in Champaign

      Warehouse/Office condo near Springfield Ave and Staley Rd intersection.
      412 S Staley Rd, Champaign, IL 61822
      View Details
    • Contact for pricing
      5,500 SF

      Bi-Level Retail Facility For Sale

      Unique bi-level retail facility on prime shopping hub outlot.
      6 Convenience Center Rd, Champaign, IL 61820
      View Details
    • $1,250,000
      5,865 SF

      Downtown Champaign Mixed-Use Building

      Prime mixed-use property in downtown Champaign with rental income.
      320 N Neil St, Champaign, IL 61820
      View Details
    • New
      $455,000
      0.19 Acres

      Turnkey 9-Unit Investment Property

      Fully renovated 9-unit building near Downtown Champaign.
      613 W Church St, Champaign, IL 61820
      View Details
    • $350,000
      1.15 Acres

      Champaign Retail/Service/Office Space For Sale

      High-traffic location with flexible floorplan in growing Champaign area.
      1207 N Mattis Ave, Champaign, IL 61821
      View Details
    • $3,850,000
      0.29 Acres

      Historic Downtown Champaign Mixed-Use Building

      Landmark building with retail, residential, and office space.
      41 E University Ave, Champaign, IL 61820
      View Details
    • $175,000

      Leased Residential Income Property

      Two-unit property with strong rental potential, currently leased.
      1507 N Mckinley Ave, Champaign, IL 61821
      View Details
    • $185,000

      Champaign Multifamily Investment Opportunity

      Multifamily property with strong rental history near amenities in Champaign, IL.
      1604 Kirk Ln, Champaign, IL 61821
      View Details
    • $5,000,000
      0.17 Acres

      Downtown Champaign Apartment Building Investment

      32-unit apartment building in downtown Champaign with strong leasing history.
      11 E Columbia Ave, Champaign, IL 61820
      View Details
    • $949,900
      5.00 Acres

      Versatile Commercial Property in Champaign

      Warehouse, office, acreage, and single-family rental near I-57.
      1069 County Road 900, Champaign, IL 61822
      View Details
    • $1,700,000
      0.09 Acres

      Established Liquor Store Business Opportunity

      Profitable liquor store business for sale in Champaign, Illinois.
      606 S 6Th St, Champaign, IL 61820
      View Details

    FAQs

    What type of property is this?
    Shopping center - Over 300,000 SF shopping center on 36 acres for sale.
    Where is this shopping center located?
    The property is located at 229 S Mattis Ave Champaign, IL.
    What are key features of this property?
    This property features: - Over 300,000 SF of building space on 36 acres in Champaign, IL.; - First time offered for sale in over 30 years.; - Diverse tenant mix including Big Lots, Kroger (Ruler Foods), Dollar General, Dollar Tree, and a local TV station (WICD).
    (217) 351-1988
    Request Owner's contact information
    229 S Mattis Ave Champaign, IL 61821
    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.
    229 S Mattis Ave
    Champaign, IL 61821
    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
    229 S Mattis Ave Champaign, IL 61821
    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
    Zach Wetherell, Ccim
    (217) 351-1988 (217) 821-8553 (217) 403-3374
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!