Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Four Commercial Development Lots Title is generated by Realmo AI

    118 East Main Street, Colfax, IL 61728

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Four separately offered commercial parcels with public utilities available and located within a TIF district for development flexibility.

    Type:Land
    Added:
    May 31, 2026
    Days on Market:
    9
    Last Refresh:
    Jun 6 at 3:59 am

    Property Features for 118 East Main Street

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Chad Allen Lange

    Listing agent Chad Allen Lange License #475175130

    Listing office RE/MAX Rising

    Listing date May 31, 2026

    Source Compass

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

    All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Rising

    HighLights

    • Four separately offered commercial lots in Colfax’s business district
    • Public utilities are available for all parcels
    • All four lots are within a TIF district
    • Each parcel is offered individually, letting buyers choose the footprint that fits their plans
    • Combine multiple lots (or all four) to create a larger commercial development site

    Overview

    The offering consists of four commercial lots, each available individually so buyers can select the footprint that fits their plans. Offered as separate parcels or in combination, the site provides flexibility for a wide range of commercial development concepts. Public utilities are available for the lots, reducing one of the major upfront steps in moving from planning to construction.

    The properties are positioned in the heart of Colfax’s business district, surrounded by established businesses and community activity. The seller describes the parcels as highly visible and notes steady traffic in the area, which can support commercial storefront and service-oriented uses.

    For tenants, developers, and buyers seeking to control their development scope, the ability to purchase one lot or assemble multiple parcels can help match site size to programming needs. With all four lots located within a TIF district, buyers may be eligible for developer incentives and redevelopment assistance related to the district, subject to applicable requirements. Whether you plan a single build or a larger multi-lot project, these parcels offer a practical platform for new commercial construction in a centralized setting.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Big Box & Wholesale Store Kitchen & Bath Showroom Bar & Pub Cafe & Coffee Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Colfax
    County
    McLean
    State
    Illinois
    Longitude
    -88.6151102
    Latitude
    40.5667956

    FAQs

    What type of property is this?
    Commercial land - Four separately offered commercial parcels with public utilities available and located within a TIF district for development flexibility.
    Where is this commercial land located?
    The property is located at 118 East Main Street Colfax, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Four separately offered commercial lots in Colfax’s business district; Public utilities are available for all parcels; All four lots are within a TIF district
    (217) 714-1171
    We can help!
    Listing Contact
    Chad Allen Lange
    Real Estate License ID: 475175130
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    118 East Main Street, Colfax, IL 61728
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!