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    Mixed-Use Downtown Office/Retail Title is generated by Realmo AI

    146 N Vermilion St, Danville, IL 61832

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    For Sale
    $120,000

    Two buildings under one roof offer flexible office and retail configurations plus shared parking and storage.

    Property size:
    4,800 SF
    Price / SF:
    $25/SF
    Added:
    Apr 7, 2026
    Days on Market:
    58
    Last Refresh:
    Jun 3 at 2:14 am

    Property Features for 146 N Vermilion St

    General Information

    Standard status
    Active
    Size
    4,800 SF

    We can help!

    Listing Contact
    Keeley Stalcup
    Keeley Stalcup

    Listing agent Keeley Stalcup License #RB20000219

    Listing office eXp Realty

    Listing date Apr 7, 2026

    Source Exprealty

    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 eXp Realty

    HighLights

    • Commercial property in Downtown Danville on Vermilion St. with two buildings under one roof totaling 4,800 sq ft
    • One side features multiple office spaces, including a conference area and kitchen; the other side is used for consignment/retail sales
    • New roof, plus a dry basement with lots of storage
    • Public parking at the front and 2 private parking spaces at the back
    • Part of the TIF district (Tax Increment Financing), which may provide assistance for reconfiguring and updating

    Overview

    This offering features two buildings under one roof totaling 4,800 square feet, arranged to support both office and retail-style use. One side is currently configured with multiple office spaces, including a conference area and kitchen, while the other side is being used for consignment and retail sales. The layout is adaptable, making it well suited for businesses that want to operate in one area while using the remainder for leasing or an alternative concept.

    Situated in downtown Danville on Vermilion Street, the property benefits from a convenient business location. It includes public parking at the front of the building, along with two private parking spaces in the back, helping support both visitors and staff. The building also includes a new roof and a dry basement with substantial storage, which can be valuable for day-to-day operations and reconfiguration needs.

    For buyers and operators, the mix of office amenities and retail-ready space provides a practical foundation for a range of small business and professional uses. The fact that the property is part of the TIF district may offer assistance for reconfiguring and updating, which can help align the space with your intended program. With the ability to keep one side active while renting the other, this is a strong fit for owners looking for flexible, income-capable space in a central setting.
    Location Intelligence

    Current Use by Public Records

    Dukes, Ryan, Freed ... Law Firm Dukes Ryan Meyer ... Law Firm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Daycare Center Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Danville
    County
    Vermilion
    State
    Illinois
    Longitude
    -87.630044
    Latitude
    40.127903

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    FAQs

    What type of property is this?
    Office units - Two buildings under one roof offer flexible office and retail configurations plus shared parking and storage.
    Where is this office units located?
    The property is located at 146 N Vermilion St Danville, IL.
    What is the asking price?
    The asking price for this property is $120,000.
    What are key features of this property?
    This property features: Commercial property in Downtown Danville on Vermilion St. with two buildings under one roof totaling 4,800 sq ft; One side features multiple office spaces, including a conference area and kitchen; the other side is used for consignment/retail sales; New roof, plus a dry basement with lots of storage
    (765) 585-4606
    We can help!
    Listing Contact
    Keeley Stalcup
    Keeley Stalcup
    Real Estate License ID: RB20000219
    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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