Office Units with Tenant
For Sale
$689,900
215-221 N MAIN Street, Chatham, IL 62629
COMMERCIAL - Chatham, IL
Property Size3,238 SF
Price / SF$213.06
Days on Market346
Property Features for 215-221 N MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-2
Directions
Southwest corner of Walnut and Main, Chatham
Standard status
Active
APN
28120428014
Taxes and HOA fees
Tax Year
2024
Tax Description
ALL L 1,2&3 & E 30' L 4 B 3 VILLAGE OF CHATHAM
Tax Annual Amount
14101
Legal Description
ALL L 1,2&3 & E 30' L 4 B 3 VILLAGE OF CHATHAM
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Floors in Building
1
Flooring type
Carpet
Building materials
Brick, Frame
Roof type
Composition
Listing Agency:
The Real Estate Group, Inc.
(217) 787-7000
Listed By:
Jay Clark · License #475103848
(217) 725-3402
Added: Sep 7, 2025
Changed: Aug 4
Last Checked: Aug 18 at 1:06AM
MLS# CA1039020
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 office property occupies the southwest corner of Main Street and Walnut Street in Chatham, with a brick and frame construction profile. The interior is finished with carpet and includes forced-air heating and central air conditioning. Existing occupants include a hair salon and spa, along with a sports memorabilia business.
The property is addressed at 215-221 N Main Street and sits along IL 4, where the reported traffic count is 14,000 cars per day. McDonalds, AJ's, Hucks, Shell, and Sangamo Brewing are identified nearby. Water is available, public sewer serves the property, and the building carries B-2 zoning.
The property is addressed at 215-221 N Main Street and sits along IL 4, where the reported traffic count is 14,000 cars per day. McDonalds, AJ's, Hucks, Shell, and Sangamo Brewing are identified nearby. Water is available, public sewer serves the property, and the building carries B-2 zoning.
Key Highlights
- B‑2 zoning for the office property
- Southwest corner of Main Street and Walnut Street
- Reported traffic count of 14,000 cars per day
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
$37,156
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
5.39%
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%
$743,120
$743.1K
Cap Rate 7%
$530,800
$530.8K
Cap Rate 9%
$412,844
$412.8K
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
$58.3K $18.00/SF
− Vacancy
−$8.7K −$2.70/SF
EGI
$49.5K $15.30/SF
− OpEx
−$12.4K −$3.82/SF
NOI
$37.2K $11.48/SF
Area
Sangamon County, IL
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$743,120
Cap Rate 7%
$530,800
Cap Rate 9%
$412,844
Alternative Uses
Best Use
Office B
$530.8K
$464.5K – $619.3K
NOI $37,156 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$715.1K
$625.7K – $834.3K
NOI $50,059 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
14,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
336
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - The property has B-2 zoning, existing tenant spaces, and central air conditioning.
Where is this office units 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: B‑2 zoning for the office property; Southwest corner of Main Street and Walnut Street; Reported traffic count of 14,000 cars per day
