Prime Chatham Corner
For Sale
$689,900
215-221 N Main Street, Chatham, IL 62629
Excellent location in the heart of Chatham.
Property Size6,901 SF
Price / SF$199.91
Days on Market351
Property Features for 215-221 N Main Street
General Information
Standard status
Active
Size
6,901 SF
Property subtype
Commercial
Zoning
B-2
Taxes and HOA fees
Annual Taxes
$14,101
Building Details
Building Size
6,901 SF
Buildings
1
Listing Agency:
The Real Estate Group, Inc.
(217) 725-3402
Listed By:
Jay Clark · License #475103848
(217) 725-3402
Source:
Craggsrealtors
Added: Sep 7, 2025
Changed: Aug 23
Last Checked: Aug 21 at 10:13PM
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 The Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
Located in the heart of Chatham, this property occupies the southwest corner of Main St. (IL4) and Walnut. The property offers an investment opportunity for an end user, with the potential to offset ownership costs through tenant spaces, or as a strictly investment property. The space is suitable for insurance, accounting, or chiropractor offices. The total available square footage is 3,238, currently partitioned into two spaces of 1,764 sq ft and 1,364 sq ft. The location benefits from high visibility, with a traffic count of 14,000 cars per day. Current tenants include a hair salon and spa, and a sports memorabilia business. The property is in close proximity to McDonalds, AJ's, Hucks, Shell, and Sangamo Brewing.
Key Highlights
- Excellent location in the heart of Chatham on Main St. (IL4) and Walnut.
- Investment opportunity with potential for owner occupancy and tenant income.
- Total available space of 3,238 sq ft, divisible into two spaces (1,764 sq ft and 1,364 sq ft).
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
$39,600
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
5.74%
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%
$792,000
$792.0K
Cap Rate 7%
$565,714
$565.7K
Cap Rate 9%
$440,000
$440.0K
Market Conditions
NOI Build-Up for 3,451 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
$62.1K $18.00/SF
− Vacancy
−$9.3K −$2.70/SF
EGI
$52.8K $15.30/SF
− OpEx
−$13.2K −$3.82/SF
NOI
$39.6K $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%
$792,000
Cap Rate 7%
$565,714
Cap Rate 9%
$440,000
Alternative Uses
Best Use
Office B
$565.7K
$495.0K – $660.0K
NOI $39,600 @ 7.0% cap · market cap 5.74%
Second Best
Retail
$476.2K
$416.7K – $555.6K
NOI $33,337 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$762.2K
$666.9K – $889.2K
NOI $53,352 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
385
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?
Retail space - Excellent location in the heart of Chatham.
Where is this retail space 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: Excellent location in the heart of Chatham on Main St. (IL4) and Walnut.; Investment opportunity with potential for owner occupancy and tenant income.; Total available space of 3,238 sq ft, divisible into two spaces (1,764 sq ft and 1,364 sq ft).
