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    Champaign Retail Opportunity: Country Fair Title is generated by Realmo AI

    229 S Mattis Ave Champaign, Champaign, IL 61821

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

    Type:Land
    Property size:
    300 SF
    Added:
    Sep 10, 2025
    Days on Market:
    254
    Last Refresh:
    Apr 5 at 8:37 pm

    Property Features for 229 S Mattis Ave Champaign

    General Information

    Standard status
    Active
    Size
    300 SF
    Property subtype
    Land

    Building Details

    Year Built
    1958

    We can help!

    Listing Contact
    Zach Wetherell, CCIM
    Zach Wetherell, CCIM

    Listing agent Zach Wetherell, CCIM

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Sep 10, 2025

    Source Cbcworldwide

    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 Coldwell Banker Commercial Devonshire Realty

    HighLights

    • 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).
    • Includes three separate buildings: 101 – 301 S. Mattis (211,780 SF), 1910 – 2004 W. Springfield (65,970 SF), and 230 – 250 Country Fair Dr. (14,891 SF).
    • Existing ground leases with Thorntons Gas/Convenience Store, Chase Bank, First Federal ATM, and Taco Bell.
    • Up to 5 potential outlots available for ground lease or sale.

    Overview

    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 — 313 N Mattis Ave, Champaign, IL 61821
    • Country Fair Shopping Center — 229 S Mattis Ave, Champaign, IL 61821
    • Union Square — 1712 W Springfield Ave, Champaign, IL 61821
    • Coinstar Kiosk | Bitcoin ATM — Kroger - Jay C Food Store, 2002 W Springfield Ave, Champaign, IL 61821
    • Coin Cloud Bitcoin ATM — 101 S Mattis Ave, Champaign, IL 61821

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2794
    Latitude
    40.115

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    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 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) 352-7712
    We can help!
    Listing Contact
    Zach Wetherell, CCIM
    Zach Wetherell, CCIM
    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.

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    229 S Mattis Ave Champaign, IL 61821, IL 61821
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