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

    386 - 400 Wylie Drive, Normal, IL 61761

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Two commercial lots available for sale, individually or combined.

    Type:Land
    Lot size:
    3.88 Acres
    Added:
    Jan 16, 2020
    Days on Market:
    2335
    Last Refresh:
    May 19 at 8:55 pm

    Property Features for 386 - 400 Wylie Drive

    General Information

    Standard status
    Active
    Lot size
    3.88 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Laura Pritts

    Listing agent Laura Pritts License #IL471201573

    Listing office Axis 360 Commercial Real Estate Specialists

    Listing date Jan 16, 2020

    Source Crexi

    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 Axis 360 Commercial Real Estate Specialists

    HighLights

    • Two commercial lots available, offered separately or together.
    • Lot 5: a spacious 3.88 acres.
    • Lot 4: offering 3.09 acres.
    • Price: $1.00/sq. ft.
    • Available individually.
    • Available combined.

    Overview

    Two commercial lots are available for sale. Lot 4 comprises 3.09 acres, and Lot 5 comprises 3.88 acres. The lots are available individually or combined.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Gym & Fitness Center Pharmacy Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Normal
    County
    McLean
    State
    Illinois
    Longitude
    -89.0313193
    Latitude
    40.496198

    Nearby Similar for Sale

    • $650,000
      3,700 SF

      Move-in Ready Commercial Space

      Adaptable commercial space ideal for various ventures in Normal, IL.
      208 parkinson Street, Normal, IL 61761
      View Details
    • $89,000

      Commercially Zoned Lot with Workshop

      Commercially zoned lot with garage/workshop in Normal, Illinois.
      505 Pine Street, Normal, IL 61761
      View Details
    • $375,000

      Land For Sale, Normal, IL

      1.37 acre commercial land available in Normal, Illinois.
      Susan Drive lot: 21, Normal, IL 61761
      View Details
    • $400,000

      Agricultural Land in Normal, IL

      7.31 acre agricultural land for sale in Normal, Illinois.
      400 & 403 Lumbertown Road, Normal, IL 61761
      View Details
    • Contact for pricing
      10,193 SF

      Industrial Space with Refrigerated Area

      11,000 SF industrial space with office and refrigerated space.
      2032 Warehouse Road, Normal, IL 61761
      View Details
    • $75,000

      Prime Land Near ISU Campus

      0.31 acre lot with high visibility near ISU.
      600 N Main Street, Normal, IL 61761
      View Details
    • $385,000

      M-1 Zoned Land in Normal

      9+ acre M-1 zoned land suitable for various uses.
      Emeline lot: 8, Normal, IL 61761
      View Details
    • $55,000

      Residential Lot in Normal, IL

      Residential lot suitable for building a custom home.
      1707 Setter Street lot: 136, Normal, IL 61761
      View Details
    • $200,000

      Normal, IL Multi-Family Land

      Multi-family land in North Normal location.
      SE Corner of Linden & Northtown Rd., Normal, IL 61761
      View Details
    • $59,995

      Duplex Lot in Normal, IL

      Buildable duplex lot in established Normal neighborhood near Prairieland Elementary.
      1300/1302 Henry Normal Street, Normal, IL 61761
      View Details
    • Contact for pricing

      Commercial Land on Veterans Parkway

      Located on the main commercial corridor in Bloomington-Normal, IL.
      795 Veterans Pkwy. | Normal, IL 61761
      View Details
    • $310,000
      855 SF

      Historic Landmark Retail Building

      Retail building for sale, ground lease with renewal potential.
      351 Linden Ave, Wilmette, IL
      View Details

    FAQs

    What type of property is this?
    Commercial land - Two commercial lots available for sale, individually or combined.
    Where is this commercial land located?
    The property is located at 386 - 400 Wylie Drive Normal, IL.
    What is the asking price?
    The asking price for this property is $303,613.
    What are key features of this property?
    This property features: Two commercial lots available, offered separately or together.; Lot 5: a spacious 3.88 acres.; Lot 4: offering 3.09 acres.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Laura Pritts
    Real Estate License ID: IL471201573
    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
    386 - 400 Wylie Drive, Normal, IL 61761
    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!