Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    4211 & 4213 Lake Land Blvd Mattoon, IL 61938

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    19-unit multi-family and commercial property with consistent gross revenue.

    Type:Multifamily
    Property size:
    53,579 SF
    Added:
    Feb 18, 2026
    Days on Market:
    47
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 4211 & 4213 Lake Land Blvd

    General Information

    Standard status
    Active
    Size
    53,579 SF
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Kirk Swensen

    Listing agent Kirk Swensen License #IL

    Listing office CENTURY 21 KIMA Properties

    Listing date Feb 18, 2026

    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 CENTURY 21 KIMA Properties

    Overview

    Multi-Family and Commercial Investment

    This property at 4211 & 4213 Lakeland Blvd features a 19-unit multi-family and commercial investment opportunity. The property includes eleven 2-bed, 2-bath units, one 1-bed, 1-bath unit, and seven studio apartments. New gutters and a roof were installed on the apartment building in 2024, excluding the upper level. A TPO layer was installed on the commercial building at 4211. The owner covers water and trash expenses for all units, as well as electricity for the studio apartments. The property has a size of 53579 square feet. The gross revenue has been consistently $135,000 for three consecutive years.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Kitchen & Bath Showroom HVAC Service Home Appliance Store Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Mattoon
    County
    Coles
    State
    Illinois
    Longitude
    -88.3790616
    Latitude
    39.4332479

    Nearby Similar for Sale

    • $700,000
      25,000 SF

      Retail Building in Mattoon, Illinois

      Retail building leased to a national tenant for sale.
      1401 Charleston Ave, Mattoon, IL
      View Details
    • $500,000
      25 SF

      Retail Building on Charleston Avenue

      Retail building leased to a national tenant in Mattoon, Illinois.
      1400 Charleston Ave | Mattoon, IL 61938, IL 61938
      View Details
    • $439,000
      7,784 SF

      Spacious Retail Property with Living

      Large retail space with living quarters and ample storage.
      712 Lake Land Blvd, Mattoon, IL 61938
      View Details
    • $315,000
      2,448 SF

      Modern Flex Space For Sale

      Flex space building constructed in 2017 with high traffic location.
      3121 Marshall Ave, Mattoon, IL 61938
      View Details
    • $1,795,000
      54,390 SF

      High-Traffic Retail Location in Mattoon

      54,390 SF retail building with high visibility and flexible space.
      204 Charleston Ave, Mattoon, IL, 61938
      View Details
    • $550,000
      2,449 SF

      Former KFC Investment Property

      Former KFC property in Mattoon, Illinois, for sale.
      1000 Charleston Ave, Mattoon, IL
      View Details
    • $1,195,000

      Valvoline Corporate Lease Investment Opportunity

      New, long-term corporate lease with options in Mattoon, Illinois.
      700 Broadway Ave E, Mattoon, IL 61938
      View Details
    • $114,000

      Versatile Commercial Space with Visibility

      Commercial storefront with overhead doors and high traffic visibility.
      701 N 22nd St, Mattoon, IL, 61938-2754
      View Details
    • $385,000
      20,877 SF

      Historic Church in Downtown Mattoon

      Spacious church with meeting rooms, kitchen, and parking lot.
      1600 Wabash Ave., Mattoon, IL 61938
      View Details
    • Contact for pricing
      1,806 SF

      Former Bank Building Near Mall

      1,806 SF former bank building on 1.6 AC for sale.
      402 Richmond Ave E, Mattoon, IL 61938
      View Details
    • $2,124,439
      10,566 SF

      New Dollar General Plus Store

      New 10,566 SF Dollar General Plus store in Illinois.
      1717 Lake Land Blvd, Mattoon, IL 61938
      View Details

    FAQs

    What type of property is this?
    Apartment building - 19-unit multi-family and commercial property with consistent gross revenue.
    Where is this apartment building located?
    The property is located at 4211 & 4213 Lake Land Blvd Mattoon, IL.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: 19‑unit Multi‑Family and Commercial property investment opportunity; Consistent $135k gross revenue for 3 consecutive years; New gutters & roof installed on the apartment building in 2024 (excluding the upper level)
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Kirk Swensen
    Real Estate License ID: IL
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!