Stand-Alone Retail Building For
For Sale
Contact for pricing
842 E Main St, Danville, IL 61832
13,500 SF stand-alone retail building on Danville's main corridor.
Property Size13,500 SF
Price / SF$118.52
Days on Market967
Property Features for 842 E Main St
General Information
Standard status
Active
Size
13,500 SF
Property subtype
Retail
Zoning
B-2
Lease Type
NNN
Building Details
Year Built
1995
Buildings
1
Stories
1
Units
1
Listing Agency:
Realty 54
(217) 918-0871
Listed By:
Larry Kuchefski · License #471.008990
Source:
Crexi
Added: Dec 27, 2023
Changed: Aug 8
Last Checked: Aug 20 at 6:43AM
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 Realty 54
Investment Insights
Based on property information with market context.
This 13,500 square foot stand-alone retail building, custom built for Walgreens in 1995, is available for sale or lease. The property features asphalt parking and driveways, along with a covered pharmacy drive-through. Constructed with steel framing and CMU bearing walls, the exterior incorporates brick veneer and painted EIFS panels. The roof consists of steel-joist supported metal decks covered with a low-slope TPO roofing system, and a pitched section finished with asphalt shingles on the front elevation. The interior includes suspended ceiling tiles, painted drywall panels, and exposed structure in the stock room areas. Flooring is a combination of 12x12 inch floor tiles and exposed concrete. Situated on a signaled hard corner along Danville’s main east-west corridor, the property is located approximately 3/4 mile from Interstate 74 access. Neighboring businesses and organizations include McDonald’s, Burger King, Phillips 66, and Trinity Lutheran Church and School.
Key Highlights
- Located on a signaled hard corner along Danville’s main East‑West corridor.
- Just 3/4 mile from Interstate 74 access.
- Stand‑alone retail building.
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
$135,938
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
8.50%
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%
$2,718,760
$2.7M
Cap Rate 7%
$1,941,971
$1.9M
Cap Rate 9%
$1,510,422
$1.5M
Market Conditions
NOI Build-Up for 13,500 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
$202.5K $15.00/SF
− Vacancy
−$8.3K −$0.61/SF
EGI
$194.2K $14.39/SF
− OpEx
−$58.3K −$4.32/SF
NOI
$135.9K $10.07/SF
Area
Vermilion County, IL
Vacancy
4.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,718,760
Cap Rate 7%
$1,941,971
Cap Rate 9%
$1,510,422
Alternative Uses
Best Use
Specialty Retail
$2.63M
$2.30M – $3.07M
NOI $184,099 @ 7.0% cap · market cap 11.51%
Second Best
Retail
$1.94M
$1.70M – $2.27M
NOI $135,938 @ 7.0% cap · market cap 8.50%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61832, IL
32,878
Population
16,390
Households
2
Avg Household Size
40
Median Age
17%
College-Educated
90%
High-School Grad
27.3 sq mi
ZIP Area
1,204
Density / Sq Mi
$45,264
Median Household Income
$37,288
Median Earnings
$805
Median Rent
$78,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walgreens Pharmacy — 842 E Main St, Danville, IL 61832
- Marie Tam, RPh — 842 E Main St, Danville, IL 61832
- Mark D. Reeves, PharmD — 842 E Main St, Danville, IL 61832
- Cameron Norton — 842 E Main St, Danville, IL 618325957
- COVID-19 Drive-Thru Testing at Walgreens — 842 E Main St, Danville, IL 61832
Frequently Asked Questions
What type of property is this?
Drug store - 13,500 SF stand-alone retail building on Danville's main corridor.
Where is this drug store located?
The property is located at 842 E Main St Danville, IL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Located on a signaled hard corner along Danville’s main East‑West corridor.; Just 3/4 mile from Interstate 74 access.; Stand‑alone retail building.
