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    The Largest CRE Database in the US with Over 1 Million Listings

    800 Charleston Ave Mattoon, IL 61938

    Sponsored
    For Sale
    $254,000

    .48-Acre Restaurant Lot, Ready to Build

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    424
    This exceptional .48-acre lot at 800 Charleston Ave. in Mattoon, Illinois (61938), presents a unique opportunity for restaurant development. Located on heavily trafficked Route 16/Charleston Ave, this property boasts a prime location with existing infrastructure, including water, power, sewer, and a pre-existing sign. The site comprises three city lots totaling .48 acres and features an existing asphalt parking area and a concrete slab, significantly reducing initial construction costs. Convenient access is provided by double Route 16 cuts, an entrance from 8th Street, and alley access. This property benefits from its history as a long-time restaurant location, offering immediate familiarity and potential for established clientele. The clean slate allows for complete customization to suit any restaurant concept. The asking price is $254,000. Don't miss this chance to acquire this highly desirable commercial property in a thriving Illinois community. This is a rare opportunity to own prime real estate in a high-traffic area with existing utilities and infrastructure already in place.

    Property Features for 800 Charleston Ave

    General Information

    Property type
    Land
    Lot Size
    20,909 SF

    We can help!

    Listing Contact
    Kirk Swensen
    Kirk Swensen

    Learn more

    Property Insight Report

    HighLights

    • .48‑acre lot in Mattoon, IL, ideal for restaurant development.
    • Prime location on high‑traffic Route 16, with existing utilities (water, power, sewer) and a pre‑existing sign.
    • Three combined city lots with asphalt parking and concrete slab, minimizing initial construction costs.
    • Multiple access points: double Route 16 access, 8th Street entrance, and alley access.
    • $254,000 asking price.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Mattoon
    County
    Coles
    State
    Illinois
    Longitude
    -88.3633349
    Latitude
    39.48186

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    FAQs

    What type of property is this?
    Land - .48-Acre Restaurant Lot, Ready to Build
    Where is this land located?
    The property is located at 800 Charleston Ave Mattoon, IL.
    What is the asking price?
    The asking price for this property is $254,000.
    What are key features of this property?
    This property features: .48-acre lot in Mattoon, IL, ideal for restaurant development.; Prime location on high-traffic Route 16, with existing utilities (water, power, sewer) and a pre-existing sign.; Three combined city lots with asphalt parking and concrete slab, minimizing initial construction costs.
    (217) 258-6621
    Request Owner's contact information
    800 Charleston Ave Mattoon, IL 61938
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    Mattoon, IL 61938
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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.

    More about this property
    800 Charleston Ave Mattoon, IL 61938
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    We can help!
    Listing Contact
    Kirk Swensen
    Kirk Swensen
    Real Estate License ID: 475126721
    (217) 258-6621
    Learn more
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