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    Il-16 Mattoon, IL 61938

    • Land
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Il-16

    Property type
    Land

    Description

    This exceptional 89-acre commercial land parcel presents a unique investment opportunity in Mattoon, Illinois. Strategically located off Interstate 57 and Route 16, this property enjoys unparalleled access and visibility. The site's proximity to the upcoming Emerald Acres Sports Connection, a $60 million indoor and outdoor sports facility opening in 2024, is a significant advantage. This massive complex, spanning 150 acres, is projected to attract 580,000 visitors annually, generating $23.8 million in direct spending and 59,000 hotel room nights. This substantial influx of visitors creates a high-demand environment, making this land ideally suited for a wide range of commercial developments. The property's size and location offer significant potential for substantial returns. The asking price is $9,999,900. Don't miss this chance to capitalize on the growth spurred by this major development. The property is zoned for commercial use and is ready for immediate development. This is a rare opportunity to acquire a large, well-located parcel of land poised for significant appreciation in value. The property's address is IL-16, Mattoon, IL 61938.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Mattoon
    County
    Coles
    State
    Illinois
    Longitude
    -88.3112
    Latitude
    39.4845

    Comparable in this City

    • Value Estimation by Request
      2.00 Acres

      Worth Fort Worth Way

      Farms • 2.00 Acres
      Worth Fort Worth Way, Mattoon, IL 61938
      View Details
    • Value Estimation by Request
      1.70 Acres

      2100 Western Ave

      Farms • 1.70 Acres
      2100 Western Ave, Mattoon, IL 61938
      View Details
    • Value Estimation by Request
      0.50 Acres

      Fort Worth Way

      Land • 0.50 Acres
      0 Fort Worth Way, Mattoon, IL 61938
      View Details
    • Value Estimation by Request
      0.16 Acres

      1020 Wabash Ave

      Multifamily properties • 0.16 Acres
      1020 Wabash Ave, Mattoon, IL 61938
      View Details
    • Value Estimation by Request
      0.32 Acres

      1600 Wabash Ave

      Land • 20,877 SF
      1600 Wabash Ave, Mattoon, IL 61938
      View Details
    • Value Estimation
      $60,000
      0.17 Acres

      817 19th St

      COMMERCIAL (GENERAL) • 0.17 Acres
      817 19th St, Mattoon, IL 61938-5216
      View Details

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      0.50 Acres

      Mattoon, IL Commercial Land

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      Downtown Mattoon Development Opportunity

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    Similar Nearby for Lease

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      156,226 SF

      Cross County Mall Retail Spaces

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      8,933 SF

      Emerald Acres Sports Connection Retail

      Retail spaces available within a large sports and entertainment complex.
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      Prime Mattoon Industrial Space

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      Prime Mattoon Retail Space

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      Cross County Mall Retail Space

      Retail spaces available at Cross County Mall in Mattoon, IL.
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    • $34 SF/Yr
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      Retail Space in New Building

      1,514 SF retail space in new construction building.
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    Il-16
    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
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