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    Walgreens on Illinois Route 48 Title is generated by Realmo AI

    1311 IL-48, Decatur, IL 62526

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    Net-leased Walgreens in Decatur, Illinois, a durable investment opportunity.

    Type:Retail
    Property size:
    12,918 SF
    Price / SF:
    $268/SF
    Added:
    Oct 7, 2024
    Days on Market:
    607
    Last Refresh:
    May 12 at 8:48 pm

    Property Features for 1311 IL-48

    General Information

    Standard status
    Active
    Size
    12,918 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2002

    We can help!

    Listing Contact
    Jason Gribin

    Listing agent Jason Gribin License #CA 01819611

    Listing office AiCRE Partners

    Listing date Oct 7, 2024

    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 AiCRE Partners

    HighLights

    • Net‑leased asset occupied by Walgreens, a nationally recognized pharmacy‑led retailer.
    • Located along Illinois Route 48, a primary commercial corridor, providing excellent visibility and access.
    • Strategically positioned near residential neighborhoods and complementary retail.
    • Decatur is a key regional center with a stable employment base.
    • Essential‑service demand and a resilient business model supported by prescription drug sales and health services.
    • Established infill location built in 2002.

    Overview

    The Walgreens property, situated at 1131 IL-48 in Decatur, Illinois, is available for acquisition. Occupied by Walgreens, a prominent pharmacy-led retailer with a widespread presence across the United States, this location serves as a key daily needs anchor within the community. Walgreens benefits from significant brand recognition and a resilient business model supported by prescription drug sales, health services, and convenience retail offerings. The property is strategically located along Illinois Route 48, a major commercial corridor in Decatur, offering high visibility, convenient access, and exposure to local and commuter traffic. Its proximity to residential neighborhoods and various retail and service establishments enables it to serve a broad customer base and benefit from consistent daily traffic. Decatur, the county seat of Macon County, functions as a regional hub for healthcare, manufacturing, education, and government in Central Illinois. The city has a stable employment base, supported by major employers, regional medical facilities, and higher education institutions, and offers connectivity to larger Midwest markets via nearby highways. The property size is 12918 square feet. This established infill location, leased to a nationally recognized tenant, presents investors with the opportunity to acquire a net-leased asset supported by long-term fundamentals and essential retail demand.
    Location Intelligence

    Current Use by Public Records

    Drug stores

    Similar Places Nearby

    • Global Isotopes, LLC — 2300 N Edward St, Decatur, IL 62526
    • Walgreens Pharmacy — 625 W Pershing Rd, Decatur, IL 62526
    • Halley S. Connor, PharmD — 625 W Pershing Rd, Decatur, IL 62526
    • Fergin Katherine A — 2300 N Edward St, Decatur, IL 62526
    • Stephen Mitchell — 625 W Pershing Rd, Decatur, IL 625261632

    Map

    City
    Decatur
    County
    Macon
    State
    Illinois
    Longitude
    -88.9645
    Latitude
    39.9062

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    FAQs

    What type of property is this?
    Drug store - Net-leased Walgreens in Decatur, Illinois, a durable investment opportunity.
    Where is this drug store located?
    The property is located at 1311 IL-48 Decatur, IL.
    What is the asking price?
    The asking price for this property is $3,470,000.
    What are key features of this property?
    This property features: Net‑leased asset occupied by Walgreens, a nationally recognized pharmacy‑led retailer.; Located along Illinois Route 48, a primary commercial corridor, providing excellent visibility and access.; Strategically positioned near residential neighborhoods and complementary retail.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jason Gribin
    Real Estate License ID: CA 01819611
    Learn More
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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.

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