Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Former Bank Building Near Mall Title is generated by Realmo AI

    402 Richmond Ave E, Mattoon, IL 61938

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    1,806 SF former bank building on 1.6 AC for sale.

    Type:Retail
    Property size:
    1,806 SF
    Lot size:
    1.60 Acres
    Added:
    Jul 11, 2024
    Days on Market:
    694
    Last Refresh:
    May 12 at 10:37 pm

    Property Features for 402 Richmond Ave E

    General Information

    Standard status
    Active
    Size
    1,806 SF
    Lot size
    1.60 Acres
    Property subtype
    Retail

    We can help!

    Listing Contact
    Alex Justice
    Alex Justice

    Listing agent Alex Justice License #OH SAL.2016002090

    Listing office Goodman Real Estate Services Group LLC

    Listing date Jul 11, 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 Goodman Real Estate Services Group LLC

    HighLights

    • High‑traffic location across from Cross County Mall, a primary shopping destination.
    • Proximity to Emerald Acres Sports Connection, a $100M sports complex projected to draw significant visitors and spending.
    • Large 1.6 AC lot provides ample space for various uses.
    • Located on Richmond Avenue, connecting the commercial district and residential areas.
    • Former bank building offers 1,806 SF of existing structure.
    • Regional draw extends up to 30 miles, potentially expanding with the new sports complex.

    Overview

    The property is an 1,806 square-foot former bank building situated on a 1.6-acre lot. It is located across from the Cross County Mall, which is anchored by Rural King, Marshalls, JOANN, and Dunham’s Sports. The Cross County Mall serves as the primary shopping destination in the Charleston-Mattoon Micropolitan Statistical Area, encompassing a trade area population of 101,319. The property is positioned on Richmond Avenue E, between the area’s commercial district and the residential population of Mattoon. A new $100 million indoor and outdoor sports complex, Emerald Acres Sports Connection, is located across the street. This complex is projected to attract 580,000 visitors annually and generate $23.8 million in direct spending, along with 59,000 hotel room nights. The market and Rural King draw customers from up to 30 miles in all directions and are expected to expand their reach to cities such as Chicago, Indianapolis, and St. Louis with the opening of Emerald Acres Sports Connection.
    Location Intelligence

    Current Use by Public Records

    ATM (U.S. Bank) Atm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Mattoon
    County
    Coles
    State
    Illinois
    Longitude
    -88.3577047
    Latitude
    39.4853044

    Nearby Similar for Sale

    • $2,500,000
      9,938 SF

      Modern Strip Mall For Sale

      Built in 2017, this strip mall offers great investment potential.
      905 Remington Road, Mattoon, IL 61938
      View Details
    • $500,000
      25,000 SF

      Retail Building in Mattoon, Illinois

      Retail building leased to a national tenant for sale.
      1401 Charleston Ave, Mattoon, IL
      View Details
    • $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
    • $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
    • $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
    • $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
    • $750,000
      53,579 SF

      Multi-Family and Commercial Investment

      19-unit multi-family and commercial property with consistent gross revenue.
      4211 & 4213 Lake Land Blvd, 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
    • $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

    FAQs

    What type of property is this?
    Bank - 1,806 SF former bank building on 1.6 AC for sale.
    Where is this bank located?
    The property is located at 402 Richmond Ave E Mattoon, IL.
    What are key features of this property?
    This property features: High‑traffic location across from Cross County Mall, a primary shopping destination.; Proximity to Emerald Acres Sports Connection, a $100M sports complex projected to draw significant visitors and spending.; Large 1.6 AC lot provides ample space for various uses.
    (216) 381-8200 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Alex Justice
    Alex Justice
    Real Estate License ID: OH SAL.2016002090
    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

    Thank You for Inquiry
    402 Richmond Ave E, Mattoon, IL 61938
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!