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    402 Richmond Ave Mattoon, IL 61938

    Sponsored
    For Sale
    Contact for pricing

    Prime retail space, high traffic location.

    Property size:
    1,806 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional 1,806 square foot former bank building presents a unique owner/user opportunity in Mattoon, Illinois. Situated on a 1.6-acre lot, this property enjoys a highly visible location directly across from the Cross County Mall, a major shopping destination anchored by prominent retailers including Rural King, Marshalls, JOANN, and Dunham's Sports. The property benefits from its strategic position between Mattoon's commercial district and residential areas, ensuring excellent access to both customer bases. Furthermore, the recent development of Emerald Acres Sports Connection, a substantial $100 million indoor and outdoor sports complex directly across the street, is projected to significantly increase foot traffic and economic activity in the area, attracting an estimated 580,000 visitors annually and generating $23.8 million in direct spending. This new complex is expected to draw visitors from a wide radius, including cities such as Chicago, Indianapolis, and St. Louis, further enhancing the property's long-term potential. The Cross County Mall's extensive trade area encompasses a population of 101,319, providing a substantial customer base for any business operating from this location. The building's previous use as a bank suggests a strong foundation and potentially adaptable interior space. This is a rare opportunity to acquire a well-positioned property in a thriving retail market with significant growth potential. The address is 402 Richmond Ave E, Mattoon, IL 61938.

    Property Features for 402 Richmond Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    1,806 SF
    Lot Size
    69,696 SF

    HighLights

    • 1,806 SF former bank building on a 1.6‑acre lot.
    • Located across from Cross County Mall, anchored by major retailers.
    • Excellent visibility and access on Richmond Avenue, between commercial and residential areas.
    • Strong location within a trade area of 101,319 people.
    • Proximity to the new Emerald Acres Sports Complex, projected to draw significant traffic and spending.
    Property Profile Location Intelligence

    Current Use by Public Records

    ATM (U.S. Bank) Atm

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Mattoon
    County
    Coles
    State
    Illinois
    Longitude
    -88.345096649274
    Latitude
    39.48489760865

    Nearby Comparable

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      Valvoline Ground Lease - Mattoon, IL

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      Dollar General Plus - Mattoon, IL

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      630 SF

      Cross County Mall

      Lifestyle centers • 630 SF
      700 Broadway Ave, Mattoon, IL 61938
      View Details

    FAQs

    What type of property is this?
    Individual retail property - Prime retail space, high traffic location.
    Where is this individual retail property located?
    The property is located at 402 Richmond Ave Mattoon, IL.
    What are key features of this property?
    This property features: 1,806 SF former bank building on a 1.6-acre lot.; Located across from Cross County Mall, anchored by major retailers.; Excellent visibility and access on Richmond Avenue, between commercial and residential areas.
    Request Owner's contact information
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    Mattoon, IL 61938
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    Realmo Value Estimation

    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.

    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.

    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
    402 Richmond Ave Mattoon, IL 61938
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