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    610 Gilbert St Danville, IL 61832

    Sponsored
    For Sale
    $1,850,000

    High-yield multi-tenant retail center

    Property size:
    8,133 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This 8,133 square foot multi-tenant retail property in Danville, Illinois, presents a compelling investment opportunity. Built in 1969 and situated on 610 N Gilbert St, zip code 61832, the property boasts a strong 9.00% cap rate and a current asking price of $1,850,000 ($227.47/sq ft). Currently, the center is 75% occupied by a diverse mix of tenants including Aunt Martha's Medical Group, Rent-A-Center, Industry Labs, Full Access Healthcare, and Swing Sports. Originally constructed for home goods, sporting equipment, and construction supplies, the building has been successfully adapted into five distinct storefronts, offering significant upside potential for future growth. The property is zoned B-3 General Business, allowing for a variety of uses. Located conveniently in Vermilion County, Danville offers a vibrant community with a population exceeding 30,000 residents and a range of attractions, including museums, shops, and recreational activities. This location, approximately 140 miles south of Chicago and 90 miles west of Indianapolis, provides excellent accessibility and strong market potential. The combination of existing cash flow and the potential for increased occupancy makes this a highly attractive investment for those seeking a value-added opportunity in a thriving Illinois market.

    Property Features for 610 Gilbert St

    General Information

    Property type
    Retail properties
    Square Feet
    8,133 SF

    Building Details

    Year Built
    1969

    HighLights

    • $1,850,000 asking price for this Danville, IL retail investment property.
    • 8,133 square feet with a $227.47 price per square foot.
    • 9.00% cap rate.
    • Multi‑tenant property built in 1969.
    • B‑3 General Business zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    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
    Danville
    County
    Vermilion
    State
    Illinois
    Longitude
    -87.6360076
    Latitude
    40.1349186

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    FAQs

    What type of property is this?
    Retail property - High-yield multi-tenant retail center
    Where is this retail property located?
    The property is located at 610 Gilbert St Danville, IL.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: $1,850,000 asking price for this Danville, IL retail investment property.; 8,133 square feet with a $227.47 price per square foot.; 9.00% cap rate.
    (217) 918-0871
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    610 Gilbert St Danville, IL 61832
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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.

    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
    610 Gilbert St Danville, IL 61832
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