Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    115A Independence Dr Chatham, IL 62629

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    3.24 Acres, B2 Zoning, High Traffic Area

    Property Features for 115A Independence Dr

    General Information

    Property type
    Land
    Lot Size
    141,134 SF

    We can help!

    Listing Contact
    Denise Bean-Mathis
    Denise Bean-Mathis

    Listing Agency: Coldwell Banker Commercial Devonshire Realty Listing Agent: Denise Bean-Mathis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 3.24-acre commercial lot, identified by APN 28010432005, presents a remarkable investment opportunity in Chatham, Illinois. Situated at 115A Independence Dr, 62629, this B2-zoned property boasts a prime location within Springfield's most affluent suburb, experiencing significant residential and commercial growth. The lot enjoys exceptional visibility and accessibility, positioned west of Route 4 in an area with high vehicle and pedestrian traffic, near the intersection of Route 4 and Independence Boulevard, south of the Route 4 and Plummer intersection. Daily traffic counts range from 14,900 to 17,400 vehicles, ensuring substantial exposure for any development. This strategic location offers immediate proximity to a thriving retail corridor, with established neighbors including County Market, Dollar General, Walgreens, Goodwill, Snap Fitness, Pizza Hut, Casey's, Arby's, and AT&T. The asking price for this exceptional property is $379,990. Its ideal location and high traffic volume make it an exceptional opportunity for a variety of commercial ventures. The property's size and zoning provide ample flexibility for development, catering to a wide range of commercial uses. Don't miss this chance to secure a prominent position in a rapidly expanding market.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chatham
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.7051866
    Latitude
    39.6887401

    Nearby Similar for Sale

    • $395,000
      0.93 Acres

      Chatham Commercial Building For Sale

      Commercial building in excellent condition with great visibility and accessibility.
      11 Cottonwood Dr, Chatham, IL 62629
      View Details
    • New
      $725,000
      Pending

      Chatham Multifamily Investment Opportunity

      Eleven 2-bedroom units in Chatham, Illinois. New roofs.
      351 E Spruce St, Chatham, IL 62629
      View Details
    • $689,900

      Chatham Commercial Property For Sale

      Commercial property in the heart of Chatham, Illinois, for sale.
      215-221 N Main St, Chatham, IL 62629
      View Details
    • $240,000

      Chatham Commercial Strip Building

      Strip-style building with four units and high visibility in Chatham.
      602 E Walnut St, Chatham, IL 62629
      View Details
    • $419,900

      Chatham, IL Four-Unit Investment

      Four-unit property in Chatham, Illinois with long-term tenants.
      26/28/30/32 Cir Dr, Chatham, IL 62629
      View Details
    • $275,000

      Commercial Building in Chatham, Illinois

      Strip-style building with four units and high visibility.
      602 E Walnut St, Chatham, IL 62629
      View Details
    • $325,000

      Chatham, IL: 8+ Acre Development Land

      Prime 8+ acre Chatham, IL development opportunity.
      000 Main St, Chatham, IL 62629
      View Details
    • $395,000
      3,430 SF

      Chatham Commercial Building - Great Location!

      Spacious Commercial Building, Ample Parking, Ideal for Auto or Warehouse Use.
      11 Cottonwood Dr, Chatham, IL 62629
      View Details
    • $325,000
      8.37 Acres

      Chatham Commercial Land - 8 Acres

      Prime Chatham land, ideal for development. 8+ acres, sewer available.
      000 Main St, Chatham, IL 62629
      View Details
    • $299,000
      2,240 SF

      Chatham Commercial Building - Great Investment!

      Four-unit building, high visibility, updated. Excellent rental income.
      602 Walnut St, Chatham, IL 62629
      View Details

    FAQs

    What type of property is this?
    Land - 3.24 Acres, B2 Zoning, High Traffic Area
    Where is this land located?
    The property is located at 115A Independence Dr Chatham, IL.
    What is the asking price?
    The asking price for this property is $379,990.
    What are key features of this property?
    This property features: 3.24-acre commercial lot in Chatham, IL (APN 28010432005).; Located at 115A Independence Dr, Chatham, IL 62629, in Springfield's affluent suburb.; B2 zoning allows for a variety of commercial uses.
    (217) 547-6650 Call to check price and availability
    Request Owner's contact information
    115A Independence Dr Chatham, IL 62629
    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.
    115A Independence Dr
    Chatham, IL 62629
    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
    115A Independence Dr Chatham, IL 62629
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Denise Bean-Mathis
    Denise Bean-Mathis
    (217) 547-6650 (217) 377-1944 (217) 352-7712
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!