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    842 Main St Danville, IL 61832

    Sponsored
    For Lease
    $13 SF/Yr ($15,187 /Mo)

    13,500 SF freestanding retail, high traffic.

    Lot size:
    13,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This 13,500-square-foot freestanding retail building, situated on a 1.25-acre lot in Danville, Illinois, presents a compelling investment opportunity. Built in 1995, the single-story structure features 50 parking spaces and a convenient drive-through, originally designed for a pharmacy tenant. The building boasts a prime location on a signaled hard corner along Danville's main east-west corridor, just three-quarters of a mile from Interstate 74 access. This high-traffic area is surrounded by established businesses including McDonald's, Burger King, Phillips 66, and Trinity Lutheran Church and School, ensuring high visibility and potential customer traffic. The building's construction includes steel framing, CMU bearing walls, brick veneer and painted EIFS exterior panels. Roofing consists of steel-joist supported metal decks with a low-slope TPO system and asphalt shingles on the front. Interior finishes include suspended ceiling tiles, painted drywall, exposed structure in storage areas, and flooring of 12x12 tile and exposed concrete. The property is zoned B-2 and has a Vermilion County APN of 23 09 100 104. Currently vacant, this property offers significant potential for a variety of retail uses. The entire 13,500 square feet is available.

    Property Features for 842 Main St

    General Information

    Property type
    Individual retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    13,500 SF
    Total Rate
    15187.5

    Building Details

    Year Built
    1995
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Size
    13,500 SF
    Rate per SF
    $13

    HighLights

    • High visibility corner location.
    • Free‑standing building.
    • Exceptional construction quality.
    Property Profile Location Intelligence

    Current Use by Public Records

    FedEx OnSite Mailing Service Walgreens Pharmacy Pharmacy Marie Tam, RPh Pharmacy Western Union Money Transfer Service Walgreens Pharmacy

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Danville
    County
    Vermilion
    State
    Illinois
    Longitude
    -87.6122166
    Latitude
    40.1257739

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    FAQs

    What type of property is this?
    Individual retail property - 13,500 SF freestanding retail, high traffic.
    Where is this individual retail property located?
    The property is located at 842 Main St Danville, IL.
    What is the lease rate?
    The lease rate is $13 SF/Yr.
    What are key features of this property?
    This property features: High visibility corner location.; Free-standing building.; Exceptional construction quality.
    Request Owner's contact information
    842 Main St Danville, IL 61832
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    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.

    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
    842 Main St Danville, IL 61832
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