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    401 Franklin St Danville, IL 61832

    For Sale
    $1,950,000

    Multi-tenant office building, high cap rate.

    Property size:
    28,312 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional investment opportunity presents a 28,312 square foot, multi-tenant office building located at 401-407 N Franklin St, Danville, IL 61832. The property, built in 1981 and renovated in 1997, sits on a 1.13-acre lot and boasts a desirable B-4 Central Business zoning. Currently, the building houses several prominent tenants including the Illinois Department of Children and Family Services (11,700 sq ft), the Illinois Department of Human Services (5,586 sq ft), and Danville Area Community College (6,204 sq ft). An additional 3,412 square feet of usable space is currently vacant, presenting a value-add opportunity for potential investors. The building features a single story and is classified as a Class B property with a modified lease type. The asking price is $1,950,000, representing a compelling 10.00% capitalization rate. Its strategic location just north of downtown Danville offers convenient access to I-74, providing easy commutes to Champaign (35 miles), Indianapolis (93 miles), and Chicago (130 miles). The property's strong tenant base, coupled with the vacant space, makes it an attractive investment prospect with significant upside potential. The APN is 23-05-320-050, -051, -052.

    Property Features for 401 Franklin St

    General Information

    Property type
    Individual retail properties
    Square Feet
    28,312 SF
    Class
    B
    Lot Size
    49,223 SF

    Building Details

    Year Built/Renovated
    1981/1997
    Stories
    1

    HighLights

    • 28,312 SF multi‑tenant office building on 1.13 acres in Danville, IL.
    • Built in 1981, renovated in 1997, B‑4 zoning.
    • Strong tenant occupancy including state agencies and Danville Area Community College.
    • 3,412 SF of vacant space offers value‑add potential.
    • Asking price: $1,950,000, 10% cap rate.
    • Excellent I‑74 access, close to Champaign, Indianapolis, and Chicago.
    Property Profile Location Intelligence

    Current Use by Public Records

    DCFS Social Services Organization Family Service Department Social Services Organization

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Danville
    County
    Vermilion
    State
    Illinois
    Longitude
    -87.58981
    Latitude
    40.13271

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    FAQs

    What type of property is this?
    Individual retail property - Multi-tenant office building, high cap rate.
    Where is this individual retail property located?
    The property is located at 401 Franklin St Danville, IL.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: 28,312 SF multi-tenant office building on 1.13 acres in Danville, IL.; Built in 1981, renovated in 1997, B-4 zoning.; Strong tenant occupancy including state agencies and Danville Area Community College.
    Request Owner's contact information
    401 Franklin St Danville, IL 61832
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    Danville, IL 61832
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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
    401 Franklin St Danville, IL 61832
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