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

    215-221 Main St Chatham, IL 62629

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

    High-traffic, multi-use building, excellent investment.

    Property Features for 215-221 Main St

    General Information

    Property type
    Retail properties & Spaces

    Building Details

    Buildings
    1

    We can help!

    Listing Contact
    Jay Clark
    Jay Clark

    Listing Agency: The Real Estate Group, Inc. Listing Agent: Jay Clark

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

    Learn more

    Overview

    This exceptional commercial property, located at 215-221 N Main Street in Chatham, Illinois, presents a unique investment opportunity. Situated on a 0.49-acre lot, this building boasts a total of 3,238 square feet, currently divided into two tenant spaces (1,764 sq ft and 1,364 sq ft). The property is ideally suited for a variety of uses, including insurance, accounting, or chiropractic offices, offering potential for owner-occupancy with rental income from existing tenants. Its prime location on the southwest corner of Main Street (IL-4) and Walnut Street ensures high visibility and accessibility, benefiting from a daily traffic count of 14,000 vehicles. Current tenants include a hair salon and spa, and a sports memorabilia store. The building's proximity to established businesses such as McDonald's, AJ's, Huck's, Shell, and Sangamo Brewing further enhances its appeal. This is a rare opportunity to acquire a well-positioned commercial property in the heart of Chatham, offering both immediate income potential and long-term growth prospects. The asking price is $689,900.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Chatham
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.70486
    Latitude
    39.6760749

    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?
    Retail property - High-traffic, multi-use building, excellent investment.
    Where is this retail property located?
    The property is located at 215-221 Main St Chatham, IL.
    What is the asking price?
    The asking price for this property is $689,900.
    What are key features of this property?
    This property features: $689,900 asking price.; 0.49-acre lot with a 3,238 sq ft building in Chatham, IL.; Located at 215-221 N Main Street, on the southwest corner of Main St. (IL4) and Walnut St.
    (217) 725-3402 Call to check price and availability
    Request Owner's contact information
    215-221 Main St 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.
    215-221 Main St
    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
    215-221 Main St 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 Jay Clark
    Jay Clark
    Real Estate License ID: 475103848
    (217) 725-3402 (217) 787-7000
    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!