Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    22864 State Route 1 Danville, IL 61834

    • Land
    • 5.10 lot acres
    For Sale
    View listing
    $445,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 22864 State Route 1

    Lot size
    5.10 lot acres
    Property type
    Land

    Description

    This exceptional 5.1-acre parcel presents a remarkable opportunity for residential development in Danville, Illinois. Located at 22864 St Rte 1, this property boasts 404 feet of frontage along North Vermilion Street (State Route 1), offering excellent visibility and accessibility. The land is situated in Danville's thriving North Retail Corridor, directly across from the entrance to a Walmart development, ensuring high traffic volume and strong potential for future growth. The property's convenient location provides easy access to major roadways and essential amenities. With its expansive size and prime location, this development site is ideal for a variety of residential projects, catering to the growing demand for housing in the area. The assessed parcel number (APN) is 18-17-200-049. The asking price for this exceptional opportunity is $445,000. This is a rare chance to acquire a significant land parcel in a highly desirable location with significant development potential. The property is zoned for residential use. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Danville
    County
    Vermilion
    State
    Illinois
    Longitude
    -87.6304
    Latitude
    40.1967

    Comparable in this City

    • Value Estimation by Request
      32.00 Acres

      Southgate Dr

      Land • 32.00 Acres
      0 Southgate Dr, Danville, IL 61834
      View Details
    • Value Estimation by Request
      40.50 Acres

      19300 County Rd 1370

      Farms • 40.50 Acres
      19300 County Rd 1370, Danville, IL 61834
      View Details
    • Value Estimation by Request
      1.08 Acres

      22 Newell Rd

      Lifestyle centers • 1.08 Acres
      22 Newell Rd, Danville, IL 61834
      View Details
    • Value Estimation by Request
      6.01 Acres

      22 West Newell Rd

      Land • 6.01 Acres
      22 West Newell Rd, Danville, IL 61834
      View Details
    • Value Estimation by Request
      1.15 Acres

      Danville, IL 61834

      VACANT COMMERCIAL LAND • 1.15 Acres
      Danville, IL 61834
      View Details
    • Value Estimation by Request
      1.38 Acres

      Danville, IL 61834

      VACANT COMMERCIAL LAND • 1.38 Acres
      Danville, IL 61834
      View Details

    Similar Nearby for Sale

    • $445,000
      5.10 Acres

      Danville Development Land - 5 Acres

      Prime 5-acre residential development site.
      22864 State Route 1, Danville, IL 61834
      View Details
    • Contact for pricing
      1.16 Acres

      Prime Danville Commercial Land

      1.16 Acres, High-Traffic Location
      4101 Vermilion St, Danville, IL 61834
      View Details
    • Contact for pricing
      1.08 Acres

      Prime Danville Commercial Land

      1.08 Acres, High-Traffic Location
      4101 Vermilion St, Danville, IL 61834
      View Details
    • Contact for pricing
      1.43 Acres

      Prime Danville Commercial Land

      1.43 Acres, High-Traffic Location
      4101 Vermilion St, Danville, IL 61834
      View Details
    • Contact for pricing
      6.01 Acres

      Danville, IL Commercial Land Opportunity

      Prime Danville location, divisible lots, B-3 zoning.
      22 West Newell Rd, Danville, IL 61834
      View Details
    • Contact for pricing
      1.16 Acres

      Danville Commercial Land - 1.16 Acres

      High-traffic location, development ready.
      4101 Vermilion St, Danville, IL 61834
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      14,400 SF

      Danville Crossing Retail Space

      Prime retail space, high traffic area.
      4111 Vermilion St, Danville, IL 61834
      View Details
    • $15 SF/Yr
      14,400 SF

      Danville Crossing Retail Space

      Prime Retail Space Available, Danville, IL
      4111 Vermilion St, Danville, IL 61834
      View Details
    Request Owner's contact information
    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.
    22864 State Route 1
    Danville, IL 61834
    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
    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

    Google sign-in failed. Please try again or use another login method.