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
    Property profile & analytics

    602 E Walnut St Chatham, IL 62629

    • Commercial real estate
    For Sale
    View listing
    $240,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2669310
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Barkers Paradise Pet Salon / Pet Groomer
    • Doggie Stylez pet grooming / Pet Groomer
    • Amanda Camden Photography / Photographer
    • All Dolled Up Hair Salon / Beauty Salon

    Property Details for 602 E Walnut St

    Property type
    Commercial real estate

    Description

    This exceptional investment opportunity presents a prime commercial property located at 602 E WALNUT Street in Chatham, Illinois, 62629. Priced at $299,000, this solid strip-style building offers four separate rental units, currently all occupied, making it an ideal income-generating asset. The property boasts a recently installed new roof, ensuring long-term structural integrity and minimizing maintenance costs. Furthermore, the individual units have undergone recent updates, enhancing their appeal to tenants and maximizing rental potential. The building enjoys a highly visible street-front location, ensuring excellent exposure to potential customers and maximizing foot traffic. This translates to strong tenant occupancy rates and a consistent stream of rental income. The property is classified as both land and retail, offering flexibility for future development or continued operation as a multi-tenant retail space. This is a rare opportunity to acquire a well-maintained, high-visibility commercial property in a thriving Illinois community. The property's strong tenant occupancy and recent upgrades make it a compelling investment for those seeking a stable and profitable addition to their portfolio. Detailed financial information is available upon request. The property is situated in Sangamon County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chatham
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.6985898
    Latitude
    39.6761965

    Comparable in this City

    • $689,900

      Chatham Commercial Building - Prime Location

      High-traffic, multi-use building, excellent investment.
      215-221 Main St, Chatham, IL 62629
      View Details
    • $84,900
      0.41 Acres

      Residential Lot in Chatham, IL

      Residential lot ready for single-family home construction.
      Spartan Dr, Chatham, IL 62629
      View Details
    • $84,900
      0.41 Acres

      Residential Lot in Chatham, IL

      Residential lot available in Chatham, Illinois, ready for construction.
      Spartan Dr, Chatham, IL 62629
      View Details
    • $399,990
      3.93 Acres

      Chatham Commercial Land - Prime Location

      3.93-acre lot, B2 zoning, high traffic area.
      71 Plummer Blvd, Chatham, IL 62629
      View Details
    • $68,000

      Residential Land in Chatham, IL

      Corner lot available for building a dream home.
      421 Manor Hill Dr, Chatham, IL 62629
      View Details
    • $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

    Similar Nearby for Sale

    • $689,900

      Chatham Commercial Building - Prime Location

      High-traffic, multi-use building, excellent investment.
      215-221 Main St, Chatham, IL 62629
      View Details
    • $399,990
      3.93 Acres

      Chatham Commercial Land - Prime Location

      3.93-acre lot, B2 zoning, high traffic area.
      71 Plummer Blvd, Chatham, IL 62629
      View Details
    • $68,000

      Residential Land in Chatham, IL

      Corner lot available for building a dream home.
      421 Manor Hill Dr, Chatham, IL 62629
      View Details
    • $84,900
      0.41 Acres

      Residential Lot in Chatham, IL

      Residential lot available in Chatham, Illinois, ready for construction.
      Spartan Dr, Chatham, IL 62629
      View Details
    • $84,900
      0.41 Acres

      Residential Lot in Chatham, IL

      Residential lot ready for single-family home construction.
      Spartan Dr, Chatham, IL 62629
      View Details
    • $449,990
      6.12 Acres

      Chatham Commercial Land - 6.12 Acres

      Prime Chatham location, high traffic, B1 zoning.
      150 Independence Dr, Chatham, IL 62629
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      1,764 SF

      Chatham Commercial Property: Main Street Gem

      High-traffic location, versatile space, excellent visibility.
      215-221 Main St, Chatham, IL 62629
      View Details
    • New
      Contact for pricing

      Chatham Storefront for Rent

      Storefront available in Chatham, Illinois, ideal for office or boutique.
      602 E Walnut St, Chatham, IL 62629
      View Details
    • New
      Contact for pricing

      Chatham Retail or Office Space

      Commercial space in Chatham with high visibility and traffic count.
      602 E Walnut St, Chatham, IL 62629
      View Details
    • Contact for pricing
      7,043 SF

      Chatham Retail Strip Center

      7,043 SF Retail Space, High Visibility
      210 Main St, Chatham, IL 62629
      View Details
    • $16 SF/Yr
      4,224 SF

      Retail Center Near IL-4

      Retail spaces available in Chatham, Illinois, near Springfield.
      73-95 W Plummer Blvd, Chatham, IL 62629
      View Details
    • Contact for pricing
      20,038 SF

      Chatham Commercial Space with Drive-Thru

      Restaurant space with drive-thru and patio in Chatham, Illinois.
      325 N Main St, Chatham, IL 62629
      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.
    602 E Walnut 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
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.