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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1002 Commercial Dr Mahomet, IL 61853

    • Office Properties & Spaces
    • 3,348 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hubert E. Willis, DC / Alternative Medicine Practice
    • Illini Hearing / Hearing Aid Store / Audiologist
    • Mahomet Family Restaurant / Restaurant
    • TK Salon / Hair Salon

    Property Details for 1002 Commercial Dr

    Year built
    2006
    Property size
    3,348 SF
    Property type
    Office Properties & Spaces
    Property subtype
    Office space

    Description

    This exceptional Class A office space, totaling 2,634 square feet, is available for lease in Mahomet, Illinois. Located at 1002 Commercial Drive, Unit 2, this single-tenant property offers a versatile layout suitable for traditional, executive, or creative office uses. Built in 2006, the building features a total of 3,348 square feet across one story. The property boasts a convenient location on Commercial Drive, with excellent visibility and access to Patton Drive and Highway 150, providing easy access to I-74 and the surrounding areas, including Champaign. The space includes shared parking in a lot. Electrical service is 200 amps

    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
    Mahomet
    County
    Champaign
    State
    Illinois
    Longitude
    -88.3795
    Latitude
    40.1864

    Comparable in this City

    • Value Estimation
      $1,480,000
      14,916 SF

      601 Main St

      OFFICE (GENERAL) • 14,916 SF
      601 Main St, Mahomet, IL 61853-7430
      View Details
    • Value Estimation by Request
      5,920 SF

      Farm Credit Dr

      Restaurants • 5,920 SF
      0 Farm Credit Dr, Mahomet, IL 61853
      View Details
    • Value Estimation by Request
      2,024 SF

      1504 Patton Dr Ste, Unit 6

      DENTAL BUILDING • 2,024 SF
      1504 Patton Dr Ste, Mahomet, IL 61853-8126
      View Details
    • Value Estimation by Request
      1,744 SF

      1504 Patton Dr Ste, Unit 4

      MEDICAL BUILDING • 1,744 SF
      1504 Patton Dr Ste, Mahomet, IL 61853-8126
      View Details
    • Value Estimation by Request
      2,560 SF

      405 Division St

      OFFICE BUILDING • 2,560 SF
      405 Division St, Mahomet, IL 61853-9299
      View Details
    • Value Estimation by Request
      1,000 SF

      202 Oak St

      OFFICE BUILDING • 1,000 SF
      202 Oak St, Mahomet, IL 61853-9059
      View Details

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    • $1,500,000
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      3.5-acre commercial lot in Mahomet, ideal for new construction.
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    • $475,000
      0.99 Acres

      Mahomet Commercial Land - $475K

      Prime 0.99-acre lot, I-74 proximity.
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    • Contact for pricing
      0.70 Acres

      Mahomet Commercial Land for Sale

      Prime Commercial Lots in Growing Mahomet, IL
      0 Farm Credit Dr, Mahomet, IL 61853
      View Details

    Similar Nearby for Lease

    • $27 SF/Yr
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      Mahomet, IL Retail Center - Prime Location
      1608 Patton Dr, Mahomet, IL 61853
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    1002 Commercial Dr
    Mahomet, IL 61853
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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
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