Your AI Navigator in Commercial Real Estate
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

    401 Franklin St Danville, IL 61832

    • Retail properties
    • 28,312 SF
    • 1.13 lot acres
    For Sale
    View listing
    $1,950,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • DCFS / Social Services Organization
    • Family Service Department / Social Services Organization

    Property Details for 401 Franklin St

    Year built
    1981
    Lot size
    1.13 lot acres
    Property size
    28,312 SF
    Property type
    Retail properties
    Property subtype
    Office Properties & Spaces

    Description

    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.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Danville
    County
    Vermilion
    State
    Illinois
    Longitude
    -87.5898
    Latitude
    40.1327

    Comparable in this City

    • Value Estimation by Request
      1.13 Acres

      10 Southgate Dr

      Individual retail properties • 40,092 SF
      10 Southgate Dr, Tilton, IL 61832
      View Details
    • Value Estimation by Request
      14,000 SF

      23 North St

      Individual retail properties • 14,000 SF
      23 North St, Danville, IL 61832
      View Details
    • Value Estimation by Request
      6.62 Acres

      Vermilion St & Newell Ave

      Individual retail properties • 6.62 Acres
      0 Vermilion St & Newell Ave, Danville, IL 61832
      View Details
    • Value Estimation by Request
      3,000 SF

      306 Fairchild St

      Restaurants • 3,000 SF
      306 Fairchild St, Danville, IL 61832
      View Details
    • Value Estimation by Request
      35,000 SF

      1507 Bowman Ave

      Retail properties • 35,000 SF
      1507 Bowman Ave, Danville, IL 61832
      View Details
    • Value Estimation by Request
      8,133 SF

      610 Gilbert St

      Retail properties • 8,133 SF
      610 Gilbert St, Danville, IL 61832
      View Details

    Similar Nearby for Sale

    • $1,950,000
      28,312 SF

      Danville Office Building Investment

      Multi-tenant office building, high cap rate.
      401 Franklin St, Danville, IL 61832
      View Details
    • $97,000
      1.13 Acres

      Tilton Retail Park - Huge Potential

      Vacant Storefront, Warehouse, Office Space
      10 Southgate Dr, Tilton, IL 61832
      View Details
    • $575,000
      6.62 Acres

      Danville Retail Land - Prime Location

      6.62 Acres, High-Traffic Retail Site
      0 Vermilion St & Newell Ave, Danville, IL 61832
      View Details
    • $115,000
      1,760 SF

      Prime Danville Storefront Opportunity

      Vacant Retail Space, High Traffic Area
      1232 Main St, Danville, IL 61832
      View Details
    • $324,900
      4,710 SF

      Heritage Building II: Danville Retail Space

      Prime Danville storefront, three suites, excellent investment.
      212 Fairchild St, Danville, IL 61832
      View Details
    • $1,500,000
      13,500 SF

      Danville Retail Building For Sale

      13,500 SF Pharmacy/Drug Store, Vacant
      842 Main St, Danville, IL 61832
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      35,000 SF

      Danville Industrial Retail Space

      Prime Danville location, 35,000 SF, 20,000 SF vacant.
      1507 Bowman Ave, Danville, IL 61832
      View Details
    • $15 SF/Yr
      1,330 SF

      Danville Retail Space For Lease

      1330 sq ft, 58 parking spaces
      3216 Vermilion St, Danville, IL 61832
      View Details
    • Contact for pricing
      800 SF

      Meijer In-Store Retail Space

      800 SF Danville, IL Retail Space
      3649 Vermilion St, Danville, IL 61832
      View Details
    • $10 SF/Yr
      14,000 SF

      Versatile Space in Danville, IL

      14,000 SF space suitable for retail, apartments, or pub.
      23 W North St, Danville, IL 61832
      View Details
    • Contact for pricing
      13,225 SF

      Prime Danville Retail Space

      13,225 SF Freestanding Retail Building
      900 Main St, Danville, IL 61832
      View Details
    • Contact for pricing
      50,232 SF

      Retail Space on Vermilion Street

      Retail spaces available in Danville, Illinois shopping center.
      2917 N Vermilion St, Danville, IL 61832
      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.
    401 Franklin St
    Danville, IL 61832
    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.

    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.