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    Worth Fort Worth Way Mattoon, IL 61938
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    Worth Fort Worth Way Mattoon, IL 61938

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    • Land
    • 2.00 lot acres
    For Sale
    $871,200
    View Listing →
    Prime Mattoon Development Land For Sale
    $871,200

    Prime Mattoon Development Land

    2-Acre Agricultural Tract near Sports Complex

    Worth Fort Worth Way, Mattoon, IL 61938
    View Listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for Worth Fort Worth Way

    Lot size
    2.00 lot acres
    Property type
    Land
    Property subtype
    Farms

    Description

    This exceptional 2-acre agricultural land parcel presents a unique investment opportunity in Mattoon, Illinois. Strategically located at the intersection of Interstate 57 and Route 16, this property enjoys high visibility and accessibility, benefiting from the significant traffic flow along this major corridor in Coles County. The land's proximity to the new Emerald Acres Sports Complex is a key advantage, positioning it to capitalize on the anticipated influx of 250,000 unique visitors annually. This presents a compelling opportunity for a variety of commercial developments, including retail, restaurants, hotels, or entertainment venues. The existing concentration of businesses in the area further enhances the property's potential for attracting customers and generating revenue. The asking price for this prime development lot is $871,200. This property offers significant potential for growth and return on investment, making it an attractive proposition for developers seeking a high-traffic location with strong future prospects. The property's address is listed as Fort Worth, but the city and county are verified as Mattoon and Coles County, Illinois, respectively, with a zip code of 61938.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Mattoon
    County
    Coles
    State
    Illinois
    Longitude
    -88.3296
    Latitude
    39.4824

    Comparable in this City

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      0.50 Acres

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      0.16 Acres

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    • Value Estimation by Request
      20.84 Acres

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      FARM SUPPLY & EQUIPMENT • 20.84 Acres
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    Similar Nearby for Sale

    • $871,200
      2.00 Acres

      Prime Mattoon Development Land

      2-Acre Agricultural Tract near Sports Complex
      Worth Fort Worth Way, Mattoon, IL 61938
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      0.50 Acres

      Mattoon, IL Commercial Land

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    • $495,000

      Turnkey Investment Property with Expansion Potential

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      Commercial land for sale, located near a public park.
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    Similar Nearby for Lease

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      Land for Retail, Restaurant, Hotel

      Land available for retail, restaurant, and hotel development.
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      Commercial Land Ready For Lease

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    • $10 SF/Yr
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      Retail Space Near Lake Land

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      Retail Space in Mattoon Marketplace

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      Retail Space on Lake Land

      Retail space available for lease, 1000 square feet.
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      166,928 SF

      Mattoon Industrial & Office Space

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      View Details
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    Mattoon, IL 61938
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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.

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