Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    229 Mattis Ave Champaign, IL 61821
    Back to Search
    Property profile & analytics

    229 Mattis Ave Champaign, IL 61821

    View on Map
    • Retail properties & Spaces
    • 304,588 SF
    • 33.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Country Fair Shopping Center / Shopping Center & Mall

    Property Details for 229 Mattis Ave

    Year built
    1960
    Lot size
    33.00 lot acres
    Property size
    304,588 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    Country Fair Shopping Center offers a unique leasing opportunity in Champaign County. This 304,588 square foot, Class B retail and office property, built in 1960, sits on 33 acres of land and boasts 2,000 parking spaces. The property features multiple suites, ranging from a minimum of 481 square feet to a maximum contiguous space of 43,962 square feet, currently vacant. The center is strategically located at the northwest corner of Springfield Avenue (IL Rt. 10) and Mattis Avenue, a high-traffic area with 14,600 vehicles per day on Springfield Avenue and 23,000 vehicles per day on Mattis Avenue. This prime location offers excellent visibility and accessibility, surrounded by other major retailers including Round Barn Shopping Center, Union Square, and Walgreens. The property is zoned CG and has a single story design. Several available spaces offer various layouts and sizes, suitable for a range of businesses. Some spaces feature existing build-outs, while others offer the opportunity for custom build-outs to suit specific tenant needs. Outlots are also available for land lease or build-to-suit options. The property's APN is 41-20-10-452-004, 41-20-10-476-006, -008, -009, -002. This is an exceptional opportunity to establish a presence in a thriving retail corridor.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2796
    Latitude
    40.114

    Comparable in this City

    • Value Estimation by Request
      57,581 SF

      Bloomington Rd & Hagan Rd

      Office Spaces • 57,581 SF
      0 Bloomington Rd & Hagan Rd, Champaign, IL 61821
      View Details
    • Value Estimation by Request
      143,000 SF

      2022 Glenn Park Dr

      Flex space • 143,000 SF
      2022 Glenn Park Dr, Champaign, IL 61821
      View Details
    • Value Estimation by Request
      88,105 SF

      109 Mattis Ave

      Individual retail properties • 88,105 SF
      109 Mattis Ave, Champaign, IL 61821
      View Details
    • Value Estimation by Request
      6,895 SF

      1906 Bradley Ave

      Restaurants • 6,895 SF
      1906 Bradley Ave, Champaign, IL 61821
      View Details
    • Value Estimation by Request
      88,105 SF

      109 Mattis Ave

      Retail properties & Spaces • 88,105 SF
      109 Mattis Ave, Champaign, IL 61821
      View Details
    • Value Estimation by Request
      1,372 SF

      1701 Springfield Ave

      Automotive properties • 1,372 SF
      1701 Springfield Ave, Champaign, IL 61821
      View Details

    Similar Nearby for Sale

    • $698,000
      5,700 SF

      Commercial Building Near Major Intersection

      Retail and office space with warehouse in high-traffic location.
      909 W Bloomington Rd, Champaign, IL 61821
      View Details
    • $349,000

      Remodeled Freestanding Building on Mattis

      1,922 SF remodeled building with drive-thru on Mattis Avenue.
      1203 S Mattis Ave, Champaign, IL 61821
      View Details
    • $375,000

      Freestanding Office Building For Sale

      Freestanding office building in Champaign, Illinois, with multiple suites.
      2108 W Springfield Ave, Champaign, IL 61821
      View Details
    • Contact for pricing

      Champaign Mixed-Use Property For Sale

      1.85-acre property with three buildings in Champaign, Illinois.
      1306 Parkland Ct, Champaign, IL 61821
      View Details
    • Contact for pricing

      Champaign Industrial Facility For Sale

      730,000 SF industrial facility with modern features in Champaign, IL.
      710 N Mattis Ave, Champaign, IL 61821
      View Details
    • $2,300,000
      13,580 SF

      Champaign Commercial Building For Sale

      13,580 SF commercial building in Champaign, Illinois for sale.
      2301 W Bradley Ave, Champaign, IL 61821
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      2,100 SF

      Office and Warehouse Space Available

      2,100 SF suite with office and warehouse components for rent.
      509 S Country Fair Dr, Champaign, IL 61821
      View Details
    • Contact for pricing

      New Warehouse Space with Drive-Thru

      2,563 SF warehouse with office, restroom, and drive-thru access.
      2513 W Springfield Ave, Champaign, IL 61821
      View Details
    • $12 SF/Yr
      1,106 SF

      First-Floor Office Space Available

      First-floor office space with flexible lease terms.
      501 S Country Fair Dr, Champaign, IL 61821
      View Details
    • Contact for pricing

      Unique Commercial Unit in Champaign

      1920 SF unit with office, storage, and overhead door.
      706 Bloomington Rd, Champaign, IL 61821
      View Details
    • $1,000 /Mo
      1,075 SF

      Remodeled Office Space For Rent

      Recently remodeled office space with ample parking in Champaign, IL.
      919 W Kirby Ave, Champaign, IL 61821
      View Details
    • $24 SF/Yr
      811 SF

      Office Space in Champaign, IL

      811 SF office suite available for lease.
      801 N Country Fair Dr, Champaign, IL 61821
      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.
    229 Mattis Ave
    Champaign, IL 61821
    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

    Thank You for Inquiry
    229 Mattis Ave, Champaign, IL, 61821
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!