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    1020 Wabash Ave Mattoon, IL 61938
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    Property profile & analytics

    1020 Wabash Ave Mattoon, IL 61938

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    • Small apartment buildings
    • 0.16 lot acres
    Off-Market
    Property ID
    US28-3564577
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Small apartment buildings

    Property Details for 1020 Wabash Ave

    Lot size
    0.16 lot acres
    Property type
    Small apartment buildings

    Description

    This exceptional investment opportunity presents a six-unit multifamily property situated on a 0.16-acre lot at 1020 Wabash Ave, Mattoon, Illinois, 61938. The property comprises two buildings. The north building features two spacious two-bedroom, one-bathroom units, while the south building offers four one-bedroom, one-bathroom units. Each unit currently commands a monthly rent of $500, generating a substantial monthly income stream. All utilities, including water, Ameren (electricity and gas), and trash removal, are included in the rent, minimizing landlord responsibilities and maximizing net operating income. The asking price for this turnkey investment is $130,000. This property is ideally suited for an investor seeking a stable, cash-flowing asset in a desirable location. The property's strong rental history and included utilities make it a low-maintenance, high-return investment. This is a rare opportunity to acquire a well-maintained multifamily property in a thriving market. Don't miss out on this chance to add a valuable asset to your portfolio. Serious inquiries only.

    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
    Mattoon
    County
    Coles
    State
    Illinois
    Longitude
    -88.366767
    Latitude
    39.4807157

    Comparable in this City

    • Contact for pricing
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      Turnkey Investment Property with Expansion Potential

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      2.00 Acres

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      0.50 Acres

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      Commercial Land Near Public Park

      Commercial land for sale, located near a public park.
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      1.00 Acre

      Residential Land in Quiet Cul-de-Sac

      One-acre lot near Mattoon's Golf & Country Club.
      23 Cambridge, Mattoon, IL 61938
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    Similar Nearby for Sale

    • Contact for pricing
      53,579 SF

      Multi-Family and Commercial Investment

      19-unit multi-family and commercial property with consistent gross revenue.
      4211 Lake Land Blvd, Mattoon, IL 61938
      View Details
    • $495,000

      Turnkey Investment Property with Expansion Potential

      Leased retail spaces with vacant lot for future development.
      921 Lake Land Blvd, Mattoon, IL 61938
      View Details
    • $871,200
      2.00 Acres

      Prime Mattoon Development Land

      2-Acre Agricultural Tract near Sports Complex
      Worth Fort Worth Way, Mattoon, IL 61938
      View Details
    • Contact for pricing
      0.50 Acres

      Mattoon, IL Commercial Land

      Retail & Hotel Opportunity near Sports Complex
      0 Fort Worth Way, Mattoon, IL 61938
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      Commercial Land Near Public Park

      Commercial land for sale, located near a public park.
      3121 Commercial Ave, Mattoon, IL 61938
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      1.00 Acre

      Residential Land in Quiet Cul-de-Sac

      One-acre lot near Mattoon's Golf & Country Club.
      23 Cambridge, Mattoon, IL 61938
      View Details

    Similar Nearby for Lease

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      2,016 SF

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      166,928 SF

      Mattoon Industrial & Office Space

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    • $5 SF/Yr
      27,540 SF

      Versatile Retail/Training Space Available

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      Cross County Mall Retail Space

      Retail spaces available at the Cross County Mall in Mattoon.
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      18,670 SF

      Emerald Acres Sports Connection Retail

      Retail spaces available within a large sports and entertainment complex.
      1301 Fort Worth Way, Mattoon, IL 61938
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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.

    More about this property
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    1020 Wabash Ave, Mattoon, IL, 61938
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