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    1202 Keller Dr Effingham, IL 62401

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    1202 Keller Dr Effingham, IL 62401

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    • Wedding venues
    • 27,250 SF
    • 4.72 lot acres
    Off-Market
    Property ID
    US28-5180253
    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

    • Wedding venues

    Property Details for 1202 Keller Dr

    Year built
    1982
    Lot size
    4.72 lot acres
    Property size
    27,250 SF
    Property type
    Wedding venues

    Description

    The Thelma Keller Convention Center, located at 1202 N Keller Dr, Effingham, IL 62401, presents a unique investment opportunity. This mixed-use property boasts a substantial 27,250 square feet situated on a generous 4.72-acre lot. Built in 1982, the single building currently enjoys 100% occupancy, generating a strong return. The asking price is $3,600,000, translating to $132.11 per square foot. This established event center is ideally positioned in Effingham County, Illinois, offering significant potential for continued success and future growth. The property's size and prime location make it an attractive prospect for investors seeking a stable, high-performing asset in a thriving community. The building's age presents opportunities for potential renovations or upgrades to further enhance its value and appeal. With its current high occupancy rate, this property offers immediate cash flow and a solid foundation for long-term investment. The substantial lot size also allows for potential expansion or future development. This is a rare opportunity to acquire a well-established and profitable convention center in a desirable location.

    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
    Effingham
    County
    Effingham
    State
    Illinois
    Longitude
    -88.56361445
    Latitude
    39.13793654

    Comparable in this City

    • Contact for pricing
      600 SF

      High-Traffic Drive-Thru Investment Opportunity

      NNN leased drive-thru property with high visibility on a highway.
      406 N Keller Dr, Effingham, IL 62401
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      Development Parcel with Highway Visibility

      Prime development land near I-57/70 with high traffic counts.
      1600 W Fayette Ave, Effingham, IL 62401
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      Commercial Outlot Near Rural King

      2 AC divisible outlot near Rural King on US Route 45.
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      Prime Development Land For Sale

      Development land zoned M-1 Light Industrial/B-2 Commercial available for sale.
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    • $245,000
      31.13 Acres

      31 Acres Hunting Land in Effingham

      31.13 acres of wooded land near Little Wabash River.
      12990 N Country Club Rd, Effingham, IL 62401
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    • $4,000,000
      20,965 SF

      Motel 6/Studio 6 Effingham, IL

      104-unit motel, strong ROI, prime location
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    Similar Nearby for Sale

    • Contact for pricing
      600 SF

      High-Traffic Drive-Thru Investment Opportunity

      NNN leased drive-thru property with high visibility on a highway.
      406 N Keller Dr, Effingham, IL 62401
      View Details
    • Contact for pricing

      Development Parcel with Highway Visibility

      Prime development land near I-57/70 with high traffic counts.
      1600 W Fayette Ave, Effingham, IL 62401
      View Details
    • Contact for pricing

      Commercial Outlot Near Rural King

      2 AC divisible outlot near Rural King on US Route 45.
      201 Walk Ave, Effingham, IL 62401
      View Details
    • Contact for pricing

      Prime Development Land For Sale

      Development land zoned M-1 Light Industrial/B-2 Commercial available for sale.
      S Banker St, Effingham, IL 62401
      View Details
    • $245,000
      31.13 Acres

      31 Acres Hunting Land in Effingham

      31.13 acres of wooded land near Little Wabash River.
      12990 N Country Club Rd, Effingham, IL 62401
      View Details
    • $4,000,000
      20,965 SF

      Motel 6/Studio 6 Effingham, IL

      104-unit motel, strong ROI, prime location
      1412 W Fayette Ave, Effingham, IL 62401
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    Similar Nearby for Lease

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      New Office Spaces in Effingham

      Newly constructed office spaces available for lease in growing Effingham.
      1000 W Fayette Ave, Effingham, IL 62401
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      Prime Commercial Outlot Opportunity

      Available 2-acre outlot near Rural King and major routes.
      201 Walk Ave, Effingham, IL 62401
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    • $22 SF/Yr
      1,562 SF

      Retail Space Near Walmart Supercenter

      Retail space available in front of Walmart Supercenter.
      1304 Thelma Keller Ave, Effingham, IL 62401
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    • Contact for pricing
      25,000 SF

      Effingham Industrial Space Available

      25,000 square foot industrial space for lease in Effingham.
      1607 W Wernsing Ave, Effingham, IL 62401
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      Effingham Warehouse and Office Space

      329,804 SF office/warehouse on 17.7 acres available for lease.
      420 Industrial Ave, Effingham, IL 62401
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    • Contact for pricing

      Retail Redevelopment Opportunity Available

      Retail space available for sale, lease, or build-to-suit.
      1306 Thelma Keller Ave, Effingham, IL 62401
      View Details
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    Effingham, IL 62401
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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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    1202 Keller Dr, Effingham, IL, 62401

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