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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2215 Oakland Ave Decatur, IL 62526

    • Gas stations
    • 0.91 lot acres
    For Sale
    View listing
    $349,000
    Last Sale
    Oct 21, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-4206165
    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.

    Current Use by Public Records

    • Gas stations

    Property Details for 2215 Oakland Ave

    Lot size
    0.91 lot acres
    Zone code
    MUNICIPAL
    Property type
    Gas stations
    APN
    04-12-04-429-020
    APU
    41204429020

    Description

    This exceptional 1.5-acre commercial property at 2215 N Oakland Ave, Decatur, IL (62526), presents a significant redevelopment opportunity. The site boasts two buildings totaling 4,200 net rentable square feet, including a 3,000 square foot former gas station and a 1,500 square foot tunnel car wash, built in 1990 and renovated in 2015. Currently vacant, this property offers high visibility on a major commercial corridor with excellent road frontage, ensuring maximum exposure to the estimated 20,000 vehicles passing daily. Ample on-site parking caters to customer and staff convenience. The adaptable interior layout allows for customization to suit various commercial needs. The property is zoned B-2 and sits on a 1.5-acre lot. This prime location offers strong market potential, situated near thriving businesses and key amenities, including restaurants, shopping centers, and residential areas. The asking price is $349,000, with a pro-forma NOI of $70,000 and a pro-forma cap rate of 20.06%. The property is ground leased and is being sold by the owner. Parcel numbers are 04-12-04-429-020 & 04-12-04-429-021. This is an ideal location for a convenience store, QSR, or shopping center redevelopment. Don't miss this chance to secure this strategic location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Decatur
    County
    Macon
    State
    Illinois
    Longitude
    -88.9734
    Latitude
    39.8663
    CBSA code
    19500
    CBSA name
    DECATUR, IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $19,361
    $56,649
    $137,886
    $194,535
    -
    $169,964
    $413,699
    $583,663

    Comparable in this City

    • Value Estimation
      $770,000
      0.21 Acres

      2195 Oakland Ave

      SERVICE STATION WITH FOOD MART • 0.21 Acres
      2195 Oakland Ave, Decatur, IL 62526-3125
      View Details
    • Value Estimation by Request
      0.29 Acres

      115 Pershing Rd

      GAS STATION • 0.29 Acres
      115 Pershing Rd, Decatur, IL 62526-3242
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    • Value Estimation by Request
      0.56 Acres

      1604 22nd St

      GAS STATION • 0.56 Acres
      1604 22nd St, Decatur, IL 62526-5110
      View Details
    • Value Estimation by Request
      1.16 Acres

      3798 Woodford St

      SERVICE STATION WITH FOOD MART • 1.16 Acres
      3798 Woodford St, Decatur, IL 62526-2700
      View Details
    • Value Estimation by Request
      2,678 SF

      3595 Larkdale Ct

      GAS STATION • 2,678 SF
      3595 Larkdale Ct, Decatur, IL 62526-2292
      View Details
    • Value Estimation by Request
      1.32 Acres

      Decatur, IL 62526

      GAS STATION • 1.32 Acres
      Decatur, IL 62526
      View Details

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    2215 Oakland Ave
    Decatur, IL 62526
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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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