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    603 South Prairie View Rd Mahomet, IL 61853
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    603 South Prairie View Rd Mahomet, IL 61853

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    • Grocery and convenience stores
    • 2,640 SF
    • 0.99 lot acres
    For Sale
    $475,000
    View Listing →
    Former Gas Station with Potential For Sale
    $475,000

    Former Gas Station with Potential

    Former gas station on under an acre near Interstate.

    603 South Prairie View Road, Mahomet, IL 61853
    View Listing
    Property ID
    US28-1755363
    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

    • Grocery and convenience stores

    Property Details for 603 South Prairie View Rd

    Lot size
    0.99 lot acres
    Property size
    2,640 SF
    Property type
    Grocery and convenience stores
    APN
    151313300002
    APU
    151313300002

    Description

    This 0.99-acre commercial land parcel in Mahomet, Illinois, presents a compelling investment opportunity. Located at 603 South Prairie View Road, this property boasts a strategic position roughly two blocks north of Interstate 74 and directly across from a Dollar General store. The site includes an existing 3,120 square foot building, offering potential for immediate use or redevelopment. Currently zoned R1-A, the Village of Mahomet anticipates a zoning change request from a future buyer, given the predominantly commercial zoning of the surrounding area. This location benefits from a blend of commercial businesses and residential neighborhoods, creating a dynamic and accessible environment. The property is being sold "as is" and includes a limited number of usage restrictions. The APN is 15-13-13-300-002. This property's proximity to Interstate 74 and the existing building provide significant advantages for a variety of commercial ventures. Serious inquiries are encouraged to explore the potential of this well-situated land parcel.

    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
    Mahomet
    County
    Champaign
    State
    Illinois
    Longitude
    -88.3658
    Latitude
    40.1908
    CBSA code
    16580
    CBSA name
    CHAMPAIGN-URBANA, 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
    $11,331
    $72,790
    $70,380
    $143,170
    -
    $218,370
    $211,140
    $429,510

    Comparable in this City

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      2,760 SF

      102 Prairieview Rd

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      3,380 SF

      602 Oak St

      CONVENIENCE STORE • 3,380 SF
      602 Oak St, Mahomet, IL 61853-9661
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    • Value Estimation
      $2,675,000
      6,462 SF

      1005 Purnell Dr

      CONVENIENCE STORE • 6,462 SF
      1005 Purnell Dr, Mahomet, IL 61853-8533
      View Details
    • Value Estimation by Request
      2,520 SF

      506 Prairieview Rd

      CONVENIENCE STORE • 2,520 SF
      506 Prairieview Rd, Mahomet, IL 61853-8503
      View Details
    • Value Estimation
      $3,300,000
      7,387 SF

      201 Lombard St

      CONVENIENCE STORE • 7,387 SF
      201 Lombard St, Mahomet, IL 61853-9780
      View Details
    • Value Estimation
      $2,805,000
      38,280 SF

      202 Eastwood Dr

      GROCERY, SUPERMARKET • 38,280 SF
      202 Eastwood Dr, Mahomet, IL 61853-7035
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,300 SF

      Profitable Tavern and Liquor Store

      Local tavern with gaming machines and package liquor store.
      204 S Prairie View Rd, Mahomet, IL 61853
      View Details
    • $475,000

      Former Gas Station with Potential

      Former gas station on under an acre near Interstate.
      603 South Prairie View Rd, Mahomet, IL 61853
      View Details
    • $475,000
      7.00 Acres

      Mahomet Subdivision: 22 Lots

      7-Acre Development Opportunity in Mahomet, IL
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    • $1,050,000

      Land Available in Mahomet, IL

      Land for sale at 700 Eastwood Drive, Mahomet, IL
      700 Eastwood Dr, Mahomet, IL 61853
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    • $449,000
      0.36 Acres

      Versatile Mahomet Property with Potential

      Spacious property in Mahomet, Illinois, with residential or commercial potential.
      110 S Lombard St, Mahomet, IL 61853
      View Details

    Similar Nearby for Lease

    • $27 SF/Yr
      2,000 SF

      New Construction Retail/Office Space

      2,000 SF space with drive-thru, high visibility, easy access.
      1000 Purnell Dr, Mahomet, IL 61853
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      Versatile Commercial Space for Rent

      Adaptable commercial spaces suitable for various businesses in Mahomet, IL.
      601 E Main St, Mahomet, IL 61853
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      Eastwood Center Retail Hub

      Retail hub in growing Illinois community near I-74.
      804 Eastwood Dr, Mahomet, IL 61853
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      Retail Center in Growing Community

      Retail center in Mahomet, Illinois, with thriving businesses.
      1608 Patton Dr, Mahomet, IL 61853
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      New Commercial Space For Lease

      Prime new construction commercial space with high visibility and drive-thru.
      1002 Purnell Dr, Mahomet, IL 61853
      View Details
    • Contact for pricing

      Mahomet Flex Space For Rent

      Flex space at Interstate 74 and Prairieview Road intersection.
      809 S Prairie View Rd, Mahomet, IL 61853
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    View Listing
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    Mahomet, IL 61853
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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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    603 South Prairie View Rd, Mahomet, IL, 61853
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