[3] U.S. Route 24 runs along the northern edge of the village, leading west 9 miles (14 km) to Watseka, the Iroquois county seat, and east 6 miles (10 km) to Kentland, Indiana.

U.S. Route 52 intersects US 24 along Sheldon's northern border, leading north 3.5 miles (5.6 km) to Iroquois and east with US 24 into Indiana.

According to the 2021 census gazetteer files, Sheldon has a total area of 0.75 square miles (1.94 km2), all land.

There were 461 housing units at an average density of 612.22 per square mile (236.38/km2).

40.83% of all households were made up of individuals, and 13.55% had someone living alone who was 65 years of age or older.