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    Versatile Commercial Building with Extra Lots Title is generated by Realmo AI

    111 W Main Street, Mount Olive, IL 62069

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    Claim this Listing
    For Sale
    Under Contract
    $168,000

    Commercial Sale - Mount Olive, IL

    Property size:
    5,264 SF
    Lot size:
    0.29 Acres
    Price / SF:
    $31/SF
    Added:
    Apr 3, 2026
    Days on Market:
    49
    Last Refresh:
    May 21 at 5:06 pm

    Property Features for 111 W Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active Under Contract
    APN
    02-000-811-00
    Size
    5,264 SF
    Lot size
    0.29 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1298.22

    Utilities

    Heating system
    Electric (Heating), Forced Air, Natural Gas
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1907
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Mike Mihelcic
    Mike Mihelcic

    Listing agent Mike Mihelcic License #475155256

    Listing office RE/MAX Alliance 101 W. Main, Collinsville, IL

    Listing date Apr 3, 2026

    MLS# 25057030 Listing URL

    Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two adjoining commercial lots included, providing room for parking or future expansion.
    • Versatile property suitable for retail, office, restaurant, or mixed‑use development.
    • New Quaker high‑efficiency windows, drywall, and R‑34 insulation already installed.
    • Main floor includes two large open rooms, two bathrooms, and a kitchen space.
    • Upstairs offers a large open room ideal for a loft‑style space, plus two additional rooms.
    • Basement includes a grease trap and exposed plumbing for easy access.

    Overview

    This two-story commercial building, located in the heart of town, offers flexibility for retail, office, restaurant, or mixed-use ventures. The property includes two extra lots, providing room for parking or future expansion. The upstairs features a large open room suitable for a loft-style space, along with two additional rooms that could serve as offices or bedrooms, and a separate unfinished bathroom area located off the landing. Brand-new Quaker high-efficiency windows, drywall, and R-34 insulation are already installed. The main floor includes two large open rooms, two bathrooms, and a kitchen space. The basement, believed to be about 500 square feet, has a sump pump, includes a grease trap, and has exposed plumbing for easy access. The property is located in Mount Olive, IL, situated on a 0.29-acre lot. The building size is 5264 square feet. This versatile property is ready for a variety of business uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Auto Repair Shop Gym & Fitness Center Pharmacy Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mount Olive
    County
    Macoupin
    State
    Illinois
    Longitude
    -89.729181
    Latitude
    39.072233

    Nearby Similar for Sale

    • $49,900
      1,200 SF

      Mount Olive Car Wash Business

      Turn-key car wash business with good local support.
      129 W Main Street, Mount Olive, IL 62069
      View Details
    • $125,000

      Versatile Commercial Buildings in Mount Olive

      Two commercial buildings offering flexibility for business or storage.
      500 E 2nd Street, Mount Olive, IL 62069
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Two-story commercial building with two lots in town center.
    Where is this mixed-use property located?
    The property is located at 111 W Main Street Mount Olive, IL.
    What is the asking price?
    The asking price for this property is $168,000.
    What are key features of this property?
    This property features: Two adjoining commercial lots included, providing room for parking or future expansion.; Versatile property suitable for retail, office, restaurant, or mixed‑use development.; **New Quaker high‑efficiency windows, drywall, and R‑34 insulation already installed.**
    (618) 339-5752
    We can help!
    Listing Contact
    Mike Mihelcic
    Mike Mihelcic
    Real Estate License ID: 475155256
    Learn More
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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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