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    Granite City Multi-Use Facility Title is generated by Realmo AI

    1908 State Street, Granite City, IL 62040

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    For Sale
    $190,000

    Unimproved Land - Granite City, IL

    Type:Unimproved Land
    Property size:
    17,691 SF
    Lot size:
    0.29 Acres
    Price / SF:
    $10/SF
    Added:
    Apr 2, 2026
    Days on Market:
    65
    Last Refresh:
    Jun 5 at 9:06 pm

    Property Features for 1908 State Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Unimproved Land
    Parking features
    Open, Parking Lot
    Standard status
    Active
    APN
    22-2-19-24-12-202-003
    Size
    17,691 SF
    Lot size
    0.29 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    2240

    Utilities

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

    Building Details

    Year built
    1940
    Building materials
    Brick
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Jim Reppell
    Jim Reppell

    Listing agent Jim Reppell License #475125734

    Listing office RE/MAX Alliance 1121 University Drive, Collinsville, IL

    Listing date Apr 2, 2026

    MLS# 23073462 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

    • Multi‑use facility in downtown Granite City, near Granite City Steel & Gateway Regional.
    • Ample parking in the rear of the building.
    • Rubber Modified roof installed in 2019.
    • Opportunity to purchase 3 additional lots in the rear.
    • Existing elevator (potentially operational).
    • Gym equipment available for purchase at half price with acceptable offer.

    Overview

    Located in downtown Granite City, this property presents an opportunity for a multi-use facility near Granite City Steel and Gateway Regional. Currently, the main level is owner-occupied by "Tank Training" gym. The property includes ample parking in the rear. The rubber modified roof was installed in 2019. An existing elevator, fully operational 10 years ago, has the potential to be operational again. Gym equipment is available for purchase from the seller at half price with an acceptable offer on the building and vacant lots. The property consists of 17691 square feet and sits on a 0.287-acre lot. There are 3 lots in the rear that front at 1909 & 1911 Grand that could be purchased separately for $15,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Fitness centers & gyms

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Nelson Hagnauer Sports Complex — granite city, il 62040
    • William Red Schmitt Wrestling Center — 3101 missouri ave, granite city, il 62040
    • Granite City High School Memorial Gymnasium — Granite City, IL 62040
    • Granite City Park Pool — 2900 Benton St, Granite City, IL 62040

    Location Insight

    • Map
    • Local Demand
    City
    Granite City
    County
    Madison
    State
    Illinois
    Longitude
    -90.149095
    Latitude
    38.699809

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    FAQs

    What type of property is this?
    Fitness center & gym - Multi-use facility in downtown Granite City with ample parking.
    Where is this fitness center & gym located?
    The property is located at 1908 State Street Granite City, IL.
    What is the asking price?
    The asking price for this property is $190,000.
    What are key features of this property?
    This property features: Multi‑use facility in downtown Granite City, near Granite City Steel & Gateway Regional.; Ample parking in the rear of the building.; Rubber Modified roof installed in 2019.
    (618) 791-7663
    We can help!
    Listing Contact
    Jim Reppell
    Jim Reppell
    Real Estate License ID: 475125734
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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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