Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    206 S 42ND Street Mt Vernon, IL 62864

    View on Map
    For Sale
    $699,000

    COMMERCIAL - Mt Vernon, IL

    Lot size:
    0.50 Acres
    Added:
    Aug 26, 2025
    Days on Market:
    219
    Last Refresh:
    Apr 1 at 5:06 pm

    Property Features for 206 S 42ND Street Mt

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B PL
    Parking
    6
    Standard status
    Active
    APN
    06-36-102-004
    Lot size
    0.50 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    TIMES SQUARE MALL 2ND SUB LOT 2
    TaxAnnualAmount
    14400

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1983
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Brick, Vinyl Siding, Block
    Roof type
    Composition, Membrane, Flat, Rolled Hot Mop

    We can help!

    Listing Contact
    DEBRA M SMITH

    Listing agent DEBRA M SMITH License #471019811

    Listing office King City Property Brokers 1300 Salem Road, Mount Vernon, IL

    Listing date Aug 26, 2025

    MLS# EB459584

    Copyright © 2025 RMLS Alliance. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Retail Space in Time Square

    The property is located in Time Square Mall in Mt. Vernon, Illinois, offering great visibility and a favorable position within the mall. According to the City, the property is eligible for Enterprise Zone benefits if a remodel requiring a building permit is undertaken. The lot size is approximately 0.5 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Shopping centers

    Map

    City
    Vernon
    County
    Marion
    State
    Illinois
    Longitude
    -88.9065
    Latitude
    38.3147

    Nearby Similar for Sale

    • $950,000

      Versatile Commercial Property on Broadway

      High-visibility commercial property with flexible space and residential dwelling.
      1719 Broadway, Mt Vernon, IL 62864
      View Details
    • $480,000

      Commercial Property in High-Traffic Location

      Commercial property with stable income and customization potential in Mt. Vernon.
      3405 W BROADWAY Street, Mt Vernon, IL 62864
      View Details
    • $179,000

      Commercial Building in Prime Location

      Remodeled commercial building with income potential and flexible usage.
      903 Salem Road, Mt Vernon, IL 62864
      View Details
    • $795,000

      Spacious Commercial Building Near Interstates

      Adaptable commercial building suitable for various businesses near I-57 & I-64.
      103 N SHILOH Drive, Mt Vernon, IL 62864
      View Details
    • $225,000

      Commercial Property Near Major Retailers

      Commercial property with B2 zoning, multiple buildings, and highway access.
      9221 E Illinois Highway 15, Mt Vernon, IL 62864
      View Details
    • $235,000

      Versatile Commercial Building in Mt Vernon

      Two-story commercial building with high visibility and flexible use.
      329 BROADWAY Street, Mt Vernon, IL 62864
      View Details
    • $149,900

      Commercial Building in High Traffic Area

      2700 SF commercial building on corner lot for sale.
      823 S 10TH Street, Mt Vernon, IL 62864
      View Details
    • $149,900

      Commercial Building in High Traffic Area

      2700 SF commercial building on corner lot for sale.
      823 S 10TH Street, Mt Vernon, IL 62864
      View Details
    • $595,000

      Commercial Property with Income Potential

      Commercial building, storage units, and open lot for sale.
      2801 & 2803 Veterans Memorial Drive, Mt Vernon, IL 62864
      View Details
    • $229,000

      Commercial Office Building on Broadway

      High-traffic commercial building with multiple offices and on-site parking.
      2006 BROADWAY, Mt Vernon, IL 62864
      View Details
    • $155,900

      Mt Vernon Multifamily Investment Opportunity

      Five-unit property near downtown Mt Vernon, Illinois.
      205 S 6TH Street, Mt Vernon, IL 62864
      View Details
    • $65,000

      Salon Ready Commercial Space

      Well-maintained salon with recent updates in prime location.
      105 S 18TH Street, Mt Vernon, IL 62864
      View Details

    FAQs

    What type of property is this?
    Shopping mall - Located in Time Square Mall with great visibility.
    Where is this shopping mall located?
    The property is located at 206 S 42ND Street Mt Vernon, IL.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: Located in Time Square Mall with great visibility; Qualifies for Enterprise Zone benefits with remodel requiring a building permit; Constructed with durable materials: Brick, Vinyl Siding, and Block
    (618) 237-7166
    We can help!
    Listing Contact
    DEBRA M SMITH
    Real Estate License ID: 471019811
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!