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    Remodeled Commercial Space in Troy Title is generated by Realmo AI

    215 E Market Street, Troy, IL 62294

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    Claim this Listing
    For Sale
    $325,000

    Commercial Sale - Troy, IL

    Lot size:
    0.08 Acres
    Added:
    Apr 24, 2026
    Days on Market:
    27
    Last Refresh:
    May 20 at 1:06 am

    Property Features for 215 E Market Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    09-2-22-09-07-205-025
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    2751

    Building Details

    Year built
    1970
    Building materials
    Cement Siding, Wood Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Nicole Schweitzer
    Nicole Schweitzer

    Listing agent Nicole Schweitzer License #475166214

    Listing office Re/Max Alliance 629 Edwardsville Road, Collinsville, IL

    Listing date Apr 24, 2026

    MLS# 26013232 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

    • Remodeled in 2025 with new addition for gaming area.
    • Gaming area includes 6 gaming machines, ATM, and small bar.
    • Fully equipped dining area with coolers, slicer, toaster, fridges, and freezers.
    • New roof and smart siding installed in 2025.
    • Up to code and passed inspections.
    • Features a backroom with commercial sink and grease trap.

    Overview

    This commercial space, located in downtown Troy, Illinois, has been remodeled and features a new addition planned for 2025. The entry area includes double entry doors, painted concrete flooring, two bathrooms, and a claw machine. The gaming area, a new addition to the building, will feature six gaming machines, an ATM, a drink cooler, a small bar, and tables with stools. The dining area has LVP flooring, tables with chairs, coolers, a slicer, a toaster, fridges, and freezers. The backroom includes a commercial sink, storage, and a grease trap in the floor. The game room and entry are on a slab, while the dining room area is on a crawl space. Updates include the addition of a building for a game room and parking area on the left side of the building, remodel of the inside of the building, a new roof planned for 2025, smart siding planned for 2025 on three sides, an added electric panel for the game room, new plumbing for the bathroom and grease trap, and new flooring and paint. The property is up to code and has passed inspections. The lot size is approximately 0.0833 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Krueger's Curiosities (Bike/Boat/Book/etc) Store Ki-Do Karate Training Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Troy
    County
    Madison
    State
    Illinois
    Longitude
    -89.881166
    Latitude
    38.728724

    Nearby Similar for Sale

    • $2,300,000
      4,000 SF

      Office/Retail Building with Leasing Potential

      12,040 SF building with existing leases and available space.
      7354 State Rte 162, Troy, IL
      View Details
    • $1,000,000
      11,900 SF

      Troy, IL Office Park

      Office park with three buildings totaling 11,900 square feet.
      505 Buckeye Dr, Troy, IL 62294
      View Details

    FAQs

    What type of property is this?
    Casino - Remodeled commercial space with new addition in downtown Troy.
    Where is this casino located?
    The property is located at 215 E Market Street Troy, IL.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: Remodeled in 2025 with **new addition for gaming area.**; **Gaming area includes 6 gaming machines, ATM, and small bar.**; Fully equipped dining area with coolers, slicer, toaster, fridges, and freezers.
    (618) 973-5036
    We can help!
    Listing Contact
    Nicole Schweitzer
    Nicole Schweitzer
    Real Estate License ID: 475166214
    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.

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