Flex Space with Drive-In
For Sale
Under Contract
$374,900
22 Kettle River Drive, Glen Carbon, IL 62034
Commercial Sale, Glen Carbon, IL
Property Size2,720 SF
Lot Size0.66 Acres
Price / SF$137.83
Days on Market44
Property Features for 22 Kettle River Drive
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking features
Open, Parking Lot
Subdivision
Kettle River Ii
Standard status
Active Under Contract
APN
14-2-15-23-03-301-008
Lot size
0.66 Acres
Taxes and HOA fees
Tax Year
2021
Tax Annual Amount
8473
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Forced Air
Cooling system
Electric, Central Air
Water source
Public
Amenities
floor drains with oil separators
shop sink
wired for high end security system
Building Details
Year built
2001
Floors in Building
1
Building materials
Concrete, Block
Listing Agency:
Fusion Realty, LLC · John L. Scott
Listed By:
Kevin Wrigley · License #471003942
(618) 781-9170
Added: Aug 15
Changed: Sep 26
Last Checked: Sep 27 at 11:06AM
MLS# 26052454
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.
Investment Insights
Based on property information with market context.
This flex property combines 2,720 SF of warehouse and office space, including approximately 968 SF of office area. The warehouse features 14-foot ceilings, two 12' x 12' electric drive-in doors, floor drains with oil separators, and a shop sink. The building is also wired for a high-end security system and includes concrete and block construction, natural gas forced-air heat, and central air conditioning.
Located in a business and industrial park just off Hwy 159 in Glen Carbon, the property includes approximately 18 open parking spaces. Public water is available, and cable service is available. Built in 2001, the office-and-shop layout is suited to a range of commercial applications, including construction or service trade operations and gym-type use as described in the property information.
Located in a business and industrial park just off Hwy 159 in Glen Carbon, the property includes approximately 18 open parking spaces. Public water is available, and cable service is available. Built in 2001, the office-and-shop layout is suited to a range of commercial applications, including construction or service trade operations and gym-type use as described in the property information.
Key Highlights
- 2,720 SF flex building with approximately 968 SF of office space
- Two 12' x 12' electric drive‑in doors
- 14' tall warehouse ceilings
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,646
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.64%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$272,920
$272.9K
Cap Rate 7%
$194,943
$194.9K
Cap Rate 9%
$151,622
$151.6K
Market Conditions
NOI Build-Up for 2,720 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$16.5K $6.06/SF
− Vacancy
−$429 −$0.16/SF
EGI
$16.1K $5.90/SF
− OpEx
−$2.4K −$0.89/SF
NOI
$13.6K $5.02/SF
Area
Madison County, IL
Vacancy
2.60%
Lease Rate
$6.06 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$272,920
Cap Rate 7%
$194,943
Cap Rate 9%
$151,622
Alternative Uses
Best Use
Office B
$615.5K
$538.6K – $718.1K
NOI $43,085 @ 7.0% cap · market cap 11.49%
Second Best
Warehouse
$194.9K
$170.6K – $227.4K
NOI $13,646 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$741.4K
$648.7K – $865.0K
NOI $51,898 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
14 ft
Clear height
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
665
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 62034, IL
14,665
Population
6,197
Households
2.4
Avg Household Size
39
Median Age
49%
College-Educated
97%
High-School Grad
13.7 sq mi
ZIP Area
1,070
Density / Sq Mi
$93,366
Median Household Income
$53,030
Median Earnings
$1,100
Median Rent
$274,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Super Trux Inc — 18 Dogwood Ln, Glen Carbon, IL 62034
- Mother's Catering Services Inc — 412 Orchard View Ct, Glen Carbon, IL 62034
Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse configuration with tall ceilings, dedicated shop features, and an established parking lot.
Where is this flex space located?
The property is located at 22 Kettle River Drive Glen Carbon, IL.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 2,720 SF flex building with approximately 968 SF of office space; Two 12' x 12' electric drive‑in doors; 14' tall warehouse ceilings
