Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Versatile Commercial Building in Quincy Title is generated by Realmo AI

    2503 LOCUST Street, Quincy, IL 62301

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    COMMERCIAL - Quincy, IL

    Property size:
    2,500 SF
    Added:
    Apr 28, 2026
    Days on Market:
    24
    Last Refresh:
    May 21 at 8:06 pm

    Property Features for 2503 LOCUST Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    M1
    Standard status
    Active
    APN
    23-7-1530-003-00
    Size
    2,500 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LOT 4 WALTER S VEILE SUB LOT 4
    Tax Annual Amount
    1600

    Utilities

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

    Building Details

    Floors in Building
    1
    Flooring type
    Concrete, Carpet
    Building materials
    Steel Frame
    Roof type
    Metal

    We can help!

    Listing Contact
    Stephen Gramke
    Stephen Gramke

    Listing agent Stephen Gramke License #471019500

    Listing office Happel, Inc., REALTORS 4439 Broadway, Quincy, IL

    Listing date Apr 28, 2026

    MLS# CA1043328

    Copyright © 2026 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

    This flexible 2,500 sq ft commercial building is available for lease. Formerly a monument business, the property features a versatile mix of reception and showroom space, a private office area, and a large open shop or warehouse. Oversized overhead doors and abundant paved parking are included. A 572 sq ft 2-car garage is also part of the lease, offering additional storage or operations space. The property is positioned on Locust Street, near a mix of retail, dining, and manufacturing businesses. Daily traffic counts reach 5,800 cars.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Skin Care Clinic Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Quincy
    County
    Adams
    State
    Illinois
    Longitude
    -91.3751643
    Latitude
    39.9507031

    Nearby Similar for Lease

    • Contact for pricing

      Warehouse and Office Space Available

      Large warehouse and office space in Schneidman Industrial Park.
      2412 W Schneidman Drive, Quincy, IL 62305
      View Details
    • Contact for pricing

      Versatile Commercial Space in Quincy

      Multi-use space suitable for retail, office, or storage.
      711 S FRONT Street, Quincy, IL 62301
      View Details
    • Contact for pricing

      Quincy Flex Storage Spaces Available

      Flex storage spaces tailored to various needs are available for rent.
      5101 Kochs Lane, Quincy, IL 62305
      View Details
    • $19 SF/Yr
      6,050 SF

      Renovated Office Space Available

      Office space with renovated amenities and tenant lounge.
      630-650 Dundee Rd, Northbrook, IL
      View Details
    • $16 SF/Yr
      1,122 SF

      Northbrook Office Space For Rent

      Office space available in a dynamic business park setting.
      3204 Doolittle Dr, Northbrook, IL
      View Details
    • $22 SF/Yr
      7,340 SF

      Northbrook Office Space Available

      Office space for rent in Northbrook, Illinois.
      600-650 Academy Dr, Northbrook, IL
      View Details
    • $15 SF/Yr
      3,817 SF

      Retail Space Near Hotel Amenities

      Retail space with growth potential near hotel amenities.
      1110 Willow Rd, Northbrook, IL
      View Details
    • $25 SF/Yr
      1,657 SF

      Northbrook Office Space Available

      Office suite featuring private office, open area, and closet.
      900-910 Skokie Blvd, Northbrook, IL
      View Details
    • $14 SF/Yr
      4,212 SF

      Premium Flex-Industrial Suite Available

      Flex-industrial suite with high ceilings, drive-in doors, and temperature control.
      600 Waukegan Rd, Northbrook, IL
      View Details
    • $14 SF/Yr
      920 SF

      Northbrook Office Space For Rent

      920 square foot office space available for lease.
      1535 Lake Cook Rd, Northbrook, IL
      View Details
    • $10 SF/Yr
      6,050 SF

      Air Cooled Warehouse Space

      6,050 SF air-cooled warehouse with upgraded finishes for lease.
      1935-1955 Techny Rd, Northbrook, IL
      View Details
    • $10 SF/Yr
      11,830 SF

      Northbrook Warehouse Space Available

      Industrial warehouse space for lease in Northbrook, Illinois.
      3955 Commercial Ave, Northbrook, IL
      View Details

    FAQs

    What type of property is this?
    Flex space - Flexible commercial space with showroom, office, and warehouse areas.
    Where is this flex space located?
    The property is located at 2503 LOCUST Street Quincy, IL.
    (217) 257-5011
    We can help!
    Listing Contact
    Stephen Gramke
    Stephen Gramke
    Real Estate License ID: 471019500
    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

    Thank You for Inquiry
    2503 LOCUST Street, Quincy, IL 62301
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!