Freestanding Brick Office
For Sale
$350,000
263 Madison Avenue, Wood River, IL 62095
Commercial Sale, Wood River, IL
Property Size1,563 SF
Lot Size0.60 Acres
Price / SF$223.93
Days on Market40
Property Features for 263 Madison Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Open, Parking Lot
Subdivision
Not in a subdivision
Directions
Edwardsville Rd. to Madison Ave.
Standard status
Active
APN
19-2-08-27-05-105-026
Size
1,563 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
9165
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air, Gas (Cooling)
Water source
Public
Building Details
Year built
1994
Floors in Building
1
Building materials
Brick
Listing Agency:
Nester Realty
(618) 624-0400
Listed By:
Pat Schaeffer · License #475147098
(618) 567-4000
Added: Jul 22
Changed: Aug 24
Last Checked: Aug 30 at 2:06PM
MLS# 25008476
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 freestanding brick office property contains 1,563 square feet and was built in 1994. The interior includes office areas, meeting rooms, and storage, with additional partially finished space below. An outbuilding provides separate workshop or storage capability. The property is currently used for meeting hall and office functions, and includes open parking with a dedicated parking lot.
Positioned on a corner in Wood River, the property has an average daily vehicle count of 12,300. Building systems include forced-air heating and central air conditioning with gas cooling. Public water and public sewer serve the property, and cable service is available.
Positioned on a corner in Wood River, the property has an average daily vehicle count of 12,300. Building systems include forced-air heating and central air conditioning with gas cooling. Public water and public sewer serve the property, and cable service is available.
Key Highlights
- 1,563‑square‑foot freestanding brick office building constructed in 1994
- Corner property with an average daily vehicle count of 12,300
- Meeting rooms, office areas, storage, and partially finished lower‑level space
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
$24,758
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
7.07%
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%
$495,160
$495.2K
Cap Rate 7%
$353,686
$353.7K
Cap Rate 9%
$275,089
$275.1K
Market Conditions
NOI Build-Up for 1,563 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
$37.5K $24.00/SF
− Vacancy
−$4.5K −$2.88/SF
EGI
$33.0K $21.12/SF
− OpEx
−$8.3K −$5.28/SF
NOI
$24.8K $15.84/SF
Area
Madison County, IL
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$495,160
Cap Rate 7%
$353,686
Cap Rate 9%
$275,089
Alternative Uses
Best Use
Office B
$353.7K
$309.5K – $412.6K
NOI $24,758 @ 7.0% cap · market cap 7.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$426.0K
$372.8K – $497.0K
NOI $29,822 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
Explore this area
Business Placement
Demographics for 62095, IL
11,060
Population
5,186
Households
2.1
Avg Household Size
40
Median Age
16%
College-Educated
94%
High-School Grad
7.1 sq mi
ZIP Area
1,558
Density / Sq Mi
$66,641
Median Household Income
$41,932
Median Earnings
$919
Median Rent
$106,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Corner-site office property with meeting space, storage, and a partially finished lower level.
Where is this office building located?
The property is located at 263 Madison Avenue Wood River, IL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,563‑square‑foot freestanding brick office building constructed in 1994; Corner property with an average daily vehicle count of 12,300; Meeting rooms, office areas, storage, and partially finished lower‑level space
