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    2801 & 2803 Veterans Memorial Drive Mt Vernon, IL 62864

    View on Map
    For Sale
    $595,000

    COMMERCIAL - Mt Vernon, IL

    Added:
    Sep 18, 2025
    Days on Market:
    196
    Last Refresh:
    Apr 1 at 6:06 pm

    Property Features for 2801 & 2803 Veterans Memorial Drive Mt

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B2
    Standard status
    Active
    APN
    11-06-103-008

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    City Park Annex NO 1 Lot 17 & 18
    TaxAnnualAmount
    2506

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Forced Air
    Cooling system
    Window Unit(s), Wall/Window Unit(s)

    Building Details

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

    We can help!

    Listing Contact
    Lisa D McKinney
    Lisa D McKinney

    Listing agent Lisa D McKinney License #471003781

    Listing office C21 All Pro Real Estate 13035 N SHILOH DR, Mt.Vernon, IL

    Listing date Sep 18, 2025

    MLS# EB459784

    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

    Commercial Property with Income Potential

    Located on a prime corner with high traffic, this property at 2801 & 2803 Veterans Memorial Drive in Mt Vernon, IL, presents an investment opportunity. It includes a 960-square-foot commercial building (24x40) featuring two bays, a bathroom, and recent updates, including a new roof and fresh interior paint in 2025. The property also features a storage facility with 32 units (10x10 and 10x20), totaling 3,800 square feet, currently at 100% occupancy and generating steady income. The zoning is B2. A large open lot provides space for future development or additional business opportunities. The property is surrounded by new commercial facilities, enhancing its value and growth potential. The existing building and property layout offer possibilities for expansion and various business uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Parking lots & garages

    Similar Places Nearby

    • U-Haul Neighborhood Dealer — 500 S 10th St, Mt Vernon, IL 62864
    • U-Haul Neighborhood Dealer — 750 s 10th st, mt vernon, il 62864
    • U-Haul Neighborhood Dealer — 512 Broadway St, Mt Vernon, IL 62864
    • U-Haul Neighborhood Dealer — 813 Broadway St, Mt Vernon, IL 62864

    Map

    City
    Vernon
    County
    Marion
    State
    Illinois
    Longitude
    -88.9065
    Latitude
    38.3147

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    FAQs

    What type of property is this?
    Parking lot & garage - Commercial building, storage units, and open lot for sale.
    Where is this parking lot & garage located?
    The property is located at 2801 & 2803 Veterans Memorial Drive Mt Vernon, IL.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: Prime corner location on Veterans Memorial Drive with high traffic and exceptional visibility.; Existing storage facility with 32 units and 100% occupancy, providing steady income.; Commercial building (960 sq ft) with two bays, bathroom, new roof, and fresh interior paint (2025).
    (618) 237-4525
    We can help!
    Listing Contact
    Lisa D McKinney
    Lisa D McKinney
    Real Estate License ID: 471003781
    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.

    More about this property
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