Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    2906 Broadway Mt Vernon, IL 62864

    Sponsored
    For Sale
    $115,500

    LAND - Mt Vernon, IL

    Days on Market:
    67
    Last Refresh:
    Jan 19 at 6:06 am

    Property Features for 2906 Broadway Mt

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial
    APN
    0625476011

    Utilities

    Utilities
    Natural Gas Available
    Water source
    Public

    We can help!

    Listing Contact
    Lisa D McKinney
    Lisa D McKinney

    Century 21 All Pro Real Estate (618) 237-4525 [email protected]

    Listing agent Lisa D McKinney

    Listing date Nov 14, 2025

    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.

    Learn more

    Property Insight Report

    Overview

    Commercial Lot on Broadway

    This commercial lot for sale is located on Broadway in a high-traffic area. The corner lot is suitable for almost any type of commercial business. City utilities are available. The location offers promising potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Vernon
    County
    Marion
    State
    Illinois
    Longitude
    -88.927533
    Latitude
    38.315436

    Nearby Similar for Sale

    • $250,000
      0.31 Acres

      Mt Vernon Office Building For Sale

      Well-maintained office building with flexible space and ample parking.
      4140 Broadway St Mt, Vernon, IL 62864
      View Details
    • $845,000
      0.93 Acres

      Mt Vernon Commercial Investment Opportunity

      Two commercial buildings with income potential in high-traffic location.
      3307 Broadway St Mt, Vernon, IL 62864
      View Details
    • $699,000
      0.50 Acres

      Retail Space in Time Square

      Located in Time Square Mall with great visibility.
      206 S 42 St Mt, Vernon, IL 62864
      View Details
    • $225,000
      2.18 Acres

      Mixed-Use Property in Mt Vernon

      Versatile property with home, garage, barn, and pasture.
      14625 E Illinois Hwy 15 Mt, Vernon, IL 62864
      View Details
    • $225,000
      0.93 Acres

      Commercial Property Near Major Retailers

      Commercial property with B2 zoning, multiple buildings, and highway access.
      9221 E Illinois Hwy 15 Mt, Vernon, IL 62864
      View Details
    • $69,900
      0.02 Acres

      Renovated Commercial Building For Sale

      Leased, renovated commercial building near courthouse, suitable for various uses.
      1012 Main St Mt, Vernon, IL 62864
      View Details
    • $480,000
      0.59 Acres

      Commercial Property in High-Traffic Location

      Commercial property with stable income and customization potential in Mt. Vernon.
      3405 W Broadway St Mt, Vernon, IL 62864
      View Details
    • $235,000

      Versatile Commercial Building in Mt Vernon

      Two-story commercial building with high visibility and flexible use.
      329 Broadway St Mt, Vernon, IL 62864
      View Details
    • $595,000

      Commercial Property with Income Potential

      Commercial building, storage units, and open lot for sale.
      2801 Veterans Memorial Dr Mt, Vernon, IL 62864
      View Details
    • $65,000

      Salon Ready Commercial Space

      Well-maintained salon with recent updates in prime location.
      105 S 18 St Mt, Vernon, IL 62864
      View Details
    • $795,000
      1.68 Acres

      Spacious Commercial Building Near Interstates

      Adaptable commercial building suitable for various businesses near I-57 & I-64.
      103 N Shiloh Dr Mt, Vernon, IL 62864
      View Details
    • $229,000

      Commercial Office Building on Broadway

      High-traffic commercial building with multiple offices and on-site parking.
      2006 Broadway Mt, Vernon, IL 62864
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial lot in high-traffic area, suitable for various businesses.
    Where is this commercial land located?
    The property is located at 2906 Broadway Mt Vernon, IL.
    What is the asking price?
    The asking price for this property is $115,500.
    What are key features of this property?
    This property features: - High traffic location on Broadway; - Corner lot; - Suitable for almost any type of commercial business
    (618) 237-4525
    Request Owner's contact information
    2906 Broadway Mt Vernon, IL 62864
    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.
    2906 Broadway Mt
    Vernon, IL 62864
    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
    2906 Broadway Mt Vernon, IL 62864
    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

    We can help!
    Listing Contact
    Lisa D McKinney
    Lisa D McKinney
    Real Estate License ID: 471003781
    (618) 237-4525
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.