Salon Building with Flexible
For Sale
$460,000
328 Bargraves Boulevard, Troy, IL 62294
Commercial Sale, Troy, IL
Property Size2,400 SF
Lot Size0.37 Acres
Price / SF$191.67
Days on Market49
Property Features for 328 Bargraves Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
15
Appliances
Washer/Dryer, Water Heater
Subdivision
Prairieland VI
Directions
State Route 162 to Bargraves Blvd.
Standard status
Active
APN
09-2-22-05-19-401-009
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8748
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
light-filled open floor plan
ceramic tile flooring
kitchen/break room
restroom facilities
Building Details
Year built
2006
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
Brick Veneer, Vinyl Siding
Listing Agency:
RE/MAX Alliance · RE/MAX International
(618) 656-2111
Listed By:
Kathy &Randy Malawy · License #471000298
(618) 975-6043
Added: Jul 8
Changed: Aug 24
Last Checked: Aug 25 at 12:06PM
MLS# 26043011
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 2,400-square-foot salon building, constructed in 2006, is currently arranged as one operating salon and includes most salon equipment, fixtures, and appliances. The interior was planned for division into two approximately 1,200-square-foot commercial suites. Each side provides an open layout, ceramic tile flooring, a kitchen or break-room area, and restroom facilities. The property also includes forced-air heating, central air, public water, brick veneer, and vinyl siding.
Five tenant stylists currently operate from the salon, and the layout has room for two additional stylists. Approximately 15 on-site parking spaces serve customers and occupants. The property occupies 0.37 acres in Troy, with shopping, restaurants, businesses, and everyday community amenities located nearby. The sale includes both the real estate and the salon business.
Five tenant stylists currently operate from the salon, and the layout has room for two additional stylists. Approximately 15 on-site parking spaces serve customers and occupants. The property occupies 0.37 acres in Troy, with shopping, restaurants, businesses, and everyday community amenities located nearby. The sale includes both the real estate and the salon business.
Key Highlights
- 2,400‑square‑foot salon building constructed in 2006
- Designed for two approximately 1,200‑square‑foot commercial suites
- Five tenant stylists currently occupy the salon; room for two additional stylists
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
$29,454
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
6.40%
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%
$589,080
$589.1K
Cap Rate 7%
$420,771
$420.8K
Cap Rate 9%
$327,267
$327.3K
Market Conditions
NOI Build-Up for 2,400 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
$43.2K $18.00/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$42.1K $17.53/SF
− OpEx
−$12.6K −$5.26/SF
NOI
$29.5K $12.27/SF
Area
Madison County, IL
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$589,080
Cap Rate 7%
$420,771
Cap Rate 9%
$327,267
Alternative Uses
Best Use
Retail
$420.8K
$368.2K – $490.9K
NOI $29,454 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$654.2K
$572.4K – $763.2K
NOI $45,792 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
125k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 44%
Home Improvements & Furnishings 5%
McDonald's
Dining
31,447 visits/mo
0.3 miles
Circle K
Shops & Services
15,975 visits/mo
0.2 miles
Troy #2
Shops & Services
13,358 visits/mo
0.4 miles
Dollar Tree
Shops & Services
11,688 visits/mo
0.3 miles
Dollar General
Shops & Services
9,268 visits/mo
0.4 miles
Demographics for 62294, IL
15,431
Population
6,138
Households
2.5
Avg Household Size
39
Median Age
47%
College-Educated
98%
High-School Grad
29.5 sq mi
ZIP Area
523
Density / Sq Mi
$108,418
Median Household Income
$57,002
Median Earnings
$1,069
Median Rent
$255,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Spa & wellness property - Salon property combining existing tenant occupancy with a configuration adaptable to separate commercial operations.
Where is this spa & wellness property located?
The property is located at 328 Bargraves Boulevard Troy, IL.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: 2,400‑square‑foot salon building constructed in 2006; Designed for two approximately 1,200‑square‑foot commercial suites; Five tenant stylists currently occupy the salon; room for two additional stylists
