One-Story Office
For Sale
$675,000
3505 College Avenue, Alton, IL 62002
Commercial Sale, Alton, IL
Property Size3,600 SF
Lot Size0.57 Acres
Price / SF$187.50
Days on Market62
Property Features for 3505 College Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Not In a subdivision
Standard status
Active
APN
23-1-08-08-09-101-052.001
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
18246
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2000
Floors in Building
1
Building materials
Brick
Listing Agency:
Tarrant and Harman Real Estate and Auction Co
(618) 433-9436
Listed By:
Travis Tarrant · License #471016673
(618) 433-9436
Added: Jun 29
Changed: Aug 19
Last Checked: Aug 29 at 12:06AM
MLS# 26040975
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 one-story commercial office building is currently divided into two separate spaces, and both units are occupied. The property includes nearly 3,600 square feet of finished space and a large parking lot, supporting day-to-day tenant and visitor needs. The building also features a newer HVAC system.
Convenient access is available from College Avenue. The property is also located near Homer Adams Pkwy and I-255.
Ideal for buyers seeking a multi-space office configuration, the building offers two established, income-producing units within a single facility.
Convenient access is available from College Avenue. The property is also located near Homer Adams Pkwy and I-255.
Ideal for buyers seeking a multi-space office configuration, the building offers two established, income-producing units within a single facility.
Key Highlights
- Brick 1‑story commercial building built in 2000 with nearly 3,600 sq ft of finished space
- Currently divided into two spaces, and both units are occupied
- Large on‑site parking lot
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
$57,024
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
8.45%
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%
$1,140,480
$1.1M
Cap Rate 7%
$814,629
$814.6K
Cap Rate 9%
$633,600
$633.6K
Market Conditions
NOI Build-Up for 3,600 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
$86.4K $24.00/SF
− Vacancy
−$10.4K −$2.88/SF
EGI
$76.0K $21.12/SF
− OpEx
−$19.0K −$5.28/SF
NOI
$57.0K $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%
$1,140,480
Cap Rate 7%
$814,629
Cap Rate 9%
$633,600
Alternative Uses
Best Use
Office B
$814.6K
$712.8K – $950.4K
NOI $57,024 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$981.3K
$858.6K – $1.14M
NOI $68,688 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Explore this area
Business Placement
Demographics for 62002, IL
30,176
Population
14,832
Households
2
Avg Household Size
41
Median Age
24%
College-Educated
92%
High-School Grad
41.3 sq mi
ZIP Area
731
Density / Sq Mi
$57,851
Median Household Income
$38,120
Median Earnings
$941
Median Rent
$114,300
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 - One-story office building is split into two occupied spaces with newer HVAC and a large parking lot.
Where is this office building located?
The property is located at 3505 College Avenue Alton, IL.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Brick 1‑story commercial building built in 2000 with nearly 3,600 sq ft of finished space; Currently divided into two spaces, and both units are occupied; Large on‑site parking lot
