Retail Plaza with Multi-Unit
4510 N Illinois Street Swansea, IL 62226
For Sale
$980,000
COMMERCIAL - Swansea, IL
Property Size6,000 SF
Lot Size2.28 Acres
Price / SF$163.33
Days on Market28
Property Features for 4510 N Illinois Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Appliances
- Water Heater
- Standard status
- Active
- APN
- 08-03.0-100-051
- Lot size
- 2.28 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- ST CLAIR TWP SEC 3 LOT/SEC-3-SUBL/TWP-1N=BLK/RG-8W LT 6 PT NW IN A01751418
- Tax Annual Amount
- 18724
Utilities
- Utilities
- Water Available
- Cooling system
- Multi Units
- Water source
- Public
Building Details
- Year built
- 2003
- Floors in Building
- 1
- Flooring type
- Carpet
- Building materials
- Brick
Listing Agency:
Coldwell Banker Brown Realtors
(618) 632-4700
Listed By:
Annmarie Pickering · License #475.173204
(618) 692-7290
Added: Jun 29
Changed: Jul 22
Last Checked: Jul 26 at 2:06PM
MLS# 25069616
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.
Millstone Plaza is offered for sale with a 6,000 SF retail building that contains four 1,500 SF units. The property is listed with both the building and an additional developed lot that is already approved for an additional nine units, and the seller is willing to split the building and developed lot.
The site totals approximately 2.28 acres and includes signage on 95' of frontage on Smelting Works, along with permanent signage on Route 159.
The offering provides an income-producing multi-unit retail setup together with an approved expansion component, with flexibility to acquire the building and the developed lot separately if desired.
The site totals approximately 2.28 acres and includes signage on 95' of frontage on Smelting Works, along with permanent signage on Route 159.
The offering provides an income-producing multi-unit retail setup together with an approved expansion component, with flexibility to acquire the building and the developed lot separately if desired.
Key Highlights
- 6,000 SF brick building built in 2003 with four 1,500 SF units
- Property includes 0.96 ac with building and an additional developed lot totaling 1.51 ac
- Additional developed lot is approved for 9 more units
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $93.6k | $15.60 |
| − Vacancy | −$8.0k | −$1.33 |
| EGI | $85.6k | $14.27 |
| − OpEx | −$25.7k | −$4.28 |
| NOI | $60.0k | $9.99 |
6,000 SF · lease $15.60/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$856.4K
$749.4K – $999.2K
NOI $59,951 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,429 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Strip malls
FAQs
What type of property is this?
Strip mall - Millstone Plaza includes a 6,000 SF building with four 1,500 SF units and additional approved development lot.
Where is this strip mall located?
The property is located at 4510 N Illinois Street Swansea, IL.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: 6,000 SF brick building built in 2003 with four 1,500 SF units; Property includes 0.96 ac with building and an additional developed lot totaling 1.51 ac; Additional developed lot is approved for 9 more units
