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    Alton Commercial Property on Broadway Title is generated by Realmo AI

    528 E Broadway, Alton, IL 62002

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    For Sale
    $799,000

    Commercial Sale - Alton, IL

    Property size:
    4,037 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $197/SF
    Added:
    Apr 1, 2026
    Days on Market:
    47
    Last Refresh:
    May 17 at 3:06 am

    Property Features for 528 E Broadway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    23-2-07-14-08-203-008
    Size
    4,037 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1541

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Lisa Funk
    Lisa Funk

    Listing agent Lisa Funk License #471000228

    Listing office RE/MAX Alliance 809 Delmar Ave, Collinsville, IL

    Listing date Apr 1, 2026

    MLS# 26019022 Listing URL

    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.

    HighLights

    • Two parcels totaling 7,391 square feet in a prime Broadway location.
    • Located in the Alton Tiff District, offering potential development incentives.
    • New insulated TPO roofs on both buildings.
    • 528 E. Broadway: 4,037 sq ft warehouse with a 5,000 sq ft enclosed courtyard and potential for parking, patio, or garden center.
    • 538 E. Broadway: Gutted 3,354 sq ft two‑story masonry building ready for build‑out with a full basement and potential for mixed‑use residential/commercial space.
    • Low annual property taxes.

    Overview

    Two parcels are being sold together. The first property, located at 528 E. Broadway in Alton, is a one-story warehouse building with 4,037 square feet situated on a 60 x 113 lot. It features a setback from Broadway, positioning it across from Alton’s Riverfront event area. The property includes a large area in front suitable for extra parking, a patio, or a garden center. It has a new insulated TPO roof and a 5,000 sq ft exposed courtyard enclosed in the rear. The annual taxes are $771. The second property, located at 538 E. Broadway in Alton, is a two-story masonry structure with 3,354 square feet on a 28 x 113 lot. It has a new insulated TPO roof. The building has been completely gutted and is ready for a new build-out. It includes a full basement with a concrete floor. The first floor has a new plywood subfloor. The second floor is gutted to the studs and can be built out as mixed-use residential or commercial space. The annual taxes are $770. This property is located across from the pedestrian bridge that enters the amphitheater.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $550.5K
    NOI $49,544 @ 9.00% cap · cautious / downside scenario
    Moderate
    $707.8K
    NOI $49,544 @ 7.00% cap · market / base-case scenario
    Aggressive
    $990.9K
    NOI $49,544 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $72.7k $18.00
    − Vacancy −$1.9k −$0.47
    EGI $70.8k $17.53
    − OpEx −$21.2k −$5.26
    NOI $49.5k $12.27
    4,037 SF · lease $18.00/SF/yr · vacancy 2.60% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $707.8K
    $619.3K – $825.7K (±1% cap)
    NOI $49,544 @ 7.0% cap · market cap 6.20%
    Second Best
    Mixed Use
    $563.2K
    $492.8K – $657.0K (±1% cap)
    NOI $39,421 @ 7.0% cap · market cap 4.93%
    Theoretical Best
    Office A
    $1.10M
    $962.8K – $1.28M (±1% cap)
    NOI $77,026 @ 7.0% cap · market cap 9.64%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Hanover Associates Storage — 1439 Pearl St, Alton, IL 62002

    Location Insight

    • Map
    • Local Demand
    City
    Alton
    County
    Madison
    State
    Illinois
    Longitude
    -90.178296
    Latitude
    38.889872

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    FAQs

    What type of property is this?
    Warehouse - Two buildings in Alton's Tiff District ready for redevelopment.
    Where is this warehouse located?
    The property is located at 528 E Broadway Alton, IL.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: Two parcels totaling 7,391 square feet in a prime Broadway location.; Located in the Alton Tiff District, offering potential development incentives.; New insulated TPO roofs on both buildings.
    (618) 910-3865
    We can help!
    Listing Contact
    Lisa Funk
    Lisa Funk
    Real Estate License ID: 471000228
    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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