Two-Story Mixed-Use
For Sale
$399,900
538 E Broadway Street, Alton, IL 62002
Commercial Sale, Alton, IL
Property Size3,354 SF
Lot Size0.07 Acres
Price / SF$119.23
Days on Market74
Property Features for 538 E Broadway Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Edwards Ninian Sub
Standard status
Active
APN
23-2-07-14-08-203-008.001
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
8012
Utilities
Utilities
Water Available
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Building materials
Brick, Concrete, Block, Wood Siding
Listing Agency:
RE/MAX Alliance · RE/MAX International
(618) 466-7100
Listed By:
Lisa Funk · License #471000228
(618) 910-3865
Added: Jul 26
Changed: Sep 25
Last Checked: Oct 7 at 4:06AM
MLS# 26047742
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 two-level masonry building contains 3,354 square feet and offers a clean starting point for a new interior configuration. The structure has been gutted, with the second floor opened to the studs and the first floor fitted with a new plywood subfloor. A full basement with a concrete floor provides additional functional space, while the new insulated TPO roof is a substantial recent improvement. The upper level may accommodate residential or additional commercial space as part of a mixed-use plan.
The property occupies a 28 x 113 lot at 538 E Broadway Street in Alton, Illinois. It is positioned across from the pedestrian bridge serving the amphitheater and is located within the Alton Tiff District. Public water is available, with water service identified as the available utility.
The property occupies a 28 x 113 lot at 538 E Broadway Street in Alton, Illinois. It is positioned across from the pedestrian bridge serving the amphitheater and is located within the Alton Tiff District. Public water is available, with water service identified as the available utility.
Key Highlights
- 3,354‑square‑foot two‑story masonry mixed‑use building
- New insulated TPO roof
- Full basement with concrete floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,752
Cap Rate
8.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$655,040
$655.0K
Cap Rate 7%
$467,886
$467.9K
Cap Rate 9%
$363,911
$363.9K
Market Conditions
NOI Build-Up for 3,354 SF
Gross rent
$56.3K $16.80/SF
− Vacancy
−$3.9K −$1.18/SF
EGI
$52.4K $15.62/SF
− OpEx
−$19.7K −$5.86/SF
NOI
$32.8K $9.76/SF
Area
Madison County, IL
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$655,040
Cap Rate 7%
$467,886
Cap Rate 9%
$363,911
Alternative Uses
Best Use
Mixed Use
$467.9K
$409.4K – $545.9K
NOI $32,752 @ 7.0% cap · market cap 8.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$914.2K
$799.9K – $1.07M
NOI $63,994 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
874
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Gutted masonry building with a new insulated TPO roof and adaptable interior build-out opportunity.
Where is this mixed-use property located?
The property is located at 538 E Broadway Street Alton, IL.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 3,354‑square‑foot two‑story masonry mixed‑use building; New insulated TPO roof; Full basement with concrete floor
