Commercial Property in Carterville,
For Sale
Contact for pricing
1004 S Division St, Carterville, IL 62918
Commercial property for sale, currently leased to Miracle Ear.
Property Size1,000 SF
Price / SF$125
Days on Market229
Property Features for 1004 S Division St
General Information
Standard status
Active
Size
1,000 SF
Class
C
Total Parking Spaces
6
Property subtype
Office
Zoning
Primary Business
Investment Type
Owner/User
Net Operating Income
$12,000
Building Details
Year Built
1970
Year Renovated
2018
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
INVESTMENT HOUSE REALTORS, INC.
Listed By:
JEFFREY CROSS · License #IL 471.006857
Source:
Crexi
Added: Feb 18
Changed: Oct 4
Last Checked: Oct 4 at 10:21AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of INVESTMENT HOUSE REALTORS, INC.
Investment Insights
Based on property information with market context.
This commercial property is available for purchase, suitable for business use or as an investor-owned income property. The property is currently leased to Miracle Ear Hearing Enhancement, LLC. The property size is 1000 square feet. Additional property data and interior photos are available upon request.
Key Highlights
- Currently leased to Miracle Ear Hearing Enhancement, LLC
- Investor owned income property opportunity
- Suitable for business use
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
$11,070
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
8.86%
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%
$221,400
$221.4K
Cap Rate 7%
$158,143
$158.1K
Cap Rate 9%
$123,000
$123.0K
Market Conditions
NOI Build-Up for 1,000 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
$18.0K $18.00/SF
− Vacancy
−$3.2K −$3.24/SF
EGI
$14.8K $14.76/SF
− OpEx
−$3.7K −$3.69/SF
NOI
$11.1K $11.07/SF
Area
Williamson County, IL
Vacancy
18.00%
Lease Rate
$18.00 /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%
$221,400
Cap Rate 7%
$158,143
Cap Rate 9%
$123,000
Alternative Uses
Best Use
Office B
$158.1K
$138.4K – $184.5K
NOI $11,070 @ 7.0% cap · market cap 8.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$210.8K
$184.5K – $246.0K
NOI $14,757 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 62918, IL
10,538
Population
5,001
Households
2.1
Avg Household Size
38
Median Age
43%
College-Educated
97%
High-School Grad
37.5 sq mi
ZIP Area
281
Density / Sq Mi
$70,975
Median Household Income
$45,173
Median Earnings
$909
Median Rent
$183,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Commercial property for sale, currently leased to Miracle Ear.
Where is this office units located?
The property is located at 1004 S Division St Carterville, IL.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Currently leased to Miracle Ear Hearing Enhancement, LLC; Investor owned income property opportunity; Suitable for business use
