Building Details

Year Built 2016

Listing Agency: Coldwell Banker Commercial Dev

Listed By: Blake Pryor () · License #475159138 Show Phone

Source: Searchillinoishomesforsale

Added: Mar 14 Changed: Oct 1 Last Checked: Oct 20 at 10:17PM

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Investment Insights

Based on property information with market context.

Built in 2016 for the USDA, this 3,325-square-foot office property is configured for a single occupant and designed for efficient day-to-day operations. The interior includes an entry vestibule, open workspace with workstations, several private offices, a conference room, break room, IT/server room, and two ADA restrooms. The property is described as well-maintained and easy to manage.

Located at 103 Centre Dr in Petersburg, Illinois, the asset benefits from a lease extension running through February 2032. The lease extension was executed in March 2026, and the property carries an 8.65% cap rate.

Key Highlights

• 3,325‑square‑foot office building completed in 2016
• Built‑to‑suit facility occupied by the USDA
• Lease extension runs through February 2032

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$43,810

Cap Rate

4.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$876,200 $876.2K

Cap Rate 7%

$625,857 $625.9K

Cap Rate 9%

$486,778 $486.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,325 SF

Gross rent

$73.0K $21.96/SF

− Vacancy

−$14.6K −$4.39/SF

EGI

$58.4K $17.57/SF

− OpEx

−$14.6K −$4.39/SF

NOI

$43.8K $13.18/SF

Area

Menard County, IL

Vacancy

20.00%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$876,200

Cap Rate 7%

$625,857

Cap Rate 9%

$486,778

Alternative Uses

Best Use

Office B

$625.9K

$547.6K – $730.2K (±1% cap)

NOI $43,810 @ 7.0% cap · market cap 4.00%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$816.4K

$714.3K – $952.4K (±1% cap)

NOI $57,145 @ 7.0% cap · market cap 5.22%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Menard Soil & Water ... Environmental Consultant

Suggested Use

Top Pick Building Supply Auto Repair Shop Dental Office Real Estate Agency Plumbing Service Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

48

Businesses Nearby

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Demographics for 62675, IL

6,044

Population

2,812

Households

2.1

Avg Household Size

46

Median Age

29%

College-Educated

93%

High-School Grad

115.0 sq mi

ZIP Area

53

Density / Sq Mi

$78,327

Median Household Income

$45,465

Median Earnings

$686

Median Rent

$192,200

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Frequently Asked Questions

What type of property is this?

Office building - Well-maintained government-leased office with private offices, collaborative workspace, and dedicated support areas.

Where is this office building located?

The property is located at 103 Centre Dr Petersburg, IL.

What is the asking price?

The asking price for this property is $1,095,000.

What are key features of this property?

This property features: 3,325‑square‑foot office building completed in 2016; Built‑to‑suit facility occupied by the USDA; Lease extension runs through February 2032