Building Details

Year built 1960

Listing Agency: RE/MAX Preferred · RE/MAX International Show Phone

Listed By: Rebecca DeMond · License #475131653 Show Phone

Added: Sep 8 Changed: Sep 9 Last Checked: Sep 15 at 10:06AM

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MLS# 26057884

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Investment Insights

Based on property information with market context.

This automotive property at 11 S State Street includes a building arranged for dealership or service operations. The interior features a showroom and reception area, office space, and a restroom, while the attached garage and service area includes two overhead doors. The property is currently used as a car dealership.

The site covers approximately 0.69 acres across two parcels, with a large paved lot along State Street. The paved area can accommodate vehicle inventory, customer parking, equipment, or other business needs. Built in 1960, the property combines an automotive-oriented building with an established paved site in Freeburg.

Key Highlights

• Approximately 0.69 acres across two parcels
• Building includes showroom and reception area, office, and restroom
• Attached garage and service area with two overhead doors

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

$27,977

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

5.09%

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%

$559,540 $559.5K

Cap Rate 7%

$399,671 $399.7K

Cap Rate 9%

$310,856 $310.9K

Market Conditions

NOI Build-Up for 2,800 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

$43.7K $15.60/SF

− Vacancy

−$3.7K −$1.33/SF

EGI

$40.0K $14.27/SF

− OpEx

−$12.0K −$4.28/SF

NOI

$28.0K $9.99/SF

Area

St. Clair County, IL

Vacancy

8.50%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

30.00%

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%

$559,540

Cap Rate 7%

$399,671

Cap Rate 9%

$310,856

Alternative Uses

Best Use

Retail

$399.7K

$349.7K – $466.3K (±1% cap)

NOI $27,977 @ 7.0% cap · market cap 5.09%

Second Best

Industrial

$257.2K

$225.0K – $300.1K (±1% cap)

NOI $18,003 @ 7.0% cap · market cap 3.27%

Theoretical Best

Office A

$662.9K

$580.0K – $773.3K (±1% cap)

NOI $46,400 @ 7.0% cap · market cap 8.44%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

KENNEDI GOLF CART ... Hardware & Home Improvement

Suggested Use

Top Pick Law Firm Real Estate Agency Hair Salon Plumbing Service Bakery (Bike/Boat/Book/etc) Store

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

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

206

Businesses Nearby

21k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 83% Dining 17%

MotoMart Shops & Services

15,510 visits/mo 0.4 miles

SUBWAY Dining

2,181 visits/mo 0.5 miles

Regions Bank Shops & Services

1,947 visits/mo 0.1 miles

Pizza Hut Dining

1,395 visits/mo 0.1 miles

Demographics for 62243, IL

5,796

Population

2,537

Households

2.3

Avg Household Size

45

Median Age

34%

College-Educated

95%

High-School Grad

51.7 sq mi

ZIP Area

112

Density / Sq Mi

$93,328

Median Household Income

$48,947

Median Earnings

$1,100

Median Rent

$268,200

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this automotive properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Automotive property - Automotive facility with a paved lot, customer-facing showroom, office, and attached service area.

Where is this automotive property located?

The property is located at 11 S State Street Freeburg, IL.

What is the asking price?

The asking price for this property is $550,000.

What are key features of this property?

This property features: Approximately 0.69 acres across two parcels; Building includes showroom and reception area, office, and restroom; Attached garage and service area with two overhead doors