Multi-Unit Commercial
For Sale
$292,000
1113 N Court Street, Marion, IL 62959
Five individual commercial units with flexible office or short-term rental apartment conversion options, plus billboards for added income.
Property Size3,360 SF
Price / SF$86.90
Days on Market125
Property Features for 1113 N Court Street
General Information
Standard status
Active
Size
3,360 SF
Total Parking Spaces
20
Property subtype
Commercial
Zoning
Commercial
Occupancy
60%
Site & Location
Traffic Count
20,000 vehicles/day
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$9,441
Building Details
Building Size
3,360 SF
Year Built
1983
Buildings
1
Tenancy
Multi
Listing Agency:
Valerie Bethel Designated Managing Broker
Listed By:
Valerie Bethel · License #471021272
(618) 751-1486
Source:
Craggsrealtors
Added: May 8
Changed: Sep 9
Last Checked: Aug 19 at 10:43AM
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 Valerie Bethel Designated Managing Broker
Investment Insights
Based on property information with market context.
This multi-unit commercial building consists of five individual units, offering flexible use potential as office space or conversion to 1-bedroom and 2-bedroom short-term rental apartments. Three suites are currently occupied, providing immediate income potential. The property also features 8 billboards and 1 electronic sign, which may provide an additional revenue stream.
Located at the intersection of Illinois Route 13 and Route 37 in Marion, the building benefits from high-visibility, signalized intersection exposure. The corridor is described as having 20,000+ daily traffic counts, supported by ample on-site parking for tenant and customer convenience.
Significant improvements include major updates to the crawl space and foundation to enhance structural integrity and long-term value. The property is offered for sale and may be suitable for investors or an owner-user looking for a versatile, income-producing asset.
Located at the intersection of Illinois Route 13 and Route 37 in Marion, the building benefits from high-visibility, signalized intersection exposure. The corridor is described as having 20,000+ daily traffic counts, supported by ample on-site parking for tenant and customer convenience.
Significant improvements include major updates to the crawl space and foundation to enhance structural integrity and long-term value. The property is offered for sale and may be suitable for investors or an owner-user looking for a versatile, income-producing asset.
Key Highlights
- 5 individual commercial units with flexible use for office space or conversion/continued use as 1‑bedroom and 2‑bedroom short‑term rental apartments
- 3 suites currently occupied, offering immediate income with additional vacancy upside
- High‑exposure corner at the intersection of Illinois Route 13 and Route 37 in Marion with 20,000+ daily traffic counts
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
$25,504
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
8.73%
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%
$510,080
$510.1K
Cap Rate 7%
$364,343
$364.3K
Cap Rate 9%
$283,378
$283.4K
Market Conditions
NOI Build-Up for 3,360 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
$49.6K $14.76/SF
− Vacancy
−$3.2K −$0.96/SF
EGI
$46.4K $13.80/SF
− OpEx
−$20.9K −$6.21/SF
NOI
$25.5K $7.59/SF
Area
Williamson County, IL
Vacancy
6.50%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$510,080
Cap Rate 7%
$364,343
Cap Rate 9%
$283,378
Alternative Uses
Best Use
Office B
$531.4K
$464.9K – $619.9K
NOI $37,195 @ 7.0% cap · market cap 12.74%
Second Best
Apartment 5plus
$364.3K
$318.8K – $425.1K
NOI $25,504 @ 7.0% cap · market cap 8.73%
Theoretical Best
Office A
$708.3K
$619.8K – $826.4K
NOI $49,584 @ 7.0% cap · market cap 16.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
60%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
Explore this area
Business Placement
Demographics for 62959, IL
27,629
Population
12,997
Households
2.1
Avg Household Size
43
Median Age
28%
College-Educated
92%
High-School Grad
143.0 sq mi
ZIP Area
193
Density / Sq Mi
$69,914
Median Household Income
$44,145
Median Earnings
$895
Median Rent
$166,200
Median Home Value
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 - Five individual commercial units with flexible office or short-term rental apartment conversion options, plus billboards for added income.
Where is this office units located?
The property is located at 1113 N Court Street Marion, IL.
What is the asking price?
The asking price for this property is $292,000.
What are key features of this property?
This property features: 5 individual commercial units with flexible use for office space or conversion/continued use as 1‑bedroom and 2‑bedroom short‑term rental apartments; 3 suites currently occupied, offering immediate income with additional vacancy upside; High‑exposure corner at the intersection of Illinois Route 13 and Route 37 in Marion with 20,000+ daily traffic counts
