Versatile Commercial Space on Large
For Sale
Contact for pricing
1202 S COURT Street, Marion, IL 62959
High-visibility commercial space with multiple bays on 3.75 acres.
Property Size8,824 SF
Lot Size3.75 Acres
Price / SF$56.55
Days on Market181
Property Features for 1202 S COURT Street
General Information
Standard status
Active
Size
8,824 SF
Lot size
3.75 Acres
Property subtype
Land
Zoning
Commercial
Listing Agency:
REALTY 618 LLC
Listed By:
Angela Horn · License #475206683
Source:
Crexi
Added: Feb 11
Changed: Aug 8
Last Checked: Aug 8 at 6:40AM
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 REALTY 618 LLC
Investment Insights
Based on property information with market context.
This commercial property offers 8,824 square feet of versatile space situated on a 3.75-acre lot with high traffic exposure. The existing layout includes four separate work areas or bays, along with office spaces. One bay is specifically equipped as a dedicated paint bay. Oversized garage doors are present on every section of the building, designed to accommodate large vehicles. The property features a gated entry to the rear and back entrances to the building. The parking area is asphalt, supplemented by additional parking areas surfaced with gravel. The property's size and layout allow for reconfiguration to suit various uses.
Key Highlights
- High traffic location with maximized visibility.
- Large 3.75 acre lot.
- 8,824 sq ft of versatile space.
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
$44,600
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
8.94%
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%
$892,000
$892.0K
Cap Rate 7%
$637,143
$637.1K
Cap Rate 9%
$495,556
$495.6K
Market Conditions
NOI Build-Up for 8,824 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
$69.7K $7.90/SF
− Vacancy
−$6.0K −$0.68/SF
EGI
$63.7K $7.22/SF
− OpEx
−$19.1K −$2.17/SF
NOI
$44.6K $5.05/SF
Area
Williamson County, IL
Vacancy
8.60%
Lease Rate
$7.90 /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%
$892,000
Cap Rate 7%
$637,143
Cap Rate 9%
$495,556
Alternative Uses
Best Use
Retail
$1.03M
$900.6K – $1.20M
NOI $72,046 @ 7.0% cap · market cap 14.44%
Second Best
Industrial
$637.1K
$557.5K – $743.3K
NOI $44,600 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,217 @ 7.0% cap · market cap 26.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
526
Businesses Nearby
28k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 77%
Dining 23%
Casey's General Store
Shops & Services
9,927 visits/mo
0.1 miles
Huck's
Shops & Services
7,931 visits/mo
0.1 miles
Ziggi's Coffee
Dining
5,244 visits/mo
0.5 miles
O'Reilly Auto Parts
Shops & Services
3,786 visits/mo
0.4 miles
China Wok
Dining
1,228 visits/mo
0.5 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - High-visibility commercial space with multiple bays on 3.75 acres.
Where is this commercial land located?
The property is located at 1202 S COURT Street Marion, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: High traffic location with maximized visibility.; Large 3.75 acre lot.; 8,824 sq ft of versatile space.
