Rebuilt Historic Office
1506 W Main Street Marion, IL 62959
1506 W Main Street, Marion, IL, 62959
$200,000
For Sale
$200,000
Fully renovated office building with large reception area and four office/exam rooms along West Main Street.
Property Size1,352 SF
Price / SF$147.93
Days on Market143
Property Features for 1506 W Main Street
General Information
- Standard status
- Active
- Size
- 1,352 SF
- Property subtype
- Commercial
Listing agency
Gideon Realty
(618) 922-8820
Listed by
Amy Eckert · License #475.176387
(618) 922-8820
Source
Shawneehillsrealestate
Added: Mar 2 Updated: Jul 22 at 1:07PM Checked: Jul 23 at 6:54AM
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 Gideon Realty
Investment Insights
Based on property information with market context.
This property at 1506 W Main Street is an office building that has been completely transformed through a tear-out to the studs and a reconfigured interior layout. Updates include restored high ceilings and a large reception area, plus four separate office/exam rooms, two restrooms, and a utility room. Substantial system and structural work has already been completed, including a replaced foundation, subflooring, electrical, plumbing, HVAC, drywall, flooring, and bathroom finishes.
The building is positioned for visibility along West Main Street, with an IDOT-reported traffic count of approximately 9,300 vehicles per day. It also sits within a newer TIF district with approximately 19 years remaining.
The current configuration supports professional use with a reception-focused entry sequence and multiple private rooms, along with dedicated restroom and utility space.
The building is positioned for visibility along West Main Street, with an IDOT-reported traffic count of approximately 9,300 vehicles per day. It also sits within a newer TIF district with approximately 19 years remaining.
The current configuration supports professional use with a reception-focused entry sequence and multiple private rooms, along with dedicated restroom and utility space.
Key Highlights
- Fully renovated office building at 1506 W Main Street in Marion with large reception area plus four office/exam rooms
- Recent remodel included tear‑out to the studs and reconfigured layout to restore high ceilings
- Updated systems throughout: foundation, subflooring, electrical, plumbing, HVAC, drywall, flooring, and bathrooms
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $24.3k | $18.00 |
| − Vacancy | −$4.4k | −$3.24 |
| EGI | $20.0k | $14.76 |
| − OpEx | −$5.0k | −$3.69 |
| NOI | $15.0k | $11.07 |
1,352 SF · lease $18.00/SF/yr · vacancy 18.00% · expense 25.00%
Alternative Uses
Best Use
Healthcare Medical
$267.6K
$234.1K – $312.2K
NOI $18,731 @ 7.0% cap · market cap 9.37%
Second Best
Office B
$213.8K
$187.1K – $249.5K
NOI $14,967 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$285.0K
$249.4K – $332.5K
NOI $19,952 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
U-Haul Neighborhood Dealer
Car Rental Facility
Don's Heavy Duty ...
Auto Repair Shop
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Fully renovated office building with large reception area and four office/exam rooms along West Main Street.
Where is this office building located?
The property is located at 1506 W Main Street Marion, IL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Fully renovated office building at 1506 W Main Street in Marion with large reception area plus four office/exam rooms; Recent remodel included tear‑out to the studs and reconfigured layout to restore high ceilings; Updated systems throughout: foundation, subflooring, electrical, plumbing, HVAC, drywall, flooring, and bathrooms
