Updated Office Building with Four
For Sale
$200,000
1506 W Main Street, Marion, IL 62959
Commercially zoned office property with a reconfigured interior, dedicated reception, private rooms, and fully replaced building systems.
Property Size1,352 SF
Price / SF$147.93
Days on Market164
Property Features for 1506 W Main Street
General Information
Standard status
Active
Size
1,352 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$2,710
Building Details
Building Size
1,352 SF
Buildings
1
Listing Agency:
Gideon Realty
(618) 922-8820
Listed By:
Amy Eckert · License #475.176387
(618) 922-8820
Source:
Craggsrealtors
Added: Mar 2
Changed: Aug 13
Last Checked: Aug 13 at 8:26AM
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 1,352-square-foot office building combines a reworked interior with comprehensive structural and mechanical upgrades. The layout includes a large reception area, four separate office or exam rooms, two restrooms, and a utility room. Improvements include a replaced foundation and subflooring, new electrical and plumbing systems, HVAC, drywall, flooring, and bathroom finishes.
The property is located at 1506 W Main Street in Marion, Illinois, with an IDOT-reported traffic count of approximately 9,300 vehicles per day. Commercial zoning supports office, retail, or service-oriented use as described for the property. It is also within a TIF district with approximately 19 years remaining; qualifying projects may be eligible for redevelopment incentives.
The property is located at 1506 W Main Street in Marion, Illinois, with an IDOT-reported traffic count of approximately 9,300 vehicles per day. Commercial zoning supports office, retail, or service-oriented use as described for the property. It is also within a TIF district with approximately 19 years remaining; qualifying projects may be eligible for redevelopment incentives.
Key Highlights
- 1,352 SF office building at 1506 W Main Street, Marion, IL 62959
- Interior includes a large reception area and 4 separate office/exam rooms
- 2 restrooms and a utility room included in the reconfigured layout
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
$14,967
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
7.48%
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%
$299,340
$299.3K
Cap Rate 7%
$213,814
$213.8K
Cap Rate 9%
$166,300
$166.3K
Market Conditions
NOI Build-Up for 1,352 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
$24.3K $18.00/SF
− Vacancy
−$4.4K −$3.24/SF
EGI
$20.0K $14.76/SF
− OpEx
−$5.0K −$3.69/SF
NOI
$15.0K $11.07/SF
Area
Williamson County, IL
Vacancy
18.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$299,340
Cap Rate 7%
$213,814
Cap Rate 9%
$166,300
Alternative Uses
Best Use
Office B
$213.8K
$187.1K – $249.5K
NOI $14,967 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
193
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 building - Commercially zoned office property with a reconfigured interior, dedicated reception, private rooms, and fully replaced building systems.
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: 1,352 SF office building at 1506 W Main Street, Marion, IL 62959; Interior includes a large reception area and 4 separate office/exam rooms; 2 restrooms and a utility room included in the reconfigured layout
