Mixed-Use Portfolio on Illinois
For Sale
Contact for pricing
1604 N Illinois St, Swansea, IL 62226
23,802 SF mixed-use portfolio on 3.86 acres.
Property Size23,802 SF
Lot Size3.86 Acres
Price / SF$84.03
Days on Market1219
Property Features for 1604 N Illinois St
General Information
Standard status
Active
Size
23,802 SF
Total Parking Spaces
80
Lot size
3.86 Acres
Property subtype
Retail, Office, Industrial
Zoning
HB - Highway Business
Building Details
Year Built
1986
Year Renovated
2025
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Barbermurphy Group
(618) 973-5507
Listed By:
Matt Barriger · License #IL 475148523
Source:
Crexi
Added: Apr 20, 2023
Changed: Aug 19
Last Checked: Aug 19 at 8:44PM
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 Barbermurphy Group
Investment Insights
Based on property information with market context.
This portfolio comprises five parcels situated on 3.86 acres, featuring three buildings totaling 23,802 square feet. The seller intends to lease back a 4,542-square-foot building. A 15,000-square-foot building and a 4,260-square-foot building are currently vacant and available for lease or occupancy. The 15,000-square-foot building offers a combination of retail, office, and warehouse space, complemented by a fenced yard, overhead drive-in door, and showroom. The 4,260-square-foot building includes a large, open retail area, two storage rooms, and restrooms. The property benefits from 615 feet of frontage on Illinois Route 159 (N Illinois St), a major north-south thoroughfare.
Key Highlights
- Portfolio of 5 parcels totaling 3.86 acres with 3 buildings totaling 23,802 SF.
- Located on Illinois Route 159 with 615' of frontage.
- 15,000 SF building is vacant and ready to lease/occupy (retail/office/warehouse combination).**
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
$153,042
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
7.65%
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%
$3,060,840
$3.1M
Cap Rate 7%
$2,186,314
$2.2M
Cap Rate 9%
$1,700,467
$1.7M
Market Conditions
NOI Build-Up for 23,802 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
$231.4K $9.72/SF
− Vacancy
−$12.7K −$0.53/SF
EGI
$218.6K $9.19/SF
− OpEx
−$65.6K −$2.76/SF
NOI
$153.0K $6.43/SF
Area
St. Clair County, IL
Vacancy
5.50%
Lease Rate
$9.72 /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%
$3,060,840
Cap Rate 7%
$2,186,314
Cap Rate 9%
$1,700,467
Alternative Uses
Best Use
Office B
$3.94M
$3.45M – $4.60M
NOI $275,913 @ 7.0% cap · market cap 13.80%
Second Best
Mixed Use
$3.44M
$3.01M – $4.02M
NOI $240,995 @ 7.0% cap · market cap 12.05%
Theoretical Best
Office A
$5.63M
$4.93M – $6.57M
NOI $394,435 @ 7.0% cap · market cap 19.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
73
Businesses Nearby
Explore this area
Business Placement
Demographics for 62226, IL
29,156
Population
13,285
Households
2.2
Avg Household Size
42
Median Age
33%
College-Educated
94%
High-School Grad
13.9 sq mi
ZIP Area
2,098
Density / Sq Mi
$66,018
Median Household Income
$43,284
Median Earnings
$946
Median Rent
$162,500
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?
Mixed-use property - 23,802 SF mixed-use portfolio on 3.86 acres.
Where is this mixed-use property located?
The property is located at 1604 N Illinois St Swansea, IL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Portfolio of 5 parcels totaling 3.86 acres with 3 buildings totaling 23,802 SF.; Located on Illinois Route 159 with 615' of frontage.; 15,000 SF building is vacant and ready to lease/occupy (retail/office/warehouse combination).**
