Interstate-Adjacent Commercial
For Sale
$1,500,000
1921 Grange Hall Road, Marion, IL 62959
Commercial zoning and established entry points support access from IL Route 148.
Property Size3,200 SF
Price / SF$468.75
Days on Market440
Property Features for 1921 Grange Hall Road
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$6,016
Building Details
Building Size
3,200 SF
Listing Agency:
REALTY 618 LLC
(618) 889-2164
Listed By:
Stephanie Lawrence · License #475209565
(618) 889-2164
Source:
Craggsrealtors
Added: May 27, 2025
Changed: Aug 4
Last Checked: Aug 8 at 11:31AM
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 land parcel is positioned near the I-57 and I-24 interchange, with access from IL Route 148 and established entry points. The site carries Commercial zoning and is identified for development involving a truck stop or travel plaza, fuel station, hotel, quick-service retail, logistics, or service operations.
Traffic exposure includes 32,000–34,000 vehicles daily on I-57 and 5,600 vehicles daily on Route 148. The property is situated between Marion and Carbondale and minutes from Lake of Egypt, placing it within a corridor serving local activity, interstate travelers, and logistics traffic. Its location near the interstate split combines regional connectivity with access from a state route.
Traffic exposure includes 32,000–34,000 vehicles daily on I-57 and 5,600 vehicles daily on Route 148. The property is situated between Marion and Carbondale and minutes from Lake of Egypt, placing it within a corridor serving local activity, interstate travelers, and logistics traffic. Its location near the interstate split combines regional connectivity with access from a state route.
Key Highlights
- 32,000–34,000 vehicles daily on I‑57
- 5,600 vehicles daily on Route 148
- Commercial zoning
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
$43,593
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
2.91%
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%
$871,860
$871.9K
Cap Rate 7%
$622,757
$622.8K
Cap Rate 9%
$484,367
$484.4K
Market Conditions
NOI Build-Up for 3,200 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
$60.7K $18.96/SF
− Vacancy
−$2.5K −$0.80/SF
EGI
$58.1K $18.16/SF
− OpEx
−$14.5K −$4.54/SF
NOI
$43.6K $13.62/SF
Area
Williamson County, IL
Vacancy
4.20%
Lease Rate
$18.96 /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%
$871,860
Cap Rate 7%
$622,757
Cap Rate 9%
$484,367
Alternative Uses
Best Use
Specialty Retail
$622.8K
$544.9K – $726.6K
NOI $43,593 @ 7.0% cap · market cap 2.91%
Second Best
Retail
$373.2K
$326.6K – $435.5K
NOI $26,127 @ 7.0% cap · market cap 1.74%
Theoretical Best
Office A
$674.6K
$590.3K – $787.1K
NOI $47,223 @ 7.0% cap · market cap 3.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
81k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 90%
Dining 10%
Road Ranger
Shops & Services
73,406 visits/mo
0.5 miles
Wendy's
Dining
8,003 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
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Frequently Asked Questions
What type of property is this?
Commercial land - Commercial zoning and established entry points support access from IL Route 148.
Where is this commercial land located?
The property is located at 1921 Grange Hall Road Marion, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 32,000–34,000 vehicles daily on I‑57; 5,600 vehicles daily on Route 148; Commercial zoning
