Office Suite with Customer
For Sale
$169,900
201 N Court Street Marion, Marion, IL 62959
Office-focused property on a large lot with ample on-site parking, positioned in Marion’s Hub TIF.
Property Size1,232 SF
Price / SF$137.91
Days on Market59
Property Features for 201 N Court Street Marion
General Information
Standard status
Active
Size
1,232 SF
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$3,039
Building Details
Building Size
1,232 SF
Year Built
1955
Buildings
1
Listed By:
Candace Whiting
(309) 722-1612
Source:
Realestatepeoria
Added: Jul 10
Changed: Sep 2
Last Checked: Sep 5 at 3:50AM
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 Candace Whiting
Investment Insights
Based on property information with market context.
This property offers office use with a configuration suited to an owner-occupant or small business, set on a large lot designed for substantial on-site parking. The listing notes visibility and accessibility for day-to-day operations.
Located at 201 N Court Street in Marion, Illinois, the site is in the Hub TIF. According to the provided remarks, the Hub TIF includes an annual grant qualification for exterior improvements.
The current offering is presented for sale, with the remarks also indicating the opportunity to lease, depending on the buyer’s or tenant’s plans.
Located at 201 N Court Street in Marion, Illinois, the site is in the Hub TIF. According to the provided remarks, the Hub TIF includes an annual grant qualification for exterior improvements.
The current offering is presented for sale, with the remarks also indicating the opportunity to lease, depending on the buyer’s or tenant’s plans.
Key Highlights
- Year built: 1955
- Large lot with plenty of on‑site parking for customers and staff
- Suitable for an office space, car lot, or small business use
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
$13,638
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
8.03%
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%
$272,760
$272.8K
Cap Rate 7%
$194,829
$194.8K
Cap Rate 9%
$151,533
$151.5K
Market Conditions
NOI Build-Up for 1,232 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
$22.2K $18.00/SF
− Vacancy
−$4.0K −$3.24/SF
EGI
$18.2K $14.76/SF
− OpEx
−$4.5K −$3.69/SF
NOI
$13.6K $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%
$272,760
Cap Rate 7%
$194,829
Cap Rate 9%
$151,533
Alternative Uses
Best Use
Office B
$194.8K
$170.5K – $227.3K
NOI $13,638 @ 7.0% cap · market cap 8.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$259.7K
$227.3K – $303.0K
NOI $18,181 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
729
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 units - Office-focused property on a large lot with ample on-site parking, positioned in Marion’s Hub TIF.
Where is this office units located?
The property is located at 201 N Court Street Marion Marion, IL.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Year built: 1955; Large lot with plenty of on‑site parking for customers and staff; Suitable for an office space, car lot, or small business use
