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    Versatile Commercial Building with Banquet Hall Title is generated by Realmo AI

    208 Kaskaskia Street, New Athens, IL 62264

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    For Sale
    $69,900

    Commercial Sale - New Athens, IL

    Property size:
    4,936 SF
    Lot size:
    0.61 Acres
    Price / SF:
    $14/SF
    Added:
    May 8, 2026
    Days on Market:
    4
    Last Refresh:
    May 11 at 6:06 pm

    Property Features for 208 Kaskaskia Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    18-28.0-428-017 & 18-28.0-428-012
    Size
    4,936 SF
    Lot size
    0.61 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    3889

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1920
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Suzanne Mitchell-Santos

    Listing agent Suzanne Mitchell-Santos License #471002324

    Listing office Realty Center Usa, Llc 12 Wolf Creek Drive Suite 100, Swansea, IL

    Listing date May 8, 2026

    MLS# 26004386 Listing URL

    Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Large banquet hall with stage, suitable for various events.
    • Commercial registered kitchen, ready for food service operations.
    • Two attached parking lots for ample parking.
    • Almost 5000 sq ft brick building offering substantial space.
    • Versatile property suitable for multiple business types (restaurant, bar, church, etc.).
    • Includes an attached 50 X 30 garage.

    Overview

    This almost 5000 square foot brick building features a large banquet hall with a stage and a commercial registered kitchen. It also includes two offices and a 50 x 30 attached garage. The property has two attached parking lots, one on the right side and one at the back. Located at the corner of Kaskaskia Street and Benton Street, it sits across the street from the Bull Pen Restaurant & Bar in New Athens, Illinois. The property, updated in 1980, is situated on a 0.61-acre lot and could be used for a multitude of different businesses, such as a restaurant, bar, church, theater, wedding chapel, or adult day care. The back parking lot at 104 Benton is included in the sale. The parcel number is 18-28.0-428-012.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Open House Theater Theater & Performing Art Venue

    Suggested Use

    Restaurant Law Firm Dental Office Building Supply Auto Repair Shop Big Box & Wholesale Store Kitchen & Bath Showroom Department Store Bar & Pub Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Athens
    County
    St. Clair
    State
    Illinois
    Longitude
    -89.8779367
    Latitude
    38.3252279

    Nearby Similar for Sale

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    • $325,000
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      Established Retail Building For Sale

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    FAQs

    What type of property is this?
    Wedding venue - Spacious commercial building with banquet hall, kitchen, and parking.
    Where is this wedding venue located?
    The property is located at 208 Kaskaskia Street New Athens, IL.
    What is the asking price?
    The asking price for this property is $69,900.
    What are key features of this property?
    This property features: Large banquet hall with stage, suitable for various events.; Commercial registered kitchen, ready for food service operations.; Two attached parking lots for ample parking.
    (618) 779-8501
    We can help!
    Listing Contact
    Suzanne Mitchell-Santos
    Real Estate License ID: 471002324
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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