Office Building with Central
For Sale
$798,000
217 S Park Avenue, Herrin, IL 62948
Office property completed in 2016 with central air conditioning in Herrin.
Property Size3,972 SF
Days on Market174
Property Features for 217 S Park Avenue
General Information
Standard status
Active
Size
3,972 SF
Net Operating Income
$67,200
Taxes and HOA fees
Annual Taxes
$22,913
Amenities
Central Air
Building Details
Building Size
3,972 SF
Year Built
2016
Stories
1
Listing Agency:
PROPERTY WITH TLC, LLC
(618) 727-2270
Listed By:
Teresa Camarato · License #471001948
(618) 727-2270
Source:
Evrealestate
Added: Mar 11
Changed: Aug 30
Last Checked: Aug 30 at 10:53PM
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 PROPERTY WITH TLC, LLC
Investment Insights
Based on property information with market context.
This office building at 217 S Park Avenue in Herrin, Illinois, was completed in 2016 and includes central air conditioning. The property is positioned on the west side of the road, with access from Rt 13 through Herrin.
Key Highlights
- Office building at 217 S Park Avenue, Herrin, IL 62948
- Built in 2016
- Central air conditioning
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
$55,030
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
6.90%
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%
$1,100,600
$1.1M
Cap Rate 7%
$786,143
$786.1K
Cap Rate 9%
$611,444
$611.4K
Market Conditions
NOI Build-Up for 3,972 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
$102.5K $25.80/SF
− Vacancy
−$10.8K −$2.71/SF
EGI
$91.7K $23.09/SF
− OpEx
−$36.7K −$9.24/SF
NOI
$55.0K $13.85/SF
Area
Williamson County, IL
Vacancy
10.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
40.00%
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%
$1,100,600
Cap Rate 7%
$786,143
Cap Rate 9%
$611,444
Alternative Uses
Best Use
Healthcare Medical
$786.1K
$687.9K – $917.2K
NOI $55,030 @ 7.0% cap · market cap 6.90%
Second Best
Office B
$628.1K
$549.6K – $732.8K
NOI $43,970 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$837.4K
$732.7K – $976.9K
NOI $58,615 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
Explore this area
Business Placement
Demographics for 62948, IL
12,536
Population
6,177
Households
2
Avg Household Size
40
Median Age
24%
College-Educated
92%
High-School Grad
20.0 sq mi
ZIP Area
627
Density / Sq Mi
$59,031
Median Household Income
$40,633
Median Earnings
$1,010
Median Rent
$112,400
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 - Office property completed in 2016 with central air conditioning in Herrin.
Where is this office building located?
The property is located at 217 S Park Avenue Herrin, IL.
What is the asking price?
The asking price for this property is $798,000.
What are key features of this property?
This property features: Office building at 217 S Park Avenue, Herrin, IL 62948; Built in 2016; Central air conditioning
