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    Income-Producing Commercial Building with Apartment Title is generated by Realmo AI

    2248 E Broadway, Alton, IL 62002

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    Claim this Listing
    New
    For Sale
    $220,000

    Commercial Sale - Alton, IL

    Property size:
    3,062 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $71/SF
    Added:
    May 19, 2026
    Days on Market:
    3
    Last Refresh:
    May 21 at 5:06 pm

    Property Features for 2248 E Broadway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Security features
    Fire Alarm, Security System, Security System Owned, Smoke Detector(s)
    Appliances
    Cooktop, Cooktop - Gas, Microwave, Refrigerator
    Standard status
    Active
    APN
    23-2-08-18-09-201-021
    Size
    3,062 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    3231

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1952
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Yvonne Rushton
    Yvonne Rushton

    Listing agent Yvonne Rushton License #475.196937

    Listing office Keller Williams Marquee 1254 University Dr #200, Edwardsville, IL

    Listing date May 19, 2026

    MLS# 25078882 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

    • Income‑producing 2‑bedroom apartment with existing tenants
    • High‑visibility location in a high‑traffic retail corridor
    • Adaptable 2,251 sq ft commercial space with two separate entrances
    • Two parcels of land and a 2‑bay detached garage included
    • Recent updates including new LED lighting, electrical improvements, and modern upgrades
    • Durable all‑brick construction with a tin roof

    Overview

    This two-story, all-brick commercial building is located in a high-traffic retail corridor. The property includes a durable tin roof. The upper level features a 2-bedroom apartment with existing tenants. The lease agreement is negotiable with an accepted offer. The lower level offers 2,251 square feet of adaptable commercial space with two separate entrances, suitable for operating one large business or dividing it into two. Potential business uses include lash and brow studios, tattoo artists, solo estheticians, personal trainers, counselors or therapists, and boutique retail. Recent updates include Google Nest fire and carbon detectors, new exterior LED lighting, and electrical improvements. The property also includes a 2-bay detached garage and consists of two parcels. The lot size is 0.1377 acres. The total property size is 3,062 square feet. The property is located in Alton, Illinois, in Madison County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strategic BJJ - Alton Training Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Alton
    County
    Madison
    State
    Illinois
    Longitude
    -90.154093
    Latitude
    38.888189

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    FAQs

    What type of property is this?
    Mixed-use property - All-brick commercial building with income-producing apartment in high-traffic area.
    Where is this mixed-use property located?
    The property is located at 2248 E Broadway Alton, IL.
    What is the asking price?
    The asking price for this property is $220,000.
    What are key features of this property?
    This property features: Income‑producing 2‑bedroom apartment with existing tenants; High‑visibility location in a high‑traffic retail corridor; Adaptable 2,251 sq ft commercial space with two separate entrances
    (618) 307-5616
    We can help!
    Listing Contact
    Yvonne Rushton
    Yvonne Rushton
    Real Estate License ID: 475.196937
    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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