Marseilles Commercial Building For
For Sale
Contact for pricing
Pending
237 Commercial St, Marseilles, IL 61341
2,400 SF building in Marseilles' Central Business District.
Property Size1,974 SF
Lot Size1.61 Acres
Days on Market196
Property Features for 237 Commercial St
General Information
Standard status
Pending
Size
1,974 SF
Lot size
1.61 Acres
Property subtype
Office, Retail, Special Purpose
Building Details
Year Built
2013
Buildings
1
Stories
1
Listing Agency:
Coldwell Banker Real Estate Group Ottawa
(815) 228-1859
Listed By:
George Shanley · License #IL 475.092481
Source:
Crexi
Added: Feb 3
Changed: Aug 8
Last Checked: Aug 17 at 5:30AM
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 Coldwell Banker Real Estate Group Ottawa
Investment Insights
Based on property information with market context.
This 2,400 sq ft building is located one block from the main area in the Central Business District of Marseilles. Constructed in 2013, the building has a solid wood frame with a brick veneer exterior on a slab foundation and a truss roof system with shingles. Originally designed for a Subway restaurant, the interior layout includes a dining area, kitchen and prep space, order counter, and two ADA-compliant restrooms. Additional rooms include an office, mudroom, and utility area. The property features two 200-amp electrical services, two HVAC units, direct and indirect lighting, and a drive-up window. The property is zoned M-Manufacturing, offering flexibility for restaurant, retail, office, or service-based businesses. Situated on 1.61 acres with frontage along Commercial Street, the property is near the Illinois River and Illini State Park, and minutes from Starved Rock Country and Heritage Harbor.
Key Highlights
- Prime location in the heart of Marseilles, one block from the Central Business District.
- Flexible M‑Manufacturing zoning allows for restaurant, retail, office, or service‑based business.
- Well‑maintained 2,400 sq ft building constructed in 2013.
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
$26,330
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
6.12%
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%
$526,600
$526.6K
Cap Rate 7%
$376,143
$376.1K
Cap Rate 9%
$292,556
$292.6K
Market Conditions
NOI Build-Up for 1,974 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
$37.4K $18.96/SF
− Vacancy
−$2.3K −$1.18/SF
EGI
$35.1K $17.78/SF
− OpEx
−$8.8K −$4.45/SF
NOI
$26.3K $13.34/SF
Area
LaSalle, IL
La Salle County, LA
Vacancy
6.20%
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%
$526,600
Cap Rate 7%
$376,143
Cap Rate 9%
$292,556
Alternative Uses
Best Use
Specialty Retail
$376.1K
$329.1K – $438.8K
NOI $26,330 @ 7.0% cap · market cap 6.12%
Second Best
Retail
$255.8K
$223.9K – $298.5K
NOI $17,908 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$494.1K
$432.3K – $576.4K
NOI $34,584 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
238
Businesses Nearby
8k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 79%
Dining 21%
Circle K
Shops & Services
6,426 visits/mo
0.4 miles
SUBWAY
Dining
1,026 visits/mo
0.3 miles
Sam's Pizza
Dining
711 visits/mo
0.5 miles
Demographics for 61341, IL
8,092
Population
3,419
Households
2.4
Avg Household Size
43
Median Age
21%
College-Educated
94%
High-School Grad
91.7 sq mi
ZIP Area
88
Density / Sq Mi
$78,895
Median Household Income
$47,513
Median Earnings
$1,048
Median Rent
$179,400
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?
Conventional restaurant - 2,400 SF building in Marseilles' Central Business District.
Where is this conventional restaurant located?
The property is located at 237 Commercial St Marseilles, IL.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Prime location in the heart of Marseilles, one block from the Central Business District.; Flexible M‑Manufacturing zoning allows for restaurant, retail, office, or service‑based business.; Well‑maintained 2,400 sq ft building constructed in 2013.
