Brick Office Building with Lower-Level
For Sale
$499,000
2806 Godfrey Road, Godfrey, IL 62035
Four separate offices, a reception area, and a lower-level kitchen provide a practical multi-level layout.
Property Size2,128 SF
Price / SF$234.49
Days on Market88
Property Features for 2806 Godfrey Road
General Information
Standard status
Active
Size
2,128 SF
Property subtype
Commercial
Additional Details
Condition
Newly Renovated
Property Use
Office
Taxes and HOA fees
Annual Taxes
$2,217
Amenities
reception area
new kitchen
bonus area
additional storage space
Building Details
Building Size
2,128 SF
Year Built
1940
Buildings
1
Stories
1
Construction
brick
Abandoned
No
Listing Agency:
Landmark Realty
(618) 466-1513
Listed By:
Jeffrey Harman
(618) 971-6655
Source:
Flowershomerealty
Added: Jul 30
Changed: Oct 23
Last Checked: Oct 23 at 1:26PM
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 Landmark Realty
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Investment Insights
Based on property information with market context.
This brick office building, constructed in 1940, has a main-level reception area, four separate offices, and a bathroom. The lower level contains a kitchen, additional open area, and storage space. The kitchen is described as new, and parking is available on site.
Key Highlights
- Brick office building built in 1940
- Main level includes reception, four separate offices, and a bathroom
- Lower level has a new kitchen, bonus area, and additional storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,708
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$674,160
$674.2K
Cap Rate 7%
$481,543
$481.5K
Cap Rate 9%
$374,533
$374.5K
Market Conditions
NOI Build-Up for 2,128 SF
Gross rent
$51.1K $24.00/SF
− Vacancy
−$6.1K −$2.88/SF
EGI
$44.9K $21.12/SF
− OpEx
−$11.2K −$5.28/SF
NOI
$33.7K $15.84/SF
Area
Madison County, IL
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$674,160
Cap Rate 7%
$481,543
Cap Rate 9%
$374,533
Alternative Uses
Best Use
Office B
$481.5K
$421.4K – $561.8K
NOI $33,708 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$580.0K
$507.5K – $676.7K
NOI $40,602 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
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Business Placement
Demographics for 62035, IL
16,172
Population
7,145
Households
2.3
Avg Household Size
47
Median Age
33%
College-Educated
96%
High-School Grad
43.8 sq mi
ZIP Area
369
Density / Sq Mi
$91,696
Median Household Income
$51,693
Median Earnings
$1,158
Median Rent
$179,900
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Four separate offices, a reception area, and a lower-level kitchen provide a practical multi-level layout.
Where is this office building located?
The property is located at 2806 Godfrey Road Godfrey, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Brick office building built in 1940; Main level includes reception, four separate offices, and a bathroom; Lower level has a new kitchen, bonus area, and additional storage
