Mixed-Use Investment
For Sale
$280,000
3009 Nameoki Rd, Granite City, IL 62040
Mixed-use property with commercial space, apartment, and warehouse.
Property Size2,400 SF
Lot Size0.21 Acres
Price / SF$116.67
Days on Market206
Property Features for 3009 Nameoki Rd
General Information
Standard status
Active
Size
2,400 SF
Lot size
0.21 Acres
Taxes and HOA fees
Annual Taxes
$3,498
Listing Agency:
Hartmann Realtors, Inc
(618) 570-0629
Listed By:
Doug Hartmann, Jr · License #471000352
(618) 570-0629
Source:
Exprealty
Added: Jan 26
Changed: Aug 8
Last Checked: Aug 8 at 5:48AM
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 Hartmann Realtors, Inc
Investment Insights
Based on property information with market context.
This mixed-use investment property is located on a high-traffic road in Granite City. The property includes approximately 2400 square feet of office, retail, or commercial space, along with an updated 790-square-foot, 2-bedroom apartment upstairs. Additionally, there is approximately 650 square feet of warehouse or storage space in the basement. The upstairs apartment has a potential income of approximately $750 to $900 per month. The commercial space could potentially be leased at $6 per square foot. The commercial space includes several rooms or offices that may be separated into 2 or 3 leasable spaces, as well as a large storage basement under half of the building.
Key Highlights
- High traffic location on a major road.
- Mixed‑use property with office/retail/commercial space, apartment, and warehouse/storage.
- Potential for multiple income streams from commercial space and apartment.
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
$23,436
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
8.37%
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%
$468,720
$468.7K
Cap Rate 7%
$334,800
$334.8K
Cap Rate 9%
$260,400
$260.4K
Market Conditions
NOI Build-Up for 2,400 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
$40.3K $16.80/SF
− Vacancy
−$2.8K −$1.18/SF
EGI
$37.5K $15.62/SF
− OpEx
−$14.1K −$5.86/SF
NOI
$23.4K $9.76/SF
Area
Madison County, IL
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
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%
$468,720
Cap Rate 7%
$334,800
Cap Rate 9%
$260,400
Alternative Uses
Best Use
Office B
$543.1K
$475.2K – $633.6K
NOI $38,016 @ 7.0% cap · market cap 13.58%
Second Best
Mixed Use
$334.8K
$293.0K – $390.6K
NOI $23,436 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$654.2K
$572.4K – $763.2K
NOI $45,792 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
Explore this area
Business Placement
Demographics for 62040, IL
40,872
Population
18,842
Households
2.2
Avg Household Size
41
Median Age
16%
College-Educated
89%
High-School Grad
39.9 sq mi
ZIP Area
1,024
Density / Sq Mi
$60,558
Median Household Income
$40,963
Median Earnings
$852
Median Rent
$106,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with commercial space, apartment, and warehouse.
Where is this mixed-use property located?
The property is located at 3009 Nameoki Rd Granite City, IL.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: High traffic location on a major road.; Mixed‑use property with office/retail/commercial space, apartment, and warehouse/storage.; Potential for multiple income streams from commercial space and apartment.
