Mixed-Use Office and
For Sale
Contact for pricing
3009 Nameoki Rd, Granite City, IL 62040
Property includes office/retail/commercial space with multiple rooms plus a 2-bedroom apartment upstairs.
Property Size2,400 SF
Price / SF$124.58
Days on Market378
Property Features for 3009 Nameoki Rd
General Information
Standard status
Active
Size
2,400 SF
Property subtype
RETAIL
Listing Agency:
Hartmann Realtors, Inc.
(618) 344-7900
Listed By:
Jeff Moss
Source:
Moodyscre
Added: Sep 1, 2025
Changed: Sep 4
Last Checked: Sep 13 at 10:01AM
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 property offers approximately 2,400 square feet of office/retail/commercial space along with a two-bedroom apartment upstairs. The commercial portion includes several rooms and offices that may be separated into multiple leasable spaces. A large storage basement is located under part of the building.
The property is situated at 3009 Nameoki Rd in Granite City, IL 62040.
For leasing flexibility, the commercial space is arranged with multiple internal rooms suitable for division into more than one unit, supported by the additional storage area below.
The property is situated at 3009 Nameoki Rd in Granite City, IL 62040.
For leasing flexibility, the commercial space is arranged with multiple internal rooms suitable for division into more than one unit, supported by the additional storage area below.
Key Highlights
- Approximately 2,400 SF office/retail/commercial space plus a 2‑bedroom apartment upstairs
- Commercial space includes multiple rooms/offices and can potentially be separated into 2 or 3 leasable spaces
- Includes a large storage basement under about half the building
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
7.84%
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
Retail
$420.8K
$368.2K – $490.9K
NOI $29,454 @ 7.0% cap · market cap 9.85%
Second Best
Mixed Use
$334.8K
$293.0K – $390.6K
NOI $23,436 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$654.2K
$572.4K – $763.2K
NOI $45,792 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
142k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 39%
Groceries 31%
Dining 30%
Home Improvements & Furnishings 1%
Schnucks
Groceries
33,867 visits/mo
0.1 miles
QuikTrip
Shops & Services
25,708 visits/mo
0.1 miles
McDonald's
Dining
23,781 visits/mo
0.5 miles
Dollar General
Shops & Services
9,718 visits/mo
0.3 miles
Save-A-Lot
Groceries
9,606 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Property includes office/retail/commercial space with multiple rooms plus a 2-bedroom apartment upstairs.
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 $299,000.
What are key features of this property?
This property features: Approximately 2,400 SF office/retail/commercial space plus a 2‑bedroom apartment upstairs; Commercial space includes multiple rooms/offices and can potentially be separated into 2 or 3 leasable spaces; Includes a large storage basement under about half the building
