Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    305-309 N Illinois St Belleville, IL 62220

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Mixed-use property with retail, office, apartments, and warehouse space.

    Property size:
    617 SF
    Lot size:
    0.26 Acres

    Property Features for 305-309 N Illinois St

    General Information

    Size
    617 SF
    Lot size
    0.26 Acres

    We can help!

    Listing Contact
    Michael T Durbin
    Source: Moodyscre

    Listing Agency: BARBERMurphy Listing Agent: Michael T Durbin

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Mixed-Use Investment Property For Sale

    This mixed-use investment property is available for sale. The property features a long-term insurance agency tenant, a newly placed barbershop, and two occupied 1-bedroom, 1-bathroom apartments on the second floor. A rear warehouse is currently leased. The property includes three additional parcels that add to the existing parking lot. There is one vacancy, a 617-square-foot office/retail suite, available for lease or owner occupancy. This open-concept suite has new flooring and paint.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Belleville
    County
    St. Clair
    State
    Illinois
    Longitude
    -89.9846978
    Latitude
    38.5103899

    Nearby Similar for Lease

    • Contact for pricing

      Belleville Retail Space For Lease

      Retail spaces available in power center near major retailers.
      5701-5875 Belleville Crossing St, Belleville, IL 62226
      View Details
    • $1,160 /Mo
      600 SF

      O'Fallon Office/Retail Space for Lease

      600 SF office/retail space in O'Fallon's downtown district.
      300-302 W State St, O Fallon, IL 62220
      View Details
    • $13 SF/Yr
      1,200 SF

      Retail Space on Hartman Lane

      1,200 SF retail space for lease in O’Fallon, IL.
      208-210 Hartman Ln, O Fallon, IL 62269
      View Details
    • Contact for pricing
      6,819 SF

      Office Space Near I-64

      High-end office space with excellent visibility and convenient location.
      475 Regency Park, O Fallon, IL 62269
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space Near Major Retailers

      Retail space in high-traffic location near Belleville East High School.
      651 Carlyle Ave, Belleville, IL 62221
      View Details
    • Contact for pricing
      6,000 SF

      Former Restaurant Space For Lease

      6,000 SF retail space in high-traffic Belleville corridor.
      5600-5650 Belleville Crossing St, Belleville, IL 62226
      View Details
    • Contact for pricing
      1,959 SF

      Restaurant with Drive-Through and Patio

      1,959 SF restaurant with drive-through, patio, and cooler.
      1140 Illinois St, Belleville, IL 62220
      View Details
    • Contact for pricing
      24,286 SF

      Belleville Warehouse with Outdoor Storage

      24,286 SF warehouse with 1+ acre outdoor storage.
      400 West Monroe St, Belleville, IL 62220
      View Details
    • Contact for pricing
      22,553 SF

      Retail Space Near Interstate 64

      Sublease opportunity in O'Fallon, IL with high visibility.
      1234 Central Park Dr, O Fallon, IL 62269
      View Details
    • $29 SF/Yr
      2,730 SF

      Retail Space on Central Park

      High-profile retail space with ample parking and signage opportunities.
      1140 Central Park Dr, O Fallon, IL 62269
      View Details
    • Contact for pricing
      750 SF

      Downtown Belleville Office Space Available

      Office suites available in downtown Belleville near courthouse and amenities.
      15 N 1St St, Belleville, IL 62220
      View Details
    • Contact for pricing
      7,588 SF

      Retail Space with High Visibility

      Retail space available in a high-traffic Belleville location.
      4509-4519 W Main St, Belleville, IL 62226
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with retail, office, apartments, and warehouse space.
    Where is this mixed-use property located?
    The property is located at 305-309 N Illinois St Belleville, IL.
    What are key features of this property?
    This property features: - Mixed-use property with multiple income streams from insurance, barbershop, apartments, and warehouse.; - Value-add opportunity: lease the vacant 617 SF office/retail suite.; - Includes 3 additional parcels, expanding the existing parking lot.
    (618) 277-4400 Call to check price and availability
    Request Owner's contact information
    305-309 N Illinois St Belleville, IL 62220
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    305-309 N Illinois St
    Belleville, IL 62220
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    305-309 N Illinois St Belleville, IL 62220
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael T Durbin
    (618) 277-4400
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!