Salon Building With Two
For Sale
$460,000
328 Bargraves Boulevard, Troy, IL 62294
Existing salon improvements, retained equipment, and customer parking support continued personal-care operations.
Property Size2,400 SF
Price / SF$191.67
Days on Market17
Property Features for 328 Bargraves Boulevard
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
15
Property subtype
Commercial
Financials
Gross Income
$41,040
Business Included
Yes
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$8,748
Amenities
light-filled open floor plan
ceramic tile flooring
kitchen/break room
restroom facilities
Building Details
Year Built
2006
Buildings
1
Stories
1
Building Size
2,400 SF
Tenancy
Single
Listing Agency:
RE/MAX Alliance
(618) 977-2803
Listed By:
Kathy &Randy Malawy · License #471000298
Source:
Nesterrealty
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 8:08PM
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 RE/MAX Alliance
Investment Insights
Based on property information with market context.
This 2006 salon property includes approximately 2,400 square feet configured as one operating salon with the ability to function as two separate commercial suites of approximately 1,200 square feet each. Both sides provide open work areas, ceramic tile flooring, a kitchen or break-room area, and restroom facilities. Most salon equipment, fixtures, and appliances are included, and the current operation has five tenant stylists in place.
Located at 328 Bargraves Boulevard in Troy, Illinois, the property offers convenient access to shopping, restaurants, businesses, and community amenities. Approximately 15 on-site parking spaces serve customers and occupants. The layout provides a practical base for continued salon use while accommodating separate suite occupancy or other commercial concepts supported by the existing configuration.
Located at 328 Bargraves Boulevard in Troy, Illinois, the property offers convenient access to shopping, restaurants, businesses, and community amenities. Approximately 15 on-site parking spaces serve customers and occupants. The layout provides a practical base for continued salon use while accommodating separate suite occupancy or other commercial concepts supported by the existing configuration.
Key Highlights
- Approximately 2,400 SF building with two approximately 1,200 SF commercial suite configurations
- Current salon operation includes five tenant stylists
- Most salon equipment, fixtures, and appliances remain with the property
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
$29,454
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
6.40%
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%
$589,080
$589.1K
Cap Rate 7%
$420,771
$420.8K
Cap Rate 9%
$327,267
$327.3K
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
$43.2K $18.00/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$42.1K $17.53/SF
− OpEx
−$12.6K −$5.26/SF
NOI
$29.5K $12.27/SF
Area
Madison County, IL
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$589,080
Cap Rate 7%
$420,771
Cap Rate 9%
$327,267
Alternative Uses
Best Use
Retail
$420.8K
$368.2K – $490.9K
NOI $29,454 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$654.2K
$572.4K – $763.2K
NOI $45,792 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
116k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Shops & Services 47%
Home Improvements & Furnishings 6%
McDonald's
Dining
31,447 visits/mo
0.4 miles
Circle K
Shops & Services
15,975 visits/mo
0.1 miles
Troy #2
Shops & Services
13,358 visits/mo
0.3 miles
Dollar Tree
Shops & Services
11,688 visits/mo
0.1 miles
Dollar General
Shops & Services
9,268 visits/mo
0.2 miles
Demographics for 62294, IL
15,431
Population
6,138
Households
2.5
Avg Household Size
39
Median Age
47%
College-Educated
98%
High-School Grad
29.5 sq mi
ZIP Area
523
Density / Sq Mi
$108,418
Median Household Income
$57,002
Median Earnings
$1,069
Median Rent
$255,700
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?
Spa & wellness property - Existing salon improvements, retained equipment, and customer parking support continued personal-care operations.
Where is this spa & wellness property located?
The property is located at 328 Bargraves Boulevard Troy, IL.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Approximately 2,400 SF building with two approximately 1,200 SF commercial suite configurations; Current salon operation includes five tenant stylists; Most salon equipment, fixtures, and appliances remain with the property
