Building Details

Year built 2006

Floors in Building 1

Flooring type Tile - Ceramic

Building materials Brick Veneer, Vinyl Siding

Listing Agency: RE/MAX Alliance · RE/MAX International i***@gatewayhometeam.com Show Phone

Listed By: Kathy &Randy Malawy · License #471000298 Show Phone

Added: Jul 8 Changed: Sep 25 Last Checked: Oct 10 at 4:06AM

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MLS# 26043011

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Investment Insights

Based on property information with market context.

This 2,400-square-foot salon building, constructed in 2006, is currently arranged as one operating salon and includes most salon equipment, fixtures, and appliances. The interior was planned for division into two approximately 1,200-square-foot commercial suites. Each side provides an open layout, ceramic tile flooring, a kitchen or break-room area, and restroom facilities. The property also includes forced-air heating, central air, public water, brick veneer, and vinyl siding.

Five tenant stylists currently operate from the salon, and the layout has room for two additional stylists. Approximately 15 on-site parking spaces serve customers and occupants. The property occupies 0.37 acres in Troy, with shopping, restaurants, businesses, and everyday community amenities located nearby. The sale includes both the real estate and the salon business.

Key Highlights

• 2,400‑square‑foot salon building constructed in 2006
• Designed for two approximately 1,200‑square‑foot commercial suites
• Five tenant stylists currently occupy the salon; room for two additional stylists

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$29,454

Cap Rate

6.40%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

NOI $45,792 @ 7.0% cap · market cap 9.95%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Signature Hair Studio Hair Salon

Suggested Use

Top Pick Big Box & Wholesale Store Auto Parts Store Kitchen & Bath Showroom Storage Facility Parking Lot & Garage Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

295

Businesses Nearby

125k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 51% Shops & Services 44% Home Improvements & Furnishings 5%

McDonald's Dining

31,447 visits/mo 0.3 miles

Circle K Shops & Services

15,975 visits/mo 0.2 miles

Troy #2 Shops & Services

13,358 visits/mo 0.4 miles

Dollar Tree Shops & Services

11,688 visits/mo 0.3 miles

Dollar General Shops & Services

9,268 visits/mo 0.4 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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this spa & wellness properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Spa & wellness property - Salon property combining existing tenant occupancy with a configuration adaptable to separate commercial 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: 2,400‑square‑foot salon building constructed in 2006; Designed for two approximately 1,200‑square‑foot commercial suites; Five tenant stylists currently occupy the salon; room for two additional stylists