Building Details

Buildings 1

Stories 1

Listing Agency: Tarrant and Harman Real Estate and Auction Co t***@yahoo.com Show Phone

Listed By: Travis Tarrant · License #471016673 Show Phone

Source: Exprealty

Added: Jun 29 Changed: Oct 6 Last Checked: Oct 14 at 11:56PM

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Investment Insights

Based on property information with market context.

Built in 2000, this single-story office property contains nearly 3,600 square feet of finished space arranged as two separate office areas. Both spaces are occupied, and the building has a newer HVAC system along with a large parking lot.

The property is located at 3505 College Avenue in Alton, near the SIU Dental College. Access is available from College Avenue, with Homer Adams Parkway and I-255 also nearby. Showings are available by appointment.

Key Highlights

• Nearly 3600 sq ft of finished office space
• Two separate office spaces, both occupied
• Single‑story building constructed in 2000

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,024

Cap Rate

8.45%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,140,480 $1.1M

Cap Rate 7%

$814,629 $814.6K

Cap Rate 9%

$633,600 $633.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,600 SF

Gross rent

$86.4K $24.00/SF

− Vacancy

−$10.4K −$2.88/SF

EGI

$76.0K $21.12/SF

− OpEx

−$19.0K −$5.28/SF

NOI

$57.0K $15.84/SF

Area

Madison County, IL

Vacancy

12.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,140,480

Cap Rate 7%

$814,629

Cap Rate 9%

$633,600

Alternative Uses

Best Use

Office B

$814.6K

$712.8K – $950.4K (±1% cap)

NOI $57,024 @ 7.0% cap · market cap 8.45%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$981.3K

$858.6K – $1.14M (±1% cap)

NOI $68,688 @ 7.0% cap · market cap 10.18%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Next Step Foot ... Physician Next Step Foot ... Physician Jacob Lamb Physician WALK HEALTHY TOPICAL ... Department Store

Suggested Use

Top Pick Real Estate Agency Law Firm HVAC Service Hair Salon Nail Salon Spa & Massage Center

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

2

Office units

100%

Occupancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

298

Businesses Nearby

Explore this area Business Placement

Demographics for 62002, IL

30,176

Population

14,832

Households

2

Avg Household Size

41

Median Age

24%

College-Educated

92%

High-School Grad

41.3 sq mi

ZIP Area

731

Density / Sq Mi

$57,851

Median Household Income

$38,120

Median Earnings

$941

Median Rent

$114,300

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Single-story professional property with occupied office spaces, on-site parking, and access from College Avenue.

Where is this office building located?

The property is located at 3505 College Ave Alton, IL.

What is the asking price?

The asking price for this property is $675,000.

What are key features of this property?

This property features: Nearly 3600 sq ft of finished office space; Two separate office spaces, both occupied; Single‑story building constructed in 2000