Single-Story Medical Office
For Sale
$675,000
3505 College Avenue, Alton, IL 62002
One-story building divided into two occupied spaces with finished interior area, newer HVAC, and a large parking lot.
Property Size3,600 SF
Price / SF$187.50
Days on Market57
Property Features for 3505 College Avenue
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$18,246
Building Details
Building Size
3,600 SF
Year Built
2000
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Tarrant and Harman Real Estate and Auction Co
(618) 974-9259
Listed By:
Travis Tarrant · License #471016673
(618) 974-9259
Source:
Century21laclede
Added: Jun 29
Changed: Aug 24
Last Checked: Aug 23 at 8:00AM
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 Tarrant and Harman Real Estate and Auction Co
Investment Insights
Based on property information with market context.
This one-story medical office building offers nearly 3,600 square feet of finished space and is currently divided into two separate spaces, with both areas occupied. The property includes a large parking lot and features a newer HVAC system.
The building is located at 3505 College Ave in Alton, IL, with convenient access from College Avenue. It is also close to Homer Adams Pkwy and I-255.
Showings are available by appointment only. The existing two-space layout and occupancy may be of interest to investors or owner-users seeking a turnkey commercial asset.
The building is located at 3505 College Ave in Alton, IL, with convenient access from College Avenue. It is also close to Homer Adams Pkwy and I-255.
Showings are available by appointment only. The existing two-space layout and occupancy may be of interest to investors or owner-users seeking a turnkey commercial asset.
Key Highlights
- One‑story commercial building divided into two spaces; both are currently occupied
- Nearly 3,600 sq ft of finished interior space
- Large parking lot included
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
$57,024
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
8.45%
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%
$1,140,480
$1.1M
Cap Rate 7%
$814,629
$814.6K
Cap Rate 9%
$633,600
$633.6K
Market Conditions
NOI Build-Up for 3,600 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
$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 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%
$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
NOI $57,024 @ 7.0% cap · market cap 8.45%
Second Best
Healthcare Medical
$613.1K
$536.5K – $715.3K
NOI $42,917 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$981.3K
$858.6K – $1.14M
NOI $68,688 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
Under-served
Demand for This Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - One-story building divided into two occupied spaces with finished interior area, newer HVAC, and a large parking lot.
Where is this medical office space located?
The property is located at 3505 College Avenue 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: One‑story commercial building divided into two spaces; both are currently occupied; Nearly 3,600 sq ft of finished interior space; Large parking lot included
