Two-Tenant Office
For Sale
$675,000
3505 College Avenue, Alton, IL 62002
Single-story professional property with occupied office spaces, on-site parking, and access from College Avenue.
Property Size3,600 SF
Price / SF$187.50
Days on Market28
Property Features for 3505 College Avenue
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$18,246
Building Details
Building Size
3,600 SF
Year Built
2000
Buildings
1
Stories
1
Listing Agency:
Tarrant and Harman Real Estate and Auction Co
(618) 974-9259
Listed By:
Travis Tarrant · License #471016673
Source:
Nesterrealty
Added: Aug 3
Changed: Aug 30
Last Checked: Aug 30 at 1:30PM
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.
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.
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 = 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
—
—
no second resolved use
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
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 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: Nearly 3600 sq ft of finished office space; Two separate office spaces, both occupied; Single‑story building constructed in 2000
