Shopping Center with
For Sale
$980,000
4510 N Illinois Street, Swansea, IL 62226
Includes a developed expansion parcel approved for nine additional units.
Property Size6,000 SF
Lot Size2.47 Acres
Price / SF$163.33
Days on Market49
Property Features for 4510 N Illinois Street
General Information
Standard status
Active
Size
6,000 SF
Lot size
2.47 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,724
Building Details
Building Size
6,000 SF
Year Built
2003
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Brown Realtors
(808) 866-4840
Listed By:
Annmarie Pickering · License #475173204
Source:
Nesterrealty
Added: Jul 15
Changed: Aug 31
Last Checked: Aug 31 at 5:09PM
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 Coldwell Banker Brown Realtors
Investment Insights
Based on property information with market context.
Millstone Plaza includes a 6,000 SF retail building completed in 2003 and configured with four 1,500 SF units. The building occupies approximately .96 ac, with an additional developed 1.51-acre lot included in the offering. That parcel is already approved for an additional nine units, providing a defined expansion component within the property configuration.
The property is located at 4510 N Illinois Street in Swansea, Illinois. Signage is positioned along 95' of frontage on Smelting Works, with permanent signage also located on Route 159. The building and developed lot are offered together, while the seller is willing to consider separating the two components.
The property is located at 4510 N Illinois Street in Swansea, Illinois. Signage is positioned along 95' of frontage on Smelting Works, with permanent signage also located on Route 159. The building and developed lot are offered together, while the seller is willing to consider separating the two components.
Key Highlights
- 6,000 SF building with four 1,500 SF retail units
- Additional developed lot measures 1.51 ac
- Lot approved for an additional nine units
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
$59,951
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
6.12%
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%
$1,199,020
$1.2M
Cap Rate 7%
$856,443
$856.4K
Cap Rate 9%
$666,122
$666.1K
Market Conditions
NOI Build-Up for 6,000 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
$93.6K $15.60/SF
− Vacancy
−$8.0K −$1.33/SF
EGI
$85.6K $14.27/SF
− OpEx
−$25.7K −$4.28/SF
NOI
$60.0K $9.99/SF
Area
St. Clair County, IL
Vacancy
8.50%
Lease Rate
$15.60 /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%
$1,199,020
Cap Rate 7%
$856,443
Cap Rate 9%
$666,122
Alternative Uses
Best Use
Retail
$856.4K
$749.4K – $999.2K
NOI $59,951 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,429 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
126k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 72%
Shops & Services 23%
Dining 5%
Target
Superstores
91,003 visits/mo
0.3 miles
Huck's
Shops & Services
23,351 visits/mo
0.1 miles
PNC Bank
Shops & Services
5,974 visits/mo
0.2 miles
Bandana's Bar-B-Q
Dining
5,721 visits/mo
0.1 miles
Demographics for 62226, IL
29,156
Population
13,285
Households
2.2
Avg Household Size
42
Median Age
33%
College-Educated
94%
High-School Grad
13.9 sq mi
ZIP Area
2,098
Density / Sq Mi
$66,018
Median Household Income
$43,284
Median Earnings
$946
Median Rent
$162,500
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?
Shopping center - Includes a developed expansion parcel approved for nine additional units.
Where is this shopping center located?
The property is located at 4510 N Illinois Street Swansea, IL.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: 6,000 SF building with four 1,500 SF retail units; Additional developed lot measures 1.51 ac; Lot approved for an additional nine units
