Shopping Center with Development
For Sale
$980,000
4510 N Illinois Street, Swansea, IL 62226
Commercial Sale, Swansea, IL
Property Size6,000 SF
Lot Size2.28 Acres
Price / SF$163.33
Days on Market90
Property Features for 4510 N Illinois Street
General Information
Property type
Commercial Sale
Property subtype
Other
Appliances
Water Heater
Subdivision
Not in Subdivision
Directions
GPS friendly.
Standard status
Active
APN
08-03.0-100-051
Lot size
2.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ST CLAIR TWP SEC 3 LOT/SEC-3-SUBL/TWP-1N=BLK/RG-8W LT 6 PT NW IN A01751418
Tax Annual Amount
18724
Legal Description
ST CLAIR TWP SEC 3 LOT/SEC-3-SUBL/TWP-1N=BLK/RG-8W LT 6 PT NW IN A01751418
Utilities
Utilities
Water Available
Cooling system
Multi Units
Water source
Public
Amenities
signage
Building Details
Year built
2003
Floors in Building
1
Flooring type
Carpet
Building materials
Brick
Listing Agency:
Coldwell Banker Brown Realtors · Coldwell Banker Real Estate
(618) 632-4700
Listed By:
Annmarie Pickering · License #475173204
(808) 866-4840
Added: Jun 29
Changed: Sep 25
Last Checked: Sep 26 at 7:06PM
MLS# 25069616
Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Millstone Plaza combines a 6,000-square-foot brick retail building with four 1,500-square-foot units on approximately 0.96 acres. The building was constructed in 2003 and includes carpeted flooring, multi-unit cooling, a water heater, and public water service.
The offering also includes a developed 1.51-acre lot approved for 9 additional units, bringing the combined land area to 2.28 acres. Property signage is positioned along 95 feet of frontage on Smelting Works, with permanent signage on Route 159. The building and developed lot are being offered together, with the seller willing to consider separating them.
The offering also includes a developed 1.51-acre lot approved for 9 additional units, bringing the combined land area to 2.28 acres. Property signage is positioned along 95 feet of frontage on Smelting Works, with permanent signage on Route 159. The building and developed lot are being offered together, with the seller willing to consider separating them.
Key Highlights
- 6,000 SF retail building with four 1,500 SF units
- Developed 1.51‑acre lot approved for 9 additional units
- Combined land area of 2.28 acres
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
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Shopping center - Brick retail center with multiple suites and an approved site for 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 retail building with four 1,500 SF units; Developed 1.51‑acre lot approved for 9 additional units; Combined land area of 2.28 acres
