Small Office Cottage with On-Site
For Sale
$115,000
509 Pearl Street, Godfrey, IL 62035
Updated for commercial use and currently zoned residential, with a special use permit option and paved, fenced parking.
Days on Market152
Property Features for 509 Pearl Street
General Information
Standard status
Active
Total Parking Spaces
10
Property subtype
Commercial
Zoning
residential
Building Details
Building Size
714 SF
Year Built
1940
Listing Agency:
Tarrant and Harman Real Estate and Auction Co
(618) 531-2256
Listed By:
Whitney McIver · License #475114662
(618) 531-2256
Source:
Exit2newbeginningz
Added: Mar 4
Changed: Jul 29
Last Checked: Aug 2 at 1:14PM
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 updated former one-bed, one-bath cottage is positioned for small business use and offers the feel of a home with the functionality to welcome clients. Built in 1940, the property has been thoughtfully updated for commercial use. It is currently zoned residential, and business opportunities may be accommodated with a special use permit, creating flexibility for many types of small operations.
The space has operated most recently as a pet spa. The property also has capped plumbing in place from earlier use as a hair salon, which may support businesses that can use that existing plumbing configuration. In the back, a large paved and fenced parking area provides space for approximately 8–10 vehicles.
With the combination of residential zoning flexibility via a special use permit and on-site parking, the property is well suited for an owner/user or a small tenant seeking a compact, character-filled workspace for client-facing services.
The space has operated most recently as a pet spa. The property also has capped plumbing in place from earlier use as a hair salon, which may support businesses that can use that existing plumbing configuration. In the back, a large paved and fenced parking area provides space for approximately 8–10 vehicles.
With the combination of residential zoning flexibility via a special use permit and on-site parking, the property is well suited for an owner/user or a small tenant seeking a compact, character-filled workspace for client-facing services.
Key Highlights
- Currently zoned residential with accommodation via special use permit
- Updated for commercial use, suitable for a variety of small business types
- Built in 1940
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $12.9k | $18.00 |
| − Vacancy | −$334 | −$0.47 |
| EGI | $12.5k | $17.53 |
| − OpEx | −$3.8k | −$5.26 |
| NOI | $8.8k | $12.27 |
714 SF · lease $18.00/SF/yr · vacancy 2.60% · expense 30.00%
Alternative Uses
Best Use
Office B
$161.6K
$141.4K – $188.5K
NOI $11,310 @ 7.0% cap · market cap 9.83%
Second Best
Retail
$125.2K
$109.5K – $146.0K
NOI $8,762 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$194.6K
$170.3K – $227.1K
NOI $13,623 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Explore this area
Business Placement
Demographics for 62035, IL
16,172
Population
7,145
Households
2.3
Avg Household Size
47
Median Age
33%
College-Educated
96%
High-School Grad
43.8 sq mi
ZIP Area
369
Density / Sq Mi
$91,696
Median Household Income
$51,693
Median Earnings
$1,158
Median Rent
$179,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Updated for commercial use and currently zoned residential, with a special use permit option and paved, fenced parking.
Where is this office units located?
The property is located at 509 Pearl Street Godfrey, IL.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: Currently zoned residential with accommodation via special use permit; Updated for commercial use, suitable for a variety of small business types; Built in 1940
