Mixed-Use Property with
For Sale
Contact for pricing
528 & 538 E Broadway, Alton, IL 62002
Two adjoining buildings offer warehouse space, a gutted build-out, and flexible outdoor area in the Alton Tiff District.
Property Size7,391 SF
Price / SF$108.10
Days on Market139
Property Features for 528 & 538 E Broadway
General Information
Standard status
Active
Size
7,391 SF
Property subtype
Retail, Mixed Use
Property Condition
Severity
Major Repairs Needed
Evidence
completely gutted
Building Details
Buildings
2
Stories
3
Listing Agency:
RE/MAX Alliance
(618) 910-3865
Listed By:
Lisa Funk · License #471.000228
Source:
Crexi
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 11:46PM
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 RE/MAX Alliance
Investment Insights
Based on property information with market context.
Two parcels are being conveyed together, with improvements totaling 7,391 square feet. The 528 E. Broadway building is a single-story warehouse measuring 4,037 square feet and includes a 5,000 ft. exposed courtyard enclosed at the rear. Its front area provides additional open space, while the building benefits from a new insulated TPO roof.
At 538 E. Broadway, a 3,354-square-foot, two-story masonry building has been fully gutted for a new interior build-out. The property includes a full basement with concrete flooring, a new plywood subfloor on the first level, and a second floor opened to the studs. Both buildings have new insulated TPO roofs. The parcels are in the Alton Tiff District and sit across from Riverfront events and the pedestrian bridge leading to the amphitheater.
At 538 E. Broadway, a 3,354-square-foot, two-story masonry building has been fully gutted for a new interior build-out. The property includes a full basement with concrete flooring, a new plywood subfloor on the first level, and a second floor opened to the studs. Both buildings have new insulated TPO roofs. The parcels are in the Alton Tiff District and sit across from Riverfront events and the pedestrian bridge leading to the amphitheater.
Key Highlights
- Two parcels sold together with 7,391 square feet of total building area
- 4,037‑square‑foot single‑story warehouse at 528 E. Broadway
- 3,354‑square‑foot, two‑story masonry structure at 538 E. Broadway
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
$72,173
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
9.03%
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%
$1,443,460
$1.4M
Cap Rate 7%
$1,031,043
$1.0M
Cap Rate 9%
$801,922
$801.9K
Market Conditions
NOI Build-Up for 7,391 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
$124.2K $16.80/SF
− Vacancy
−$8.7K −$1.18/SF
EGI
$115.5K $15.62/SF
− OpEx
−$43.3K −$5.86/SF
NOI
$72.2K $9.76/SF
Area
Madison County, IL
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
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%
$1,443,460
Cap Rate 7%
$1,031,043
Cap Rate 9%
$801,922
Alternative Uses
Best Use
Retail
$1.30M
$1.13M – $1.51M
NOI $90,705 @ 7.0% cap · market cap 11.35%
Second Best
Mixed Use
$1.03M
$902.2K – $1.20M
NOI $72,173 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $141,020 @ 7.0% cap · market cap 17.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
874
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two adjoining buildings offer warehouse space, a gutted build-out, and flexible outdoor area in the Alton Tiff District.
Where is this mixed-use property located?
The property is located at 528 & 538 E Broadway Alton, IL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two parcels sold together with 7,391 square feet of total building area; 4,037‑square‑foot single‑story warehouse at 528 E. Broadway; 3,354‑square‑foot, two‑story masonry structure at 538 E. Broadway
