Two-Story Mixed-Use
For Sale
$399,900
538 E Broadway Street, Alton, IL 62002
Commercial Sale, Alton, IL
Property Size3,354 SF
Lot Size0.07 Acres
Price / SF$119.23
Days on Market53
Property Features for 538 E Broadway Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Edwards Ninian Sub
Standard status
Active
APN
23-2-07-14-08-203-008.001
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
8012
Utilities
Utilities
Water Available
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Building materials
Brick, Concrete, Block, Wood Siding
Listing Agency:
RE/MAX Alliance · RE/MAX International
(618) 466-7100
Listed By:
Lisa Funk · License #471000228
(618) 975-6043
Added: Jul 26
Changed: Aug 24
Last Checked: Sep 16 at 6:06PM
MLS# 26047742
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.
This two-level masonry building contains 3,354 square feet and offers a clean starting point for a new interior configuration. The structure has been gutted, with the second floor opened to the studs and the first floor fitted with a new plywood subfloor. A full basement with a concrete floor provides additional functional space, while the new insulated TPO roof is a substantial recent improvement. The upper level may accommodate residential or additional commercial space as part of a mixed-use plan.
The property occupies a 28 x 113 lot at 538 E Broadway Street in Alton, Illinois. It is positioned across from the pedestrian bridge serving the amphitheater and is located within the Alton Tiff District. Public water is available, with water service identified as the available utility.
The property occupies a 28 x 113 lot at 538 E Broadway Street in Alton, Illinois. It is positioned across from the pedestrian bridge serving the amphitheater and is located within the Alton Tiff District. Public water is available, with water service identified as the available utility.
Key Highlights
- 3,354‑square‑foot two‑story masonry mixed‑use building
- New insulated TPO roof
- Full basement with concrete floor
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
$32,752
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
8.19%
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%
$655,040
$655.0K
Cap Rate 7%
$467,886
$467.9K
Cap Rate 9%
$363,911
$363.9K
Market Conditions
NOI Build-Up for 3,354 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
$56.3K $16.80/SF
− Vacancy
−$3.9K −$1.18/SF
EGI
$52.4K $15.62/SF
− OpEx
−$19.7K −$5.86/SF
NOI
$32.8K $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%
$655,040
Cap Rate 7%
$467,886
Cap Rate 9%
$363,911
Alternative Uses
Best Use
Mixed Use
$467.9K
$409.4K – $545.9K
NOI $32,752 @ 7.0% cap · market cap 8.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$914.2K
$799.9K – $1.07M
NOI $63,994 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Gutted masonry building with a new insulated TPO roof and adaptable interior build-out opportunity.
Where is this mixed-use property located?
The property is located at 538 E Broadway Street Alton, IL.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 3,354‑square‑foot two‑story masonry mixed‑use building; New insulated TPO roof; Full basement with concrete floor
