Shadow-Anchored Retail Shopping
For Sale
$14,100,000
5801 Belleville Crossing St, Belleville, IL 62226
86K SF retail center shadow anchored to Target and Home Depot in Belleville, IL, with national tenants including PetSmart and Ross.
Property Size86,412 SF
Price / SF$163.17
Days on Market75
Property Features for 5801 Belleville Crossing St
General Information
Standard status
Active
Size
86,412 SF
Property subtype
Shopping Strip
Amenities
BELLEVILLE CROSSING | ST LOUIS MSA
PROVEN BRAND NAME TENANTS
BELOW-MARKET RENTS PROVIDE FUTURE UPSIDE
ST. LOUIS MSA
Building Details
Building Size
86,412 SF
Year Built
2007
Listing Agency:
Atlanta Office
Listed By:
Eric Abbott · License #License(s): GA: 407938
(678) 808-2746
Source:
Marcusmillichap
Added: Jun 22
Changed: Sep 4
Last Checked: Sep 4 at 2:01AM
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 Atlanta Office
Investment Insights
Based on property information with market context.
Belleville Crossing is an 86K SF retail center in Belleville, IL, featuring a strong mix of national, credit, and service-based tenants. The center includes PetSmart, Ross, Dollar Tree, Hibbett, Famous Footwear, Bath & Body Works, and more. Tenant commitment is demonstrated by an average tenant tenure of 13 years, with 55%+ of the GLA present for 16+ years.
The property is shadow anchored to Target and Home Depot, which helps support consistent retail traffic for the surrounding tenant mix. Belleville Crossing reports over 2.5M visits per year and averages 5%+ year-over-year growth over the past three years.
The retail mix is supported by leasing momentum, including Ross recently executing a new 10-year lease. A stated blended yield of 7.25% accompanies the listing, and the remarks note embedded upside tied to underpaying junior box tenants as larger leases roll or are extended.
The property is shadow anchored to Target and Home Depot, which helps support consistent retail traffic for the surrounding tenant mix. Belleville Crossing reports over 2.5M visits per year and averages 5%+ year-over-year growth over the past three years.
The retail mix is supported by leasing momentum, including Ross recently executing a new 10-year lease. A stated blended yield of 7.25% accompanies the listing, and the remarks note embedded upside tied to underpaying junior box tenants as larger leases roll or are extended.
Key Highlights
- 86,000 SF retail center in Belleville, IL, shadow anchored to Target and Home Depot
- National and credit tenants include PetSmart, Ross, Dollar Tree, Hibbett, Famous Footwear, and Bath & Body Works
- Average tenant tenure of 13 years, with 55%+ of the GLA in place for 16+ years
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
$863,411
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%
$17,268,220
$17.3M
Cap Rate 7%
$12,334,443
$12.3M
Cap Rate 9%
$9,593,456
$9.6M
Market Conditions
NOI Build-Up for 86,412 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
$1.35M $15.60/SF
− Vacancy
−$114.6K −$1.33/SF
EGI
$1.23M $14.27/SF
− OpEx
−$370.0K −$4.28/SF
NOI
$863.4K $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%
$17,268,220
Cap Rate 7%
$12,334,443
Cap Rate 9%
$9,593,456
Alternative Uses
Best Use
Retail
$12.33M
$10.79M – $14.39M
NOI $863,411 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$20.46M
$17.90M – $23.87M
NOI $1,431,978 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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 - 86K SF retail center shadow anchored to Target and Home Depot in Belleville, IL, with national tenants including PetSmart and Ross.
Where is this shopping center located?
The property is located at 5801 Belleville Crossing St Belleville, IL.
What is the asking price?
The asking price for this property is $14,100,000.
What are key features of this property?
This property features: 86,000 SF retail center in Belleville, IL, shadow anchored to Target and Home Depot; National and credit tenants include PetSmart, Ross, Dollar Tree, Hibbett, Famous Footwear, and Bath & Body Works; Average tenant tenure of 13 years, with 55%+ of the GLA in place for 16+ years
