Restaurant Building on Carlyle
For Sale
Contact for pricing
601 Carlyle Avenue, Belleville, IL 62221
2,600 SF restaurant building for sale on Carlyle Avenue.
Property Size2,600 SF
Price / SF$115
Days on Market3150
Property Features for 601 Carlyle Avenue
General Information
Standard status
Active
Size
2,600 SF
Total Parking Spaces
38
Property subtype
Retail
Zoning
C-2
Building Details
Year Built
1973
Year Renovated
2017
Buildings
1
Stories
1
Listing Agency:
Barbermurphy Group
(618) 570-8344
Listed By:
John Eichenlaub · License #IL 471004100
Source:
Crexi
Added: Jan 17, 2018
Changed: Aug 22
Last Checked: Sep 1 at 9:43PM
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 Barbermurphy Group
Investment Insights
Based on property information with market context.
This 2,600 square foot building, formerly an IHOP restaurant, is available for sale. It is situated in a high-visibility, high-traffic area with an average daily traffic count of 17,500 on Carlyle Avenue. The property presents an opportunity for conversion to office or retail use. All equipment, with the exception of leased equipment, is included in the sale. The building underwent a partial rehabilitation in 2017.
Key Highlights
- High visibility location with 17,500 ADT on Carlyle Ave.
- 2,600 SF building suitable for restaurant, office, or retail use.
- All restaurant equipment included in the sale (except leased equipment).
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
$25,979
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
8.69%
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%
$519,580
$519.6K
Cap Rate 7%
$371,129
$371.1K
Cap Rate 9%
$288,656
$288.7K
Market Conditions
NOI Build-Up for 2,600 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
$40.6K $15.60/SF
− Vacancy
−$3.4K −$1.33/SF
EGI
$37.1K $14.27/SF
− OpEx
−$11.1K −$4.28/SF
NOI
$26.0K $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%
$519,580
Cap Rate 7%
$371,129
Cap Rate 9%
$288,656
Alternative Uses
Best Use
Specialty Retail
$506.0K
$442.7K – $590.3K
NOI $35,419 @ 7.0% cap · market cap 11.85%
Second Best
Retail
$371.1K
$324.7K – $433.0K
NOI $25,979 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$615.5K
$538.6K – $718.1K
NOI $43,086 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62221, IL
29,039
Population
12,460
Households
2.3
Avg Household Size
38
Median Age
37%
College-Educated
96%
High-School Grad
35.0 sq mi
ZIP Area
830
Density / Sq Mi
$78,619
Median Household Income
$45,353
Median Earnings
$1,078
Median Rent
$207,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - 2,600 SF restaurant building for sale on Carlyle Avenue.
Where is this conventional restaurant located?
The property is located at 601 Carlyle Avenue Belleville, IL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: High visibility location with 17,500 ADT on Carlyle Ave.; 2,600 SF building suitable for restaurant, office, or retail use.; All restaurant equipment included in the sale (except leased equipment).
