Historic Mixed-Use
For Sale
$225,000
741 S Division Street, Carterville, IL 62918
1886 property combines period character, updated systems, accessible features, and room for both work and residential use.
Property Size2,861 SF
Days on Market8
Property Features for 741 S Division Street
General Information
Standard status
Active
Size
2,861 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$5,063
Building Details
Building Size
2,861 SF
Year Built
1886
Stories
2
Units
61
Listing Agency:
Infinity Realty of Southern IL
(618) 942-3333
Listed By:
Meghan Aloffo
(618) 942-3333
Source:
Perillorealestategroup
Added: Aug 4
Changed: Aug 10
Last Checked: Aug 10 at 12:09PM
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 Infinity Realty of Southern IL
Investment Insights
Based on property information with market context.
Built in 1886, this Carterville property combines historic detailing with a flexible interior suited to mixed-use occupancy. Original wood trim and hardwood floors are complemented by a wood spiral staircase and glass chandelier. The main level includes a large kitchen with pantry, laundry, storage and utility areas, a sizable primary room with an adjoining room, and a handicap-accessible half bathroom. An accessible ramp provides entry from the side of the property.
The upper level offers two large front-facing rooms, a full bathroom with shower and dual sinks, and a separate bathroom with clawfoot tub, toilet, and vanity. Additional storage and laundry space is located upstairs. Recent improvements include new decking, 30-year shingles, siding, windows, and a gas furnace supported by three zoned smart thermostats. The property also has parking and a new vinyl privacy fence. Zoning is identified as COMMR, and the property is near Rt 13 and downtown Carterville.
The upper level offers two large front-facing rooms, a full bathroom with shower and dual sinks, and a separate bathroom with clawfoot tub, toilet, and vanity. Additional storage and laundry space is located upstairs. Recent improvements include new decking, 30-year shingles, siding, windows, and a gas furnace supported by three zoned smart thermostats. The property also has parking and a new vinyl privacy fence. Zoning is identified as COMMR, and the property is near Rt 13 and downtown Carterville.
Key Highlights
- 1886 construction with original wood trim and hardwood floors
- Flexible mixed‑use layout supporting live‑work occupancy
- Updated with new decking, 30‑year shingles, siding, windows, and gas furnace
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
$19,312
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
8.58%
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%
$386,240
$386.2K
Cap Rate 7%
$275,886
$275.9K
Cap Rate 9%
$214,578
$214.6K
Market Conditions
NOI Build-Up for 2,861 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
$34.3K $12.00/SF
− Vacancy
−$3.4K −$1.20/SF
EGI
$30.9K $10.80/SF
− OpEx
−$11.6K −$4.05/SF
NOI
$19.3K $6.75/SF
Area
Williamson County, IL
Vacancy
10.00%
Lease Rate
$12.00 /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%
$386,240
Cap Rate 7%
$275,886
Cap Rate 9%
$214,578
Alternative Uses
Best Use
Office B
$452.4K
$395.9K – $527.9K
NOI $31,671 @ 7.0% cap · market cap 14.08%
Second Best
Mixed Use
$275.9K
$241.4K – $321.9K
NOI $19,312 @ 7.0% cap · market cap 8.58%
Theoretical Best
Office A
$603.1K
$527.8K – $703.7K
NOI $42,220 @ 7.0% cap · market cap 18.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
Explore this area
Business Placement
Demographics for 62918, IL
10,538
Population
5,001
Households
2.1
Avg Household Size
38
Median Age
43%
College-Educated
97%
High-School Grad
37.5 sq mi
ZIP Area
281
Density / Sq Mi
$70,975
Median Household Income
$45,173
Median Earnings
$909
Median Rent
$183,200
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?
Mixed-use property - 1886 property combines period character, updated systems, accessible features, and room for both work and residential use.
Where is this mixed-use property located?
The property is located at 741 S Division Street Carterville, IL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1886 construction with original wood trim and hardwood floors; Flexible mixed‑use layout supporting live‑work occupancy; Updated with new decking, 30‑year shingles, siding, windows, and gas furnace
