Building Details

Year Built 1951

Buildings 3

Stories 2

Listing Agency: Barbermurphy Group m***@barbermurphy.com Show Phone

Listed By: Matt Barriger · License #IL 475148523

Source: Crexi

Added: Feb 13 Changed: Aug 8 Last Checked: Aug 10 at 12:30PM

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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 converted residential property features a 2,000-square-foot, two-story office building. The main level includes two offices, a reception area, a conference room, a restroom, and a full kitchen. The second story comprises three offices and a restroom. The lower level provides storage space, a wash basin, a sump pump, and houses the HVAC system, which is three years old, and a water heater, which is one year old. The roof was replaced in 2012. The property also includes two outbuildings. Building 1 offers 1,200 square feet of space with two 8-foot drive-in doors, a hot water heater, boiler floor heat, a restroom with a shower, air compressor lines, and a 12x12-foot lower-level storm shelter. Building 2 features two 8-foot overhead drive-in doors, shelving, and a concrete floor. This setup is suitable for a construction or contractor yard. The property is located on the north-south thoroughfare of Illinois 159/North Illinois Street, connecting St. Clair and Madison County, and is situated 3 miles north of Interstate 64. The total property size is 4,400 square feet.

Key Highlights

• 1,200 SF outbuilding featuring 2‑8' drive‑in doors, H/W heater, boiler floor heat, restroom w/shower, air compressor lines and 12’x12’ lower level storm shelter.
• Located on North South Thoroughfare of Illinois 159/North Illinois St. connecting St. Clair and Madison County, 3 miles North of Interstate 64.
• Converted 2,000 SF 2‑story residential building into office space with 5 offices, reception area, conference room, restroom & full kitchen.

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

$44,550

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

8.10%

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%

$891,000 $891.0K

Cap Rate 7%

$636,429 $636.4K

Cap Rate 9%

$495,000 $495.0K

Market Conditions

NOI Build-Up for 4,400 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

$79.2K $18.00/SF

− Vacancy

−$7.9K −$1.80/SF

EGI

$71.3K $16.20/SF

− OpEx

−$26.7K −$6.07/SF

NOI

$44.6K $10.13/SF

Area

St. Clair County, IL

Vacancy

10.00%

Lease Rate

$18.00 /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%

$891,000

Cap Rate 7%

$636,429

Cap Rate 9%

$495,000

Alternative Uses

Best Use

Office B

$728.6K

$637.6K – $850.1K (±1% cap)

NOI $51,005 @ 7.0% cap · market cap 9.27%

Second Best

Mixed Use

$636.4K

$556.9K – $742.5K (±1% cap)

NOI $44,550 @ 7.0% cap · market cap 8.10%

Theoretical Best

Office A

$1.04M

$911.4K – $1.22M (±1% cap)

NOI $72,915 @ 7.0% cap · market cap 13.26%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Restaurant HVAC Service Parking Lot & Garage Electrical Service Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

28

Businesses Nearby

Explore this area Business Placement

Demographics for 62232, IL

7,547

Population

3,082

Households

2.4

Avg Household Size

41

Median Age

22%

College-Educated

93%

High-School Grad

12.8 sq mi

ZIP Area

590

Density / Sq Mi

$64,268

Median Household Income

$42,485

Median Earnings

$1,077

Median Rent

$114,800

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-story office building with outbuildings, ideal for contractors.

Where is this mixed-use property located?

The property is located at 8044 N Illinois St Caseyville, IL.

What is the asking price?

The asking price for this property is $550,000.

What are key features of this property?

This property features: 1,200 SF outbuilding featuring 2‑8' drive‑in doors, H/W heater, boiler floor heat, restroom w/shower, air compressor lines and 12’x12’ lower level storm shelter.; Located on North South Thoroughfare of Illinois 159/North Illinois St. connecting St. Clair and Madison County, 3 miles North of Interstate 64.; Converted 2,000 SF 2‑story residential building into office space with 5 offices, reception area, conference room, restroom & full kitchen.