Four-Bay Automotive
For Sale
$475,000
808 E Broadway, Alton, IL 62002
Equipped service facility includes lifts, overhead doors, office space, and customer reception areas.
Property Size2,900 SF
Days on Market293
Property Features for 808 E Broadway
General Information
Standard status
Active
Size
2,900 SF
Total Parking Spaces
50
Property subtype
Commercial
Additional Details
Outdoor Storage
Yes
Service Bays
4
Taxes and HOA fees
Annual Taxes
$6,744
Building Details
Building Size
2,900 SF
Year Built
1994
Buildings
1
Stories
1
Listing Agency:
Tarrant and Harman Real Estate and Auction Co
(618) 971-7720
Listed By:
Mark Harman · License #471015081
(618) 971-7720
Source:
Exit2newbeginningz
Added: Oct 28, 2025
Changed: Aug 12
Last Checked: Aug 15 at 1:49PM
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 Tarrant and Harman Real Estate and Auction Co
Investment Insights
Based on property information with market context.
This 1994 automotive service property includes a metal-sided building with four service bays, four overhead doors measuring 10 feet wide by 12 feet tall, and approximately 14-foot ceilings. Four vehicle lifts remain in working condition, including two 4-post heavy-duty lifts rated at 25,000 lbs. and 12,000 lbs., a 9,000-lb. 2-post brake rack, and a 12,000-lb. 4-post rack. The shop is equipped with dual overhead gas furnaces and a heavy-duty air compressor serving both sides of the workspace.
The front portion provides an office and reception area with central air conditioning, a dedicated furnace, two half bathrooms, and a break room/security room. An upstairs loft adds storage, while a new electric water heater serves the property. The sale includes the upper and lower gravel and asphalt parking areas, shop equipment, a 1-ton hoist, welding equipment, parts-handling tools, and security camera and VCR systems.
The property is located at 808 E Broadway in Alton, across from McDonald's and seconds from the Clark Bridge, with proximity to major roadways. It recently passed a city fire inspection, and the fire extinguishers are current.
The front portion provides an office and reception area with central air conditioning, a dedicated furnace, two half bathrooms, and a break room/security room. An upstairs loft adds storage, while a new electric water heater serves the property. The sale includes the upper and lower gravel and asphalt parking areas, shop equipment, a 1-ton hoist, welding equipment, parts-handling tools, and security camera and VCR systems.
The property is located at 808 E Broadway in Alton, across from McDonald's and seconds from the Clark Bridge, with proximity to major roadways. It recently passed a city fire inspection, and the fire extinguishers are current.
Key Highlights
- Four service bays with four overhead doors measuring 10 feet wide by 12 feet tall
- Approximately 14‑foot shop ceilings with four working vehicle lifts
- Lift package includes ratings of 25,000 lbs., 12,000 lbs., 9,000 lbs., and 12,000 lbs.
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
$35,590
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
7.49%
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%
$711,800
$711.8K
Cap Rate 7%
$508,429
$508.4K
Cap Rate 9%
$395,444
$395.4K
Market Conditions
NOI Build-Up for 2,900 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
$52.2K $18.00/SF
− Vacancy
−$1.4K −$0.47/SF
EGI
$50.8K $17.53/SF
− OpEx
−$15.3K −$5.26/SF
NOI
$35.6K $12.27/SF
Area
Madison County, IL
Vacancy
2.60%
Lease Rate
$18.00 /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%
$711,800
Cap Rate 7%
$508,429
Cap Rate 9%
$395,444
Alternative Uses
Best Use
Retail
$508.4K
$444.9K – $593.2K
NOI $35,590 @ 7.0% cap · market cap 7.49%
Second Best
Industrial
$171.2K
$149.8K – $199.7K
NOI $11,982 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$790.5K
$691.7K – $922.2K
NOI $55,332 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Service bays
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
33k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 89%
Shops & Services 11%
McDonald's
Dining
24,486 visits/mo
0.4 miles
Taco Bell
Dining
5,387 visits/mo
0.5 miles
Phillips 66
Shops & Services
3,580 visits/mo
0.4 miles
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Equipped service facility includes lifts, overhead doors, office space, and customer reception areas.
Where is this auto shop located?
The property is located at 808 E Broadway Alton, IL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Four service bays with four overhead doors measuring 10 feet wide by 12 feet tall; Approximately 14‑foot shop ceilings with four working vehicle lifts; Lift package includes ratings of 25,000 lbs., 12,000 lbs., 9,000 lbs., and 12,000 lbs.
