Four-Suite Restaurant
New
For Sale
$499,900
900 S Park Avenue, Herrin, IL 62948
Multiple commercial spaces and existing tenants occupy this restaurant property on Park Avenue.
Property Size3,552 SF
Lot Size0.34 Acres
Price / SF$140.74
Days on Market7
Property Features for 900 S Park Avenue
General Information
Standard status
Active
Size
3,552 SF
Lot size
0.34 Acres
Property subtype
Commercial
Additional Details
Traffic Count
15,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$12,107
Building Details
Tenancy
Multi
Listing Agency:
HOUSE 2 HOME REALTY
Listed By:
Kali Lynn (kalih2hrealty@gmail.com)
Source:
Curveyrealestate
Added: Sep 29
Changed: Sep 30
Last Checked: Oct 4 at 9:13AM
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 HOUSE 2 HOME REALTY
Investment Insights
Based on property information with market context.
This restaurant property contains 3,552 square feet divided among four commercial spaces on approximately 0.34 acres. Burger Nook, operating in the community since 1963, occupies one space, alongside additional commercial tenants. The offering includes the building and real estate; the businesses are not included in the sale.
The property is on S Park Avenue in Herrin, along a commercial corridor with an average daily traffic count of approximately 15,000. Existing occupancy provides rental income from the property.
The property is on S Park Avenue in Herrin, along a commercial corridor with an average daily traffic count of approximately 15,000. Existing occupancy provides rental income from the property.
Key Highlights
- 3,552‑square‑foot building with four commercial spaces
- Approximately 0.34 acres on S Park Avenue in Herrin
- Average daily traffic count of approximately 15,000
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
$29,001
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
5.80%
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%
$580,020
$580.0K
Cap Rate 7%
$414,300
$414.3K
Cap Rate 9%
$322,233
$322.2K
Market Conditions
NOI Build-Up for 3,552 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
$46.0K $12.96/SF
− Vacancy
−$4.6K −$1.30/SF
EGI
$41.4K $11.66/SF
− OpEx
−$12.4K −$3.50/SF
NOI
$29.0K $8.16/SF
Area
Williamson County, IL
Vacancy
10.00%
Lease Rate
$12.96 /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%
$580,020
Cap Rate 7%
$414,300
Cap Rate 9%
$322,233
Alternative Uses
Best Use
Specialty Retail
$691.3K
$604.9K – $806.5K
NOI $48,388 @ 7.0% cap · market cap 9.68%
Second Best
Retail
$414.3K
$362.5K – $483.4K
NOI $29,001 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$748.8K
$655.2K – $873.6K
NOI $52,417 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
15,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
121k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 27%
Groceries 22%
Kroger
Groceries
26,449 visits/mo
0.4 miles
McDonald's
Dining
22,345 visits/mo
0.5 miles
Dollar Tree
Shops & Services
10,794 visits/mo
0.5 miles
Wendy's
Dining
9,801 visits/mo
0.3 miles
Taco Bell
Dining
8,831 visits/mo
0.5 miles
Demographics for 62948, IL
12,536
Population
6,177
Households
2
Avg Household Size
40
Median Age
24%
College-Educated
92%
High-School Grad
20.0 sq mi
ZIP Area
627
Density / Sq Mi
$59,031
Median Household Income
$40,633
Median Earnings
$1,010
Median Rent
$112,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Multiple commercial spaces and existing tenants occupy this restaurant property on Park Avenue.
Where is this conventional restaurant located?
The property is located at 900 S Park Avenue Herrin, IL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,552‑square‑foot building with four commercial spaces; Approximately 0.34 acres on S Park Avenue in Herrin; Average daily traffic count of approximately 15,000
