Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    903 Salem Road Mt Vernon, IL 62864

    View on Map
    Claim this Listing
    For Sale
    $174,000

    COMMERCIAL - Mt Vernon, IL

    Type:Office
    Added:
    Feb 5, 2026
    Days on Market:
    92
    Last Refresh:
    May 8 at 12:06 am

    Property Features for 903 Salem Road Mt

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    COMMR
    Standard status
    Active
    APN
    0730230011

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    5826

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1959
    Floors in Building
    1
    Number of units
    1
    Building materials
    Brick

    We can help!

    Listing Contact
    Lisa McKinney
    Lisa McKinney

    Listing agent Lisa McKinney License #471003781

    Listing office C21 All Pro Real Estate 13035 N SHILOH DR, Mt.Vernon, IL

    Listing date Feb 5, 2026

    MLS# 12562188

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime Northside location with strong visibility
    • Immediate income potential with current month‑to‑month tenants
    • Abundant parking due to the inclusion of a second lot
    • Recently remodeled interior with multiple private offices and a large conference room
    • Zoned B‑2 Commercial allowing for a wide range of business types
    • Flexible for owner‑users or investors

    Overview

    Commercial Building in Prime Location

    This commercial building is situated in a prime Northside location, offering strong visibility and immediate income potential. The property is currently rented month-to-month, providing flexibility for owner-users or investors. The recently remodeled interior includes multiple private offices, a large conference room, a spacious lobby and reception area, a break room with appliances, ample storage rooms, and two bathrooms. City utilities are in place. The functional layout is suitable for a wide range of professional or service-based businesses. Zoned B-2 Commercial, the property includes a second lot that provides abundant parking. Investors can retain current tenants while leasing remaining space, or occupy the building for their own business needs. The property is versatile, well-maintained, and suited for office or mixed commercial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Map

    City
    Vernon
    County
    Marion
    State
    Illinois
    Longitude
    -88.9065
    Latitude
    38.3147

    Nearby Similar for Sale

    • $950,000

      Versatile Commercial Property on Broadway

      High-visibility commercial property with flexible space and residential dwelling.
      1719 Broadway, Mt Vernon, IL 62864
      View Details
    • $149,900

      Commercial Building in High Traffic Area

      2700 SF commercial building on corner lot for sale.
      823 S 10TH Street, Mt Vernon, IL 62864
      View Details
    • $235,000
      3,538 SF

      Versatile Commercial Building on Broadway

      Two-story commercial building with high visibility and flexible use.
      329 BROADWAY Street, Mt Vernon, IL 62864
      View Details

    FAQs

    What type of property is this?
    Office building - Remodeled commercial building with income potential and flexible usage.
    Where is this office building located?
    The property is located at 903 Salem Road Mt Vernon, IL.
    What is the asking price?
    The asking price for this property is $174,000.
    What are key features of this property?
    This property features: Prime Northside location with strong visibility; Immediate income potential with current month‑to‑month tenants; Abundant parking due to the inclusion of a second lot
    (618) 237-4525
    We can help!
    Listing Contact
    Lisa McKinney
    Lisa McKinney
    Real Estate License ID: 471003781
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    903 Salem Road, Mt Vernon, IL 62864
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!