Versatile Commercial Building in
For Sale
$1,250,000
Pending
914 W Main Street, Marion, IL 62959
18,454 sq ft commercial building with redevelopment potential.
Property Size18,454 SF
Lot Size1.47 Acres
Days on Market94
Property Features for 914 W Main Street
General Information
Standard status
Pending
Size
18,454 SF
Lot size
1.47 Acres
Property subtype
Commercial
Building Details
Year Built
1975
Listing Agency:
HOUSE 2 HOME REALTY
(217) 641-2995
Listed By:
Alexander "Alec" Childers (AlecChildersH2H@gmail.com) · License #475207335
Source:
Farlowrealestateexperts
Added: May 27
Changed: Aug 23
Last Checked: Aug 24 at 3:58AM
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.
Located in the HUB TIF District of Marion, this 18,454 sq. ft. commercial building presents a versatile opportunity. The building, formerly a grocery store, offers flexibility for retail, warehouse, distribution, redevelopment, or mixed-use possibilities. It is situated just blocks from the Marion Square and directly across from the HUB Recreation Center, providing outstanding visibility with traffic counts exceeding 25,000 vehicles per day. The property features expansive open retail space with approximately 9’6” finished ceiling heights and decking heights reaching approximately 13’6”. A loading dock is located at the rear of the building, and an overhead garage door has been added along the eastern side for improved accessibility. Three-phase power is available. The roof was replaced in 2022. A survey is currently being completed to adjust the eastern lot line, which will place the boundary approximately 30 feet from the eastern side of the building. Following the adjustment, the property will consist of approximately 1.47 acres. Zoned commercial and positioned in one of Southern Illinois’ most active commercial corridors, this property presents an outstanding opportunity for investors, owner-users, or redevelopment groups.
Key Highlights
- Prime location in Marion's HUB TIF District with high visibility.
- Large 18,454 sq. ft. building with flexible zoning.
- Loading dock and added overhead garage door for improved accessibility.
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
$113,262
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
9.06%
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%
$2,265,240
$2.3M
Cap Rate 7%
$1,618,029
$1.6M
Cap Rate 9%
$1,258,467
$1.3M
Market Conditions
NOI Build-Up for 18,454 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
$145.8K $7.90/SF
− Vacancy
−$12.5K −$0.68/SF
EGI
$133.2K $7.22/SF
− OpEx
−$20.0K −$1.08/SF
NOI
$113.3K $6.14/SF
Area
Williamson County, IL
Vacancy
8.60%
Lease Rate
$7.90 /SF/Yr
Expense Ratio
15.00%
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%
$2,265,240
Cap Rate 7%
$1,618,029
Cap Rate 9%
$1,258,467
Alternative Uses
Best Use
Specialty Retail
$3.59M
$3.14M – $4.19M
NOI $251,394 @ 7.0% cap · market cap 20.11%
Second Best
Retail
$2.15M
$1.88M – $2.51M
NOI $150,673 @ 7.0% cap · market cap 12.05%
Theoretical Best
Office A
$3.89M
$3.40M – $4.54M
NOI $272,328 @ 7.0% cap · market cap 21.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62959, IL
27,629
Population
12,997
Households
2.1
Avg Household Size
43
Median Age
28%
College-Educated
92%
High-School Grad
143.0 sq mi
ZIP Area
193
Density / Sq Mi
$69,914
Median Household Income
$44,145
Median Earnings
$895
Median Rent
$166,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - 18,454 sq ft commercial building with redevelopment potential.
Where is this grocery and convenience store located?
The property is located at 914 W Main Street Marion, IL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Prime location in Marion's HUB TIF District with high visibility.; Large 18,454 sq. ft. building with flexible zoning.; Loading dock and added overhead garage door for improved accessibility.
