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    Alton Medical Campus Opportunity Title is generated by Realmo AI

    915 E 5th St, Alton, IL

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    Vacant medical campus in historic Alton, Illinois.

    Type:OFFICE
    Property size:
    221,754 SF
    Lot size:
    2.37 Acres
    Added:
    Aug 12, 2024
    Days on Market:
    662
    Last Refresh:
    May 20 at 9:38 pm

    Property Features for 915 E 5th St

    General Information

    Standard status
    Active
    Size
    221,754 SF
    Lot size
    2.37 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    David Steinbach
    David Steinbach

    Listing agent David Steinbach License #2003008130

    Listing office JLL | St. Louis

    Listing date Aug 12, 2024

    Source Moodyscre

    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 JLL | St. Louis

    HighLights

    • Unique medical campus opportunity in historic Alton, IL.
    • Located on the Mississippi River in downtown Alton, near a casino, amphitheater, and high school.
    • Includes a vacant hospital, assisted living facility, medical office building, and parking garage totaling 221,754 sq ft.
    • Site area of 8.36 acres consisting of 32 parcels.
    • 2.4 acres of unimproved parcels included, offering potential for future development.
    • Located in an area with a low cost of living and stable workforce.

    Overview

    Located on the Mississippi River in downtown historic Alton, Illinois, the St. Clare's Medical Campus presents a unique opportunity. The campus includes a vacant hospital building with an attached assisted living facility, a high-vacancy freestanding medical office building, and a multi-level parking garage. The total rentable building area is 221,754 square feet, including the lower level service area. The hospital, originally constructed in 1921, has undergone various additions and renovations. The owner-operator, OSF HealthCare, vacated the premises approximately six years ago as part of a planned consolidation of services at the Saint Anthony Health Center campus, located two miles north. The assisted living facility, known as the Villas, is connected to the hospital and shares mechanical systems. This facility was fully vacated in 2020. A skywalk connects the hospital to the four-story medical office building. The total site area spans 8.36 acres and comprises 32 parcels, including 20 unimproved parcels totaling 2.4 acres. These lots, acquired over several decades for land control, offer potential for further acquisition and assembly of adjacent lots. The campus is surrounded by a casino, an outdoor amphitheater, Marquette High School, and other redevelopments, attracting employers and patrons due to the area's low cost of living and stable workforce.
    Property Profile Location Intelligence

    Current Use by Public Records

    Patricia L. Tolle, ... Physician Saint Clare's Villa Nursing Home James V. Piephoff Physician St Clare's Hospital Medical Clinic Broneck Cheryl L Physician

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Alton
    County
    Madison
    State
    Illinois
    Longitude
    -90.1707
    Latitude
    38.8909

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    FAQs

    What type of property is this?
    Hospital - Vacant medical campus in historic Alton, Illinois.
    Where is this hospital located?
    The property is located at 915 E 5th St Alton, IL.
    What are key features of this property?
    This property features: Unique medical campus opportunity in historic Alton, IL.; Located on the Mississippi River in downtown Alton, near a casino, amphitheater, and high school.; Includes a vacant hospital, assisted living facility, medical office building, and parking garage totaling 221,754 sq ft.
    (314) 338-2080 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing David Steinbach
    David Steinbach
    Real Estate License ID: 2003008130
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    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.

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