25 Old Capitol Shopping Ctr Vandalia, IL 62471
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19,700 SF Shopping Center; Value-Add Opportunity
Property size:
19,700 SFProperty Features for 25 Old Capitol Shopping Ctr
General Information
- Property type
- Lifestyle centers
- Square Feet
- 19,700 SF
- Class
- C
- Lot Size
- 54,450 SF
Building Details
- Year Built
- 1973
- Buildings
- 1
- Stories
- 1
- Units
- 3
Listing Agency: First Federal Properties, Inc Listing Agent: Brad Bowman
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This 19,700 square foot, single-story shopping center in Vandalia, Illinois presents a compelling value-add opportunity. Located on 1.25 acres at 25 Old Capitol Shopping Ctr, this Class C property, built in 1973, currently boasts a 10% occupancy rate with one tenant, the Illinois State Driver's License Office, holding a lease for approximately 1,900 square feet with 4 years remaining. The property is comprised of three units and offers significant upside potential through leasing the vacant space. A pro-forma cap rate of 27.06% is projected upon full occupancy. The asking price is $425,000 ($21.57/sq ft). The property is situated in an Opportunity Zone, providing substantial tax advantages. Furthermore, the City of Vandalia offers Tax Increment Financing (TIF) grants for building renovations that stimulate downtown business growth. Preliminary estimates for necessary renovations include approximately $130,000 for a new roof and $82,000 for a new HVAC system. Note that a Dollar General store located within the center is not included in this offering. Owner financing is available.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Lifestyle centers
Map
- City
- Vandalia
- County
- Fayette
- State
- Illinois
- Longitude
- -89.0930704
- Latitude
- 38.9597914
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FAQs
What type of property is this?
Lifestyle center - 19,700 SF Shopping Center; Value-Add Opportunity
Where is this lifestyle center located?
The property is located at 25 Old Capitol Shopping Ctr Vandalia, IL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: $425,000 asking price for a 19,700 square foot Class C shopping center in Vandalia, Illinois.; Value-add opportunity with a pro-forma cap rate of 27.06% and a pro-forma NOI of $115,000.; Currently 10% occupied, with one tenant (Illinois Drivers License Office) on a 5-year lease.