Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    222 44Th St Mount Vernon, IL 62864

    Sponsored
    For Sale
    $2,200,000

    1.83-acre hotel, I-57/I-64 location

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    424
    This 1.83-acre commercial property in Mt. Vernon, Illinois, presents a unique investment opportunity. The property, built in 1977 (with an effective age of approximately 20 years), boasts a prime location at the intersection of Interstates 57 and 64, offering exceptional visibility and accessibility. The existing building features a substantial number of rental units, including eleven double occupancy rooms and ten single occupancy rooms on the first floor, along with additional double and single rooms on the second floor, plus two manager's apartments. The first floor also includes dedicated customer service areas, offices, restrooms, utility space, and laundry facilities. The property has 68 parking spaces and is zoned B2 (Secondary Business), providing flexibility for various commercial uses. The property benefits from a convenient location near Mt. Vernon Outland Airport and St. Louis Lambert International Airport. The building has a current Fire Class Rating of 3. This property is situated equidistant from St. Louis, Missouri; Evansville, Indiana; Paducah, Kentucky; and Effingham, Illinois, making it an attractive location for travelers and businesses alike. The asking price is $2,200,000. The property's APN is 07-31-451-003. The ownership structure is corporate. This property is an excellent investment opportunity for those seeking a high-traffic location with significant rental income potential.

    Property Features for 222 44Th St

    General Information

    Property type
    Land
    Lot Size
    79,715 SF

    Building Details

    Year Built
    1977
    Buildings
    1

    We can help!

    Listing Contact
    Debra Smith
    Debra Smith

    Learn more

    Property Insight Report

    HighLights

    • $2,200,000 asking price for 1.83 acres of commercially zoned land.
    • B2 zoning designation.
    • Approximately 20‑year‑old building with a Fire Class 3 rating.
    • Prime location at the I‑57 and I‑64 interchange.
    • Convenient access to Mt. Vernon Outland Airport and St. Louis Lambert International Airport.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Mount Vernon
    County
    Jefferson
    State
    Illinois
    Longitude
    -88.9465258
    Latitude
    38.312304

    Nearby Comparable

    • Contact for pricing
      1.00 Acre

      Mt. Vernon, IL Development Opportunity

      Prime Mixed-Use Development Site in Illinois
      41 Mateer Dr, Mount Vernon, IL 62864
      View Details
    • $699,000
      0.50 Acres

      Retail Space in Time Square

      Located in Time Square Mall with great visibility.
      206 S 42 St Mt, Vernon, IL 62864
      View Details
    • $675,000
      4.00 Acres

      Prime Commercial Land Opportunity

      4 acres of commercial land in high-traffic area.
      605 S 42 St Mt, Vernon, IL 62864
      View Details
    • $340,000

      Prime Mt. Vernon Commercial Property

      Restaurant/Office Building, Great Location
      4140 Broadway St, Mount Vernon, IL 62864
      View Details
    • $340,000
      2,400 SF

      Mount Vernon Mixed-Use Property

      Prime corner lot, 2400 sq ft, great income potential.
      4140 Broadway St, Mount Vernon, IL 62864
      View Details
    • $250,000
      0.31 Acres

      Mt Vernon Office Building For Sale

      Well-maintained office building with flexible space and ample parking.
      4140 Broadway St Mt, Vernon, IL 62864
      View Details
    • Contact for pricing
      22.89 Acres

      Prime Mount Vernon Commercial Land

      22.89 Acres, Industrial Zoning
      0 Wl By-Pass, Mount Vernon, IL 62864
      View Details
    • Contact for pricing
      37.91 Acres

      Mount Vernon Commercial Land

      37.9 Acres, Prime Development Site
      0 Wells Byp, Mount Vernon, IL 62864
      View Details
    • $2,000,000
      1,627 SF

      IL Auto Shop Sale-Leaseback

      1,627 SF Jiffy Lube-type NNN Lease
      3806 Broadway St, Mount Vernon, IL 62864
      View Details
    • $249,000

      Prime Mt. Vernon Office Building

      Spacious office building on large lot. Ideal location.
      4224 Lincolnshire Dr, Mount Vernon, IL 62864
      View Details
    • $797,998

      Prime Commercial Land Available

      6.21 acres of commercial land in Mt. Vernon, Illinois.
      4515 Ilberry Rd, Mount Vernon, IL 62864
      View Details
    • $675,000

      Mt. Vernon Commercial Land & Building

      Prime Mt. Vernon location, high visibility, ample space.
      3501 Broadway St, Mount Vernon, IL 62864
      View Details

    Nearby Similar for Sale

    • $99,500
      8,667 SF

      Industrial Building on Large Lot

      8,667 SF industrial building on approximately 5 acres.
      500 Gee St, Mount Vernon, IL 62864
      View Details
    • $75,000

      Versatile Live-Work Property For Sale

      Adaptable property suitable for business, residential, or live-work use.
      1410 Salem Rd, Mount Vernon, IL 62864
      View Details
    • $485,000
      3,376 SF

      Former QSR with Drive-Thru

      Free-standing restaurant with drive-thru and kitchen infrastructure included.
      1600 Broadway St, Mount Vernon, IL 62864
      View Details
    • $808,000

      Retail Property in Mount Vernon

      Retail property available for sale in Mount Vernon, Illinois.
      3300 Broadway St, Mount Vernon, IL 62864
      View Details
    • Contact for pricing

      Heritage Landing: IL Multifamily

      50-unit, 55+ apartment building, value-add opportunity.
      4260 Heritage Ave, Mount Vernon, IL 62864
      View Details
    • $2,000,000
      1,627 SF

      IL Auto Shop Sale-Leaseback

      1,627 SF Jiffy Lube-type NNN Lease
      3806 Broadway St, Mount Vernon, IL 62864
      View Details
    • $340,000
      2,400 SF

      Mount Vernon Mixed-Use Property

      Prime corner lot, 2400 sq ft, great income potential.
      4140 Broadway St, Mount Vernon, IL 62864
      View Details

    FAQs

    What type of property is this?
    Land - 1.83-acre hotel, I-57/I-64 location
    Where is this land located?
    The property is located at 222 44Th St Mount Vernon, IL.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: $2,200,000 asking price for 1.83 acres of commercially zoned land.; B2 zoning designation.; Approximately 20-year-old building with a Fire Class 3 rating.
    Request Owner's contact information
    222 44Th St Mount Vernon, IL 62864
    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.
    222 44Th St
    Mount Vernon, IL 62864
    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
    222 44Th St Mount Vernon, IL 62864
    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

    We can help!
    Listing Contact
    Debra Smith
    Debra Smith
    Real Estate License ID: 471019811
    Learn more
    Google sign-in failed. Please try again or use another login method.