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    610 S 42nd St Mt Vernon, IL 62864

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    For Lease
    Contact for pricing

    Exceptional spaces in a high-traffic plaza with recent upgrades.

    Type:Retail, Office, Restaurant
    Added:
    Jul 25, 2023
    Days on Market:
    987
    Last Refresh:
    Mar 17 at 1:19 pm

    Property Features for 610 S 42nd St Mt

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office, Restaurant

    Spaces For Lease

    at 610 S 42nd St Mt Contact us

    612A $10 /Mo

    Size
    5,480 SF
    Type
    Retail, Office, Restaurant
    An unparalleled business opportunity in the heart of MtV! This remarkable former...
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    Contact us

    We can help!

    Listing Contact
    Steven Carrico

    Listing agent Steven Carrico License #IL 471.017515

    Listing office LDC - Properties

    Listing date Jul 25, 2023

    Source Crexi

    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 LDC - Properties

    Overview

    Prime Location Business Opportunity

    Two newly available spaces are located within the 42nd St Plaza, a location for businesses that thrive on easy access to population and exposure to constant traffic. The location is situated for traffic growth with the expansion of a new highway exit which affords access to a high school, new SSM hospital, Menards, and several new developments in the area, boosting traffic on 42nd Street and opening up new avenues for increased footfall and visibility. The center includes long-term tenants such as SSM Healthcare, Dollar General, Rent One, LCFS, Blyss Dispensary, Vapors4U, Q&Q Nails, One Main Financial, World Finance, Lady T's, and Lucky Larry's. Recent upgrades include a new Durolast roof for durability and protection, new pylon signage to enhance visibility, an updated facade, a new parking lot overlay, and energy-efficient LED exterior lighting.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Similar Places Nearby

    • King City Square — 415 S 42nd St, Mt Vernon, IL 62864
    • Coinstar Kiosk | Bitcoin ATM — Kroger - Louisville, 415 S 42nd St, Mt Vernon, IL 62864
    • Times Square Mall — 7274 Broadway St, Mt Vernon, IL 62864
    • Coinstar Kiosk Bitcoin Enabled — Kroger - Louisville, 415 S 42nd St, Mt Vernon, IL 62864
    • Fortysecond Street Plaza Shopping Center — S 42nd St, Mt Vernon, IL 62864

    Map

    City
    Vernon
    County
    Marion
    State
    Illinois
    Longitude
    -88.9065
    Latitude
    38.3147

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    FAQs

    What type of property is this?
    Shopping center - Exceptional spaces in a high-traffic plaza with recent upgrades.
    Where is this shopping center located?
    The property is located at 610 S 42nd St Mt Vernon, IL.
    What are key features of this property?
    This property features: Prime location with high traffic due to highway exit, hospital, Menards, and new developments.; Located in 42nd St Plaza with established, reputable long‑term tenants (e.g., SSM Healthcare, Dollar General).; Recent upgrades including a **new Durolast roof, updated facade, and new pylon signage.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Steven Carrico
    Real Estate License ID: IL 471.017515
    Learn More
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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.

    More about this property
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