Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    400-423 42Nd St Mount Vernon, IL 62864

    • Retail properties
    • 6,415 SF
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 400-423 42Nd St

    Property size
    6,415 SF
    Property type
    Retail properties

    Description

    King City Square, located at 400-423 S 42nd St in Mount Vernon, Illinois (zip code 62864), offers a prime retail opportunity. This Jefferson County property boasts a total of 6,415 square feet of commercial space, currently entirely vacant and available for lease. The space is divisible, with a minimum leasable area of 2,985 square feet and a maximum contiguous space of 3,430 square feet. This presents flexibility for businesses seeking various sizes of retail space. The property is categorized as multi-tenant retail, indicating potential for multiple occupants or a single large tenant. The address is conveniently located in Mount Vernon, providing excellent access to local customers and traffic. The property's size and layout make it suitable for a variety of retail uses, offering a significant opportunity for businesses looking to establish or expand their presence in the Mount Vernon market. Interested parties should inquire about lease terms and conditions. The property is ready for immediate occupancy. The entire 6,415 square feet is available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Mount Vernon
    County
    Jefferson
    State
    Illinois
    Longitude
    -88.9429
    Latitude
    38.3118

    Comparable in this City

    • Value Estimation by Request
      9,040 SF

      2629 Broadway St

      Individual retail properties • 9,040 SF
      2629 Broadway St, Mount Vernon, IL 62864
      View Details
    • Value Estimation by Request
      3.00 Acres

      2501 10Th St

      Distribution properties • 16,769 SF
      2501 10Th St, Mount Vernon, IL 62864
      View Details
    • Value Estimation by Request

      1410 Salem Rd

      Flex space
      1410 Salem Rd, Mount Vernon, IL 62864
      View Details
    • Value Estimation by Request

      815-3 Broadway St

      Retail properties
      815-3 Broadway St, Mount Vernon, IL 62864
      View Details
    • Value Estimation by Request

      815-4 Broadway St

      Retail properties
      815-4 Broadway St, Mount Vernon, IL 62864
      View Details
    • Value Estimation by Request

      2307 Benton Rd

      Distribution properties
      2307 Benton Rd, Mount Vernon, IL 62864
      View Details

    Similar Nearby for Sale

    • $495,000
      1,800 SF

      Knuckleheads Restaurant - Mt. Vernon, IL

      Turnkey Restaurant, Prime Location, High Profits
      416 Main St, Mount Vernon, IL 62864
      View Details
    • $150,000

      Downtown Mt. Vernon Commercial Property

      Prime location, high visibility, flexible space.
      1213 Broadway St, Mount Vernon, IL 62864
      View Details
    • $98,765

      Downtown Mt. Vernon Commercial Gem

      Renovated Flex Space, Prime Location, $98,765
      1012 Main St, Mount Vernon, IL 62864
      View Details
    • $285,000

      Mt. Vernon Commercial Building

      Versatile Two-Story Commercial Property
      329 Broadway St, Mount 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
    • $425,000

      Mt. Vernon IL Commercial Property

      6-Acre Industrial/Retail Complex, $425K
      2307 Benton Rd, Mount Vernon, IL 62864
      View Details

    Similar Nearby for Lease

    • $38 SF/Yr
      124 SF

      Downtown Broadway Office Space

      Updated Office, Parking Included, $400/Month
      815-6 Broadway St, Mount Vernon, IL 62864
      View Details
    • $0.71 SF/Yr
      2,096 SF

      Broadway Street Commercial Property

      Versatile Commercial Space, High Traffic Area
      2003 Broadway St, Mount Vernon, IL 62864
      View Details
    • $32 SF/Yr
      149 SF

      815 Broadway: Mt. Vernon Office Space

      Updated Mt. Vernon office, 149 sq ft, parking included.
      815-4 Broadway St, Mount Vernon, IL 62864
      View Details
    • Contact for pricing
      17,091 SF

      Times Square Mall Retail Spaces

      Prime Mt. Vernon retail space available.
      0 42Nd St, Mount Vernon, IL 62864
      View Details
    • $38 SF/Yr
      125 SF

      815 Broadway: Prime Commercial Space

      Updated Office Space, Parking Included
      815-3 Broadway St, Mount Vernon, IL 62864
      View Details
    • Contact for pricing
      6,415 SF

      King City Square Retail Space

      Prime Mount Vernon Retail, 6,415 SF Available
      400-423 42Nd St, Mount Vernon, IL 62864
      View Details
    Request Owner's contact information
    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.
    400-423 42Nd 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
    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

    Google sign-in failed. Please try again or use another login method.