305 Illinois St Belleville, IL 62220

Property Details for 305 Illinois St

Year built

1900

Property size

5,970 SF

Property type

Office Properties & Spaces

Property subtype

Investment properties

Description

This Belleville, IL, C-Class multi-tenant office building presents a compelling value-add investment opportunity. Priced at $295,000, this property boasts 5,970 square feet across two buildings, each two stories high, situated on multiple parcels totaling 6,170 square feet. Built in 1900 and renovated in 2010, the property features a mix of uses including office, apartment, and warehouse space. Currently, the occupancy rate stands at 75%, generating a strong NOI of $26,792 and a 9.10% cap rate. The property includes six units: a long-term insurance agency tenant, a newly established barbershop, two one-bedroom/one-bathroom apartments, and a leased rear warehouse. An additional 617 square foot office/retail suite is currently vacant, offering potential for owner-occupancy or leasing. This open-concept space features new flooring and paint. The property is zoned C-2 Heavy Commercial and benefits from ample parking. The land value alone is $41.88 per square foot. This is a rare opportunity to acquire a mixed-use property with significant upside potential in a desirable location. The property's strong cash flow, combined with the potential for increased occupancy and rental income, makes it an attractive investment for both seasoned and new investors. The APN is 08-21.0-419-012