Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Heritage Ave Mount Vernon, IL 62864
    Back to Search
    Property profile & analytics

    Heritage Ave, Mount Vernon, IL 62864

    View on Map
    • Land
    • 1.45 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Heritage Ave

    Lot size
    1.45 lot acres
    Property type
    Land

    Description

    This 1.45-acre commercial land parcel in Mt. Vernon, Illinois, presents a unique investment opportunity. Strategically located on Heritage Avenue, this property enjoys exceptional visibility and accessibility, being just feet from Interstate 57. The site is zoned for commercial use and benefits from the advantages of both a Tax Increment Financing (TIF) district and Enterprise Zone designation, offering potential tax incentives and economic development support. Significant infrastructure improvements are underway, including road construction, sewer, water, and sidewalk installation, scheduled for completion in Spring 2025. This ensures a fully serviced and ready-to-develop site upon project completion. The property's prime location and the upcoming infrastructure enhancements make it ideal for a variety of commercial ventures. The asking price is $300,000. This is a rare chance to acquire a well-positioned commercial lot in a growing area with substantial development potential. Contact us today to learn more about this exceptional opportunity. The property is located in Jefferson County, Illinois, with a zip code of 62864.

    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
    -88.9445
    Latitude
    38.3024

    Comparable in this City

    • Value Estimation by Request
      55.94 Acres

      Davidson Ave

      Land
      0 Davidson Ave, 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

      815-4 Broadway St

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

      1009 42Nd St

      Medical Office Space
      1009 42Nd St, Mount Vernon, IL 62864
      View Details
    • Value Estimation by Request
      1.00 Acre

      200 Potomac Blvd

      Land
      200 Potomac Blvd, Mount Vernon, IL 62864
      View Details
    • Value Estimation by Request

      815-3 Broadway St

      Retail properties & Spaces
      815-3 Broadway St, Mount Vernon, IL 62864
      View Details

    Similar Nearby for Sale

    • $250,000

      Main Street Medical Office Building

      Prime Mt. Vernon Commercial Property - $250,000
      2605 Main St, Mount Vernon, IL 62864
      View Details
    • $57,800

      Land in Jefferson Fields

      Land for sale in Jefferson Fields Subdivision, Mount Vernon.
      0000 Jefferson Field Ln, Mount Vernon, IL 62864
      View Details
    • Contact for pricing

      Commercial Land in Developing Area

      Two tracts of land in a developing commercial area.
      Davidson Ave Mt, Vernon, IL 62864
      View Details
    • Contact for pricing

      Residential Lot in Mt. Vernon

      Vacant residential lot in Mt. Vernon, Illinois, ready for building.
      806 S 22 St Mt, Vernon, IL 62864
      View Details
    • Contact for pricing

      22.89 Acres Commercial Land

      22.89 acres of commercial land near I-57 and IL Rt. 15.
      Wl By-Pass, Mount Vernon, IL 62864
      View Details
    • Contact for pricing

      Development Land Along Interstate

      4.86 acres of development land with interstate frontage.
      207 N 44Th St, Mount Vernon, IL 62864
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Mount Vernon Land For Lease

      Land available for lease in Mount Vernon, Illinois.
      4615 Broadway St, Mount Vernon, IL 62864
      View Details
    • Contact for pricing

      33 Acre New Development Site

      33-acre new development site at a major crossroads.
      41 Mateer Dr Mt, Vernon, IL 62864
      View Details
    • Contact for pricing

      Prime Location Office Unit

      1,000 SF office unit in high-traffic location.
      2801 Broadway St #A Mt, Vernon, IL 62864
      View Details
    • Contact for pricing

      Prime Location Business Opportunity

      Exceptional spaces in a high-traffic plaza with recent upgrades.
      610 S 42 St Mt, Vernon, IL 62864
      View Details
    • Contact for pricing
      1,500 SF

      Retail Center Shadow Anchored

      Retail space available in shadow-anchored shopping center.
      101 Davidson Rd, Mount Vernon, IL 62864
      View Details
    • Contact for pricing
      1,378 SF

      Medical Office Space Available

      Class A medical building connected to St. Mary’s Hospital.
      2 Good Samaritan Way Mt, 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.
    Heritage Ave
    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

    Thank You for Inquiry
    Heritage Ave, Mount Vernon, IL, 62864
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!