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    Property profile & analytics

    1392 Schaeffer Rd Granite City, IL 62040

    • Retail space
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1749233
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 1392 Schaeffer Rd

    Year built
    1830
    Property type
    Retail space

    Description

    This exceptional investment opportunity presents multiple outparcel pads totaling 1.73 to 1.9 acres situated at 1392 Schaeffer Road in Granite City, Illinois, 62040. The property, built in 1830, offers a rare chance to develop retail space in a high-traffic area near a Walmart Supercenter on Route 3. The site is ideally positioned to benefit from the significant consumer traffic generated by the established retailer. With a total land area ranging from 1.73 to 1.9 acres, this property provides ample space for various retail developments. The property is designated as a multiple tenancy opportunity, allowing for flexibility in development plans. Granite City, the second largest city in the Metro East and Southern Illinois regions, boasts a strong workforce, business-friendly environment, and excellent infrastructure, including multiple rail lines, a port district on the Mississippi River, and easy access to four major interstates. Its proximity to Lambert International Airport in St. Louis further enhances its strategic location. This is a unique chance to acquire prime retail land in a thriving community. The property is currently vacant, offering immediate development potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Granite City
    County
    Madison
    State
    Illinois
    Longitude
    -90.136655469396
    Latitude
    38.735456168884

    Comparable in this City

    • Contact for pricing
      11,800 SF

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      Retail Space in Granite City

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      4,500 SF

      Retail/Office Space in Nameoki Plaza

      Retail or office space for lease in high-traffic location.
      3661-3671 Nameoki Rd, Granite City, IL 62040
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      3,340 SF

      Retail Space in Granite City

      Retail space available for lease in Granite City, Illinois.
      3216-3254 Nameoki Rd, Granite City, IL 62040
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      Office/Retail Building with Store Frontage

      Office and retail suites available for lease with open floorplans.
      3908 Maryville Rd, Granite City, IL 62040
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      Retail Space Available For Rent

      Retail space available, join established businesses in Granite City.
      1300 Schaefer Rd, Granite City, IL 62040
      View Details

    Similar Nearby for Sale

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      Retail Building on Nameoki Road

      1,424 SF fully leased retail building for sale.
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      Retail Space in Nameoki Plaza

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      1,424 SF

      Retail Building on Nameoki Road

      1,424 SF retail building for sale or lease.
      3685 Nameoki Rd, Granite City, IL 62040
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      Granite City Commercial Opportunity

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    Similar Nearby for Lease

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      11,800 SF

      Retail Spaces For Rent

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      3401-3551 Nameoki Rd, Granite City, IL 62040
      View Details
    • Contact for pricing
      4,500 SF

      Retail/Office Space in Nameoki Plaza

      Retail or office space for lease in high-traffic location.
      3661-3671 Nameoki Rd, Granite City, IL 62040
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    • Contact for pricing
      3,340 SF

      Retail Space in Granite City

      Retail space available for lease in Granite City, Illinois.
      3216-3254 Nameoki Rd, Granite City, IL 62040
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      2,000 SF

      Retail Space in Granite City

      Retail space available for lease in Granite City, Illinois.
      4020 Pontoon Rd, Granite City, IL 62040
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      Office/Retail Space For Lease

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      Retail Space in Nameoki Plaza

      Retail spaces available in high-traffic Nameoki Plaza.
      3675 Nameoki Rd, Granite City, IL 62040
      View Details
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    1392 Schaeffer Rd
    Granite City, IL 62040
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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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