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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2981 Madison Ave Granite City, IL 62040-3616

    • Office Properties & Spaces
    • 1,172 SF
    • 0.11 lot acres
    OFF-MARKET
    Value Estimations
    $220,000
    Show details
    Cap Rate Potential
    4.3%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US28-1172091
    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

    • Office Properties & Spaces

    Property Details for 2981 Madison Ave

    Year built
    1963
    Lot size
    0.11 lot acres
    Property size
    1,172 SF
    Property type
    Office Properties & Spaces
    APN
    22-2-20-17-06-101-016
    APU
    222201706101016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $190,000
      6.5%
      $175,000
      7%
      $165,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Granite City
    County
    Madison
    State
    Illinois
    Longitude
    -90.1259
    Latitude
    38.7163
    CBSA code
    41180
    CBSA name
    ST. LOUIS, MO-IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $2,651
    $5,140
    $21,360
    $26,500
    -
    $15,435
    $64,144
    $79,579

    Comparable in this City

    • Value Estimation
      $260,000
      894 SF

      3005 Madison Ave

      OFFICE (GENERAL) • 894 SF
      3005 Madison Ave, Granite City, IL 62040-3619
      View Details
    • Value Estimation by Request
      0.04 Acres

      1326 Niedringhaus Ave, Unit A

      OFFICE (GENERAL) • 0.04 Acres
      1326 Niedringhaus Ave, Granite City, IL 62040-4626
      View Details
    • Value Estimation
      $100,000
      1,217 SF

      3165 Myrtle Ave, Unit 5

      OFFICE (GENERAL) • 1,217 SF
      3165 Myrtle Ave, Granite City, IL 62040-5012
      View Details
    • Value Estimation
      $3,520,000
      3,584 SF

      2122 Pontoon Rd

      OFFICE (GENERAL) • 3,584 SF
      2122 Pontoon Rd, Granite City, IL 62040-4000
      View Details
    • Value Estimation
      $330,000
      3,115 SF

      2355 Pontoon Rd

      OFFICE (GENERAL) • 3,115 SF
      2355 Pontoon Rd, Granite City, IL 62040-4022
      View Details
    • Value Estimation
      $165,000
      4,320 SF

      3307 Wabash Ave

      OFFICE (GENERAL) • 4,320 SF
      3307 Wabash Ave, Granite City, IL 62040-3900
      View Details

    Similar Nearby for Sale

    • $1,933,000
      25,000 SF

      Granite City Office Building Investment

      High-yield office building, 86% occupied
      2421 Corporate Ctr, Granite City, IL 62040
      View Details
    • Contact for pricing
      6,300 SF

      Granite City Industrial Campus

      IL Office & Warehouse Space for Sale/Lease
      122 Chain Of Rocks Rd, Granite City, IL 62040
      View Details
    • $139,900
      0.46 Acres

      Granite City Commercial Property

      Commercial property on high-traffic road with multiple office spaces.
      2335 Pontoon Rd, Granite City, IL 62040
      View Details
    • New
      $220,000
      2,624 SF

      Granite City Commercial Office Building

      Commercial office building in Granite City, 15 minutes from St. Louis.
      2412 Corporate Ctr, Granite City, IL 62040
      View Details
    • $500,000
      6,950 SF

      Granite City Commercial Building

      Well-maintained building suitable for various community or educational purposes.
      1313 21St St, Granite City, IL 62040
      View Details
    • $225,000
      0.29 Acres

      Granite City Commercial Property For Sale

      Well-maintained commercial property with flexible space and ample parking.
      2100 State St, Granite City, IL 62040
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      86,400 SF

      Prime Madison County Industrial Campus

      Multi-building industrial/office complex, 86,400 SF available.
      122 Chain Of Rocks Rd, Granite City, IL 62040
      View Details
    • $9 SF/Yr
      5,690 SF

      Lake Drive Office Suites Available

      Prime Madison County office/retail space.
      3981 Lake Dr, Granite City, IL 62040
      View Details
    • $10 SF/Yr
      25,696 SF

      Nameoki Road Office Space

      Granite City, IL Office Building - 15,500 SF Available
      3675 Nameoki Rd, Granite City, IL 62040
      View Details
    • $9 SF/Yr
      2,050 SF

      Granite City Office Space Available

      Office space for rent near Maryville Rd. and Pontoon Rd.
      3908 Maryville Rd, Granite City, IL 62040
      View Details
    • Contact for pricing
      5,679 SF

      Retail Space in Granite City

      Retail space available for lease in Granite City, Illinois.
      3248-3259 Nameoki Rd, Granite City, IL 62040
      View Details
    • $7 SF/Yr
      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
      View Details
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    2981 Madison Ave
    Granite City, IL 62040-3616
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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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