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

    3501 Broadway St Mount Vernon, IL 62864

    • Commercial real estate
    • 1.00 lot acres
    For Sale
    View listing
    $675,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-3999146
    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

    • Commercial real estate

    Property Details for 3501 Broadway St

    Lot size
    1.00 lot acres
    Property type
    Commercial real estate
    APN
    06-36-126-004
    APU
    636126004

    Description

    This exceptional commercial property, located at 3501 BROADWAY Street in Mt. Vernon, Illinois, 62864, presents a unique investment opportunity. The property, built in 1960, encompasses over 3,300 square feet and sits on a prominent location on one of Mt. Vernon's busiest streets. Previously occupied by WMIX, the building offers a versatile layout suitable for a wide range of businesses. Features include a spacious reception area, a convenient kitchenette, two bathrooms, and multiple offices, providing ample space for various operational needs. The property also benefits from abundant on-site parking, a significant advantage for both employees and clients. Its high visibility on Broadway ensures maximum exposure, placing your business within a thriving commercial district. The asking price for this prime commercial land and building is $675,000. This is an excellent opportunity to establish or expand your business in a high-traffic area with significant potential for growth. The property's size and location make it an ideal choice for businesses seeking a strong presence in the heart of Mt. Vernon.

    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
    Mount Vernon
    County
    Jefferson
    State
    Illinois
    Longitude
    -88.9361
    Latitude
    38.3139
    CBSA code
    34500
    CBSA name
    MOUNT VERNON, IL MICROPOLITAN 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
    2021
    $11,035
    $49,048
    $69,666
    $118,714
    -
    $147,144
    $208,998
    $356,142

    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
      22.89 Acres

      Wl By-Pass

      Land • 22.89 Acres
      0 Wl By-Pass, Mount Vernon, IL 62864
      View Details
    • Value Estimation by Request

      1930 8th St

      COMMERCIAL (GENERAL)
      1930 8th St, Mount Vernon, IL 62864
      View Details
    • Value Estimation by Request

      315 9th St

      COMMERCIAL (GENERAL)
      315 9th St, Mount Vernon, IL 62864-4203
      View Details
    • Value Estimation by Request

      222 9th St

      COMMERCIAL (GENERAL)
      222 9th St, Mount Vernon, IL 62864-4202
      View Details
    • Value Estimation by Request

      100 Aviation Dr

      COMMERCIAL (GENERAL)
      100 Aviation Dr, Mount Vernon, IL 62864-6694
      View Details

    Similar Nearby for Sale

    • $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
    • $675,000

      Mt. Vernon Commercial Land & Building

      Prime Mt. Vernon location, high visibility, ample space.
      3501 Broadway St, Mount Vernon, IL 62864
      View Details
    • $145,000

      Mt. Vernon Warehouse - $145K

      Spacious Warehouse, Ample Parking, 4.49 Acres
      500 Gee St, Mount Vernon, IL 62864
      View Details
    • $3,518,000
      55.94 Acres

      Davidson Ave Commercial Land

      55 Acres, Prime Industrial Location
      0 Davidson Ave, Mount Vernon, IL 62864
      View Details
    • $250,000

      Main Street Medical Office Building

      Prime Mt. Vernon Commercial Property - $250,000
      2605 Main St, 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
    • Contact for pricing
      16,553 SF

      Downtown Office Space in Mt Vernon

      Historic downtown Mt Vernon office space for rent.
      800 Broadway St Unit 2 Mt, Vernon, IL 62864
      View Details
    • Contact for pricing

      Downtown Commercial Suite for Lease

      Spacious downtown suite ideal for various business uses.
      118 N 9 St Unit B Mt, Vernon, IL 62864
      View Details
    • Contact for pricing

      Mt Vernon Office Space Available

      Office space with high visibility, previously a medical office.
      3307 Broadway St Unit 130 Mt, Vernon, IL 62864
      View Details
    • Contact for pricing
      28,750 SF

      Updated Office Space For Rent

      Office spaces available with included utilities and common areas.
      815-3 Broadway St Unit 3 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.
    3501 Broadway 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.