25 Old Capitol Shopping Ctr Vandalia, IL 62471

This 19,700 square foot, single-story shopping center in Vandalia, Illinois presents a compelling value-add opportunity. Located on 1.25 acres at 25 Old Capitol Shopping Ctr, this Class C property, built in 1973, currently boasts a 10% occupancy rate with one tenant, the Illinois State Driver's License Office, holding a lease for approximately 1,900 square feet with 4 years remaining. The property is comprised of three units and offers significant upside potential through leasing the vacant space. A pro-forma cap rate of 27.06% is projected upon full occupancy. The asking price is $425,000 ($21.57/sq ft). The property is situated in an Opportunity Zone, providing substantial tax advantages. Furthermore, the City of Vandalia offers Tax Increment Financing (TIF) grants for building renovations that stimulate downtown business growth. Preliminary estimates for necessary renovations include approximately $130,000 for a new roof and $82,000 for a new HVAC system. Note that a Dollar General store located within the center is not included in this offering. Owner financing is available.