Turnkey Duplex with Separate
For Sale
$179,900
1639-1641 N Charles Street, Belleville, IL 62221
MULTI_FAMILY - Belleville, IL
Property Size1,530 SF
Lot Size0.14 Acres
Price / SF$117.58
Days on Market30
Property Features for 1639-1641 N Charles Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Basement, Bedroom 2
Fencing
Privacy
Basement
Unfinished
Appliances
Dishwasher, Portable Dishwasher, Gas Range, Refrigerator, Washer/Dryer
Subdivision
Commercial Place Southern
Lot features
Back Yard
Elementary school
BELLEVILLE DIST 118
Middle school
BELLEVILLE DIST 118
High school
Belleville High School-East
Elementary school district
Belleville DIST 118
Middle school district
Belleville DIST 118
High school district
Belleville DIST 118
Directions
1639-1641 N Charles St. Belleville, IL 62221
Standard status
Active
APN
08-15.0-419-028
Size
1,530 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3724
Utilities
Cooling system
Central Air
Amenities
fully separated 6-foot privacy-fenced yards
separate in-unit washers & dryers
all kitchen appliances included
Building Details
Year built
1900
Number of units
2
Flooring type
Carpet, Vinyl
Listing Agency:
Century 21 Bailey & Company · Century 21 Real Estate
(618) 931-2121
Listed By:
Vicki Martin · License #475.214166
(618) 931-2121
Added: Jul 22
Changed: Aug 2
Last Checked: Aug 20 at 8:06PM
MLS# 26036225
Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This turnkey duplex offers two fully separated units with individual utilities and privacy-fenced outdoor space. Each side includes an oversized upper-level loft bedroom, a main-floor pass-through, a living room, a kitchen, and a bath. The property has central air, and flooring includes carpet and vinyl. Both units have separate in-unit washers and dryers, with washer/dryer replacements since 2022 included with the sale, and all kitchen appliances included. Off-street parking is also provided.
Updates have been completed in recent years. HVAC was replaced in 2024 for both sides, and water heaters were replaced in 2024 for the 1641 side and in 2025 for the 1639 side. Additional improvements include an updated kitchen and updated bathroom for 1641, plus new carpet installed and a portable dishwasher included for 1639. Outdoor space is provided as fully separated 6-foot privacy-fenced yards.
The property was delivered with both units vacant at closing. 1641 is currently operated as an owner-occupied short-term rental and may only be available for touring when not occupied by guests.
Updates have been completed in recent years. HVAC was replaced in 2024 for both sides, and water heaters were replaced in 2024 for the 1641 side and in 2025 for the 1639 side. Additional improvements include an updated kitchen and updated bathroom for 1641, plus new carpet installed and a portable dishwasher included for 1639. Outdoor space is provided as fully separated 6-foot privacy-fenced yards.
The property was delivered with both units vacant at closing. 1641 is currently operated as an owner-occupied short-term rental and may only be available for touring when not occupied by guests.
Key Highlights
- 0.14‑acre duplex property with two fully separated units
- Separate gas, electric, and water service for each side
- Each side includes an oversized upper‑level loft bedroom and a main‑floor pass‑through
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,617
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$252,340
$252.3K
Cap Rate 7%
$180,243
$180.2K
Cap Rate 9%
$140,189
$140.2K
Market Conditions
NOI Build-Up for 1,530 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$19.3K $12.60/SF
− Vacancy
−$1.3K −$0.82/SF
EGI
$18.0K $11.78/SF
− OpEx
−$5.4K −$3.53/SF
NOI
$12.6K $8.25/SF
Area
St. Clair County, IL
Vacancy
6.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$252,340
Cap Rate 7%
$180,243
Cap Rate 9%
$140,189
Alternative Uses
Best Use
Multifamily LT 5
$180.2K
$157.7K – $210.3K
NOI $12,617 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$162.4K
$142.1K – $189.4K
NOI $11,366 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$362.2K
$316.9K – $422.6K
NOI $25,354 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
Explore this area
Business Placement
Demographics for 62221, IL
29,039
Population
12,460
Households
2.3
Avg Household Size
38
Median Age
37%
College-Educated
96%
High-School Grad
35.0 sq mi
ZIP Area
830
Density / Sq Mi
$78,619
Median Household Income
$45,353
Median Earnings
$1,078
Median Rent
$207,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Turnkey duplex with central air, separate utilities, and fully fenced, privacy-yard separation for each side.
Where is this duplex located?
The property is located at 1639-1641 N Charles Street Belleville, IL.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: 0.14‑acre duplex property with two fully separated units; Separate gas, electric, and water service for each side; Each side includes an oversized upper‑level loft bedroom and a main‑floor pass‑through
