Apartment Building with Attached
For Sale
$430,000
Pending
2112 E Belle Avenue, Belleville, IL 62221
MULTI_FAMILY - Belleville, IL
Property Size2,034 SF
Lot Size0.25 Acres
Days on Market13
Property Features for 2112 E Belle Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3
Parking
1
Appliances
Range, Refrigerator
Subdivision
Belle Muren Sub
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
Standard status
Pending
APN
08-14.0-307-059
Size
2,034 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7250
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2002
Floors in Building
2
Number of units
2
Building materials
Brick Veneer, Vinyl Siding
Listing Agency:
Johnston Realty, Inc.
(618) 233-8802
Listed By:
Gary Johnston · License #471004014
(618) 779-4124
Added: Jul 25
Changed: Aug 3
Last Checked: Aug 6 at 3:06PM
MLS# 26047681
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 apartment building offering includes two separate buildings, each with three units, for a total of six units. Each unit features approximately 1,212 SF, with three bedrooms and 2.5 baths, and includes an attached 1-car garage. A large primary suite is noted. Tenants pay all utilities. Appliances listed include a range and refrigerator.
The properties are being sold in As Is condition, with the seller to make no repairs. The sale includes 2122 and 2116 E Belle Ave (parcels 08-14.0-307-058 and 059) in Belleville, Illinois. The construction materials are brick veneer and vinyl siding, with forced air heating and central air cooling.
The property is served by public water, and the year built is 2002. Lot size is 0.25 acres, and the property size is listed as 2,034 SF.
The properties are being sold in As Is condition, with the seller to make no repairs. The sale includes 2122 and 2116 E Belle Ave (parcels 08-14.0-307-058 and 059) in Belleville, Illinois. The construction materials are brick veneer and vinyl siding, with forced air heating and central air cooling.
The property is served by public water, and the year built is 2002. Lot size is 0.25 acres, and the property size is listed as 2,034 SF.
Key Highlights
- Two buildings, three units each, totaling six units with attached 1‑car garages
- Each unit has approximately 1,212 SF with three bedrooms and 2.5 baths
- Tenants pay all utilities
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
$15,111
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
3.51%
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%
$302,220
$302.2K
Cap Rate 7%
$215,871
$215.9K
Cap Rate 9%
$167,900
$167.9K
Market Conditions
NOI Build-Up for 2,034 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
$29.3K $14.40/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$27.5K $13.51/SF
− OpEx
−$12.4K −$6.08/SF
NOI
$15.1K $7.43/SF
Area
St. Clair County, IL
Vacancy
6.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$302,220
Cap Rate 7%
$215,871
Cap Rate 9%
$167,900
Alternative Uses
Best Use
Apartment 5plus
$215.9K
$188.9K – $251.9K
NOI $15,111 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$481.5K
$421.3K – $561.8K
NOI $33,706 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
318
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?
Apartment building - Six-unit apartment property across two buildings, with attached garages and tenants paying all utilities.
Where is this apartment building located?
The property is located at 2112 E Belle Avenue Belleville, IL.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Two buildings, three units each, totaling six units with attached 1‑car garages; Each unit has approximately 1,212 SF with three bedrooms and 2.5 baths; Tenants pay all utilities
