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    213 Broadway Highland, IL 62249

    Sponsored
    For Sale
    $563,000

    5 Family or More, Apartment Style - Highland, IL

    Property size:
    6,519 SF
    Lot size:
    0.27 Acres
    Days on Market:
    2
    Last Refresh:
    Jan 21 at 12:06 pm

    Property Features for 213 Broadway

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Basement
    APN
    01-2-24-05-09-101-004
    Parking
    5
    Parking features
    Carport, Covered
    Exterior features
    Level, Entry Steps/Stairs
    Basement Y/N
    1
    Appliances
    Dishwasher, Range, Range - Gas, Refrigerator, Washer
    Size
    6,519 SF
    Lot size
    0.27 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Ceiling Fan(s), Central Air, Multi Units

    Building Details

    Year built
    1996
    Number of units
    5
    Building materials
    Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Tara Marr
    Tara Marr

    RE/MAX Alliance (618) 975-6043 [email protected]

    Listing agent Tara Marr (618) 667-2111 License #475.181756

    Listing date Jan 20, 2026

    MLS# 25070576 Listing URL

    Copyright © 2026 MARIS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Highland, IL Multifamily Investment Opportunity

    This five-unit apartment building presents an investment opportunity. Located in Highland, Illinois, the property includes five units, two of which offer 1,500 square feet of living space each. Each unit is equipped with its own washer and dryer hookups, and all kitchen appliances are included. Covered parking is available. A new roof was installed in 2024. The seller is responsible for a $160 monthly expense covering dumpster service and house electric, while tenants cover all other utilities. The building is fully occupied. The property has a lot size of 0.2686 acres and a building size of 6,519 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Highland
    County
    Madison
    State
    Illinois
    Longitude
    -89.688754
    Latitude
    38.738726

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    FAQs

    What type of property is this?
    Apartment building - Five-unit apartment building in Highland, Illinois, with covered parking.
    Where is this apartment building located?
    The property is located at 213 Broadway Highland, IL.
    What is the asking price?
    The asking price for this property is $563,000.
    What are key features of this property?
    This property features: - Great investment opportunity with 5 units, all currently occupied.; - Two large units offer **1,500 sqft of living space each**.; - **New roof installed in 2024**.
    (636) 235-2362
    Request Owner's contact information
    213 Broadway Highland, IL 62249
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    Highland, IL 62249
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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
    213 Broadway Highland, IL 62249
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    We can help!
    Listing Contact
    Tara Marr
    Tara Marr
    Real Estate License ID: 475.181756
    (636) 235-2362
    Learn more
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