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    23 W Laurel Street Millstadt, IL 62260

    View on Map
    For Sale
    $385,000

    Victorian, 2-4 Units - Millstadt, IL

    Property size:
    1,896 SF
    Lot size:
    0.26 Acres
    Added:
    Mar 7, 2026
    Days on Market:
    29
    Last Refresh:
    Apr 5 at 2:06 pm

    Property Features for 23 W Laurel Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Garage, Off Street
    Interior features
    Ceiling Fan(s), High Ceilings, Historic Millwork
    Appliances
    Refrigerator
    Standard status
    Active
    APN
    12-09.0-423-017
    Size
    1,896 SF
    Lot size
    0.26 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    5434

    Utilities

    Heating system
    Radiant
    Cooling system
    Ceiling Fan(s), Multi Units, Separate Meters, Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1902
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Hardwood, Vinyl
    Building materials
    Vinyl Siding
    Architectural style
    Victorian

    We can help!

    Listing Contact
    Judy Ross
    Judy Ross

    Listing agent Judy Ross License #471.019568

    Listing office Southern Illinois Realty, LLC 5420 West Fork Club Road, Smithton, IL

    Listing date Mar 7, 2026

    MLS# 26011659 Listing URL

    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.

    Overview

    Victorian Multifamily Property in Millstadt

    This Victorian-style home has been converted into four apartments, blending old-world charm with modern updates. Located in Millstadt, it is within walking distance of local restaurants and shops. The property has hardwood or luxury vinyl plank flooring throughout, updated kitchens with new cabinetry, and updated bathrooms. Each unit has a refrigerator and electric range/oven. There are three 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit. Each unit has a separate electric meter. The roof on the main house is less than 10 years old, and the siding was replaced in 2016. The roof on the garage is scheduled to be replaced in 2026. The property offers immediate income with potential through garage rental and future rent adjustments. The gross monthly income is $3,625, with monthly expenses of $1,212, resulting in a net monthly income of $2,413. The two-car garage has additional income potential of approximately $100–$150 per month. The property has nearly an 8.0% cap rate. The property size is 1,896 square feet and the lot size is 0.26 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Millstadt
    County
    St. Clair
    State
    Illinois
    Longitude
    -90.092457
    Latitude
    38.459201

    Nearby Similar for Sale

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      Millstadt Mixed-Use Investment Opportunity

      Turnkey restaurant and multi-unit income property on a high-visibility corner.
      105 S Jefferson Street, Millstadt, IL 62260
      View Details
    • $550,000
      16,553 SF

      Mixed Use - Millstadt, IL

      Prime commercial opportunity in downtown Millstadt: restaurant and multi-unit property.
      105 S Jefferson St, Millstadt, IL 62260
      View Details
    • $1,263,000
      3,200 SF

      Office/Retail Space in Millstadt Plaza

      3,200 SF office/retail space in established retail center.
      548 E Washington St, Millstadt, IL
      View Details
    • $1,605,044

      Multi-Tenant Industrial Investment Opportunity

      Industrial complex with recent lease extensions and major tenant.
      1475 B And H Industrial Ct, Millstadt, IL
      View Details

    FAQs

    What type of property is this?
    Quadplex - Income-producing Victorian with four apartments near Millstadt's shops and restaurants.
    Where is this quadplex located?
    The property is located at 23 W Laurel Street Millstadt, IL.
    What is the asking price?
    The asking price for this property is $385,000.
    What are key features of this property?
    This property features: Strong income‑producing property with $2,413 net monthly income, plus potential garage rental income.; Nearly 8.0% cap rate, exceeding typical area rates.; Prime in‑town location, walk to restaurants and shops.
    (618) 789-4379
    We can help!
    Listing Contact
    Judy Ross
    Judy Ross
    Real Estate License ID: 471.019568
    Learn More
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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
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