All-Brick
For Sale
$385,000
329 Rutledge Street, Worden, IL 62097
MULTI_FAMILY - Worden, IL
Property Size3,300 SF
Lot Size0.57 Acres
Price / SF$116.67
Days on Market27
Property Features for 329 Rutledge Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 7, Bedroom 2, Bedroom 5, Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 3
Parking features
Off Street, Assigned
Appliances
Electric Water Heater
Subdivision
Ooton Sub
Elementary school
EDWARDSVILLE DIST 7
Middle school
EDWARDSVILLE DIST 7
High school
Edwardsville
Elementary school district
Edwardsville DIST 7
Middle school district
Edwardsville DIST 7
High school district
Edwardsville DIST 7
Standard status
Active
APN
12-2-04-26-20-401-004.005
Size
3,300 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OOTON SUBD LOT 3 163X153XIRR
Tax Annual Amount
11623
Legal Description
OOTON SUBD LOT 3 163X153XIRR
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air
Cooling system
Electric, Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
2024
Number of units
3
Building materials
Brick
Listing Agency:
Landmark Realty
(618) 466-1513
Listed By:
Julia Kennedy · License #475.203745
(618) 466-1513
Added: Jul 11
Changed: Aug 3
Last Checked: Aug 6 at 3:06PM
MLS# 25023057
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.
Located at 329 Rutledge Street in Worden, this newly completed all-brick triplex was built in 2024 and offers a mix of rental layouts. The property includes two spacious two-bedroom, one-bath units and one three-bedroom, two-bath unit, with electric heating and forced-air distribution. Cooling is provided via electric central air, with ceiling fans in the unit mix. An electric water heater supports domestic hot water.
The triplex sits on a 0.5725-acre lot and totals 3,300 square feet. Parking is available with off-street and assigned spaces.
Service connections include public water and public sewer. The property is being offered as-is.
The triplex sits on a 0.5725-acre lot and totals 3,300 square feet. Parking is available with off-street and assigned spaces.
Service connections include public water and public sewer. The property is being offered as-is.
Key Highlights
- Newly completed 2024 all‑brick triplex
- Unit mix: two 2‑bedroom, 1‑bath units and one 3‑bedroom, 2‑bath unit
- 3,300 SF triplex on 0.5725 acres
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
$24,309
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
6.31%
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%
$486,180
$486.2K
Cap Rate 7%
$347,271
$347.3K
Cap Rate 9%
$270,100
$270.1K
Market Conditions
NOI Build-Up for 3,300 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
$37.6K $11.40/SF
− Vacancy
−$2.9K −$0.88/SF
EGI
$34.7K $10.52/SF
− OpEx
−$10.4K −$3.16/SF
NOI
$24.3K $7.37/SF
Area
Madison County, IL
Vacancy
7.69%
Lease Rate
$11.40 /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%
$486,180
Cap Rate 7%
$347,271
Cap Rate 9%
$270,100
Alternative Uses
Best Use
Multifamily LT 5
$347.3K
$303.9K – $405.2K
NOI $24,309 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$326.0K
$285.2K – $380.3K
NOI $22,818 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$899.5K
$787.1K – $1.05M
NOI $62,964 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
Explore this area
Business Placement
Demographics for 62097, IL
2,906
Population
1,144
Households
2.5
Avg Household Size
42
Median Age
20%
College-Educated
93%
High-School Grad
41.2 sq mi
ZIP Area
71
Density / Sq Mi
$85,234
Median Household Income
$35,786
Median Earnings
$212,600
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?
Triplex - All-brick triplex with two two-bedroom units and one three-bedroom unit, heated electrically and cooled with central air.
Where is this triplex located?
The property is located at 329 Rutledge Street Worden, 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: Newly completed 2024 all‑brick triplex; Unit mix: two 2‑bedroom, 1‑bath units and one 3‑bedroom, 2‑bath unit; 3,300 SF triplex on 0.5725 acres
