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    Newly Built Brick Triplex Title is generated by Realmo AI

    329 Rutledge Street, Worden, IL 62097

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    Claim this Listing
    For Sale
    $385,000

    2-4 Units - Worden, IL

    Property size:
    3,300 SF
    Lot size:
    0.57 Acres
    Price / SF:
    $116/SF
    Added:
    Apr 13, 2026
    Days on Market:
    39
    Last Refresh:
    May 21 at 11:06 pm

    Property Features for 329 Rutledge Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Off Street, Unassigned
    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
    2023
    Tax Annual Amount
    415

    Utilities

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

    Building Details

    Year built
    2024
    Number of units
    3
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Julia Kennedy

    Listing agent Julia Kennedy License #475.203745

    Listing office Landmark Realty 3049 Godfrey Road, Godfrey, IL

    Listing date Apr 13, 2026

    MLS# 25023057 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.

    HighLights

    • Newly constructed (2024) all‑brick triplex, minimizing immediate maintenance concerns.
    • Features a mix of unit sizes: two 2‑bedroom, 1‑bath units and one 3‑bedroom, 2‑bath unit, appealing to a wider range of tenants.
    • Ample parking available for tenants.
    • Equipped with central air conditioning and ceiling fans for tenant comfort.
    • Electric heating with forced air.
    • Investment opportunity to purchase additional property across the street for a discounted package price.

    Overview

    This newly completed all-brick triplex, constructed in 2024, presents an investment opportunity. The property features two 2-bedroom, 1-bath units and one 3-bedroom, 2-bath unit. Ample parking is available. The property is located in Worden, IL. The lot size is 0.5725 acres, and the property size is 3300 square feet. The property is being sold as-is. Tenants are currently on a month-to-month lease.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $270.1K
    NOI $24,309 @ 9.00% cap · cautious / downside scenario
    Moderate
    $347.3K
    NOI $24,309 @ 7.00% cap · market / base-case scenario
    Aggressive
    $486.2K
    NOI $24,309 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $37.6k $11.40
    − Vacancy −$2.9k −$0.88
    EGI $34.7k $10.52
    − OpEx −$10.4k −$3.16
    NOI $24.3k $7.37
    3,300 SF · lease $11.40/SF/yr · vacancy 7.69% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $347.3K
    $303.9K – $405.2K (±1% cap)
    NOI $24,309 @ 7.0% cap · market cap 6.31%
    Second Best
    Apartment 5plus
    $326.0K
    $285.2K – $380.3K (±1% cap)
    NOI $22,818 @ 7.0% cap · market cap 5.93%
    Theoretical Best
    Office A
    $899.5K
    $787.1K – $1.05M (±1% cap)
    NOI $62,964 @ 7.0% cap · market cap 16.35%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Dental Office Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Accounting Firm Hotel & Motel Bar & Pub (Bike/Boat/Book/etc) Store Storage Facility Wine and Liquor Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Worden
    County
    Madison
    State
    Illinois
    Longitude
    -89.835521
    Latitude
    38.936379

    Nearby Similar for Sale

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      2,342 SF

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      307 Sandbach, Worden, IL 62097
      View Details
    • $839,900
      3,223 SF

      Historic Estate with Modern Updates

      31-acre estate featuring historic charm, modern updates, and recreational amenities.
      7536 Prairietown Road, Worden, IL 62097
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    • $750,000
      12,808 SF

      Warehouse Property on 11.31 Acres

      Industrial property with warehouse space and outdoor storage.
      726 Main St, Worden, IL
      View Details

    FAQs

    What type of property is this?
    Triplex - New 2024 triplex with spacious units and ample parking.
    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 constructed (2024) all‑brick triplex, minimizing immediate maintenance concerns.; Features a mix of unit sizes: two 2‑bedroom, 1‑bath units and one 3‑bedroom, 2‑bath unit, appealing to a wider range of tenants.; Ample parking available for tenants.
    (618) 660-8204
    We can help!
    Listing Contact
    Julia Kennedy
    Real Estate License ID: 475.203745
    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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