Multifamily Redevelopment
427 E 4th Street Alton, IL 62002
427 E 4th Street, Alton, IL, 62002
$200,000
For Sale
$200,000
MULTI_FAMILY - Alton, IL
Property Size2,275 SF
Lot Size0.22 Acres
Price / SF$87.91
Days on Market111
Property Features for 427 E 4th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1
- Parking features
- None
- Appliances
- Gas Water Heater
- Standard status
- Active
- APN
- 23-2-07-14-08-201-016
- Size
- 2,275 SF
- Lot size
- 0.22 Acres
Taxes and HOA fees
- Tax Year
- 2019
- Tax Annual Amount
- 2998
Utilities
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Window Unit(s), Wall/Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1940
- Number of units
- 2
- Building materials
- Brick
Listing Agency
Landmark Realty
(618) 466-1513
3049 Godfrey Road, Godfrey, IL
Listed by
Nicholas Schranck · License #475.194759
(618) 466-1513
Added: Mar 31 Checked: Jul 19 at 10:06 pm
MLS# 26018482
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.
Investment Insights
Based on property information with market context.
Located at 427 E 4th Street in Alton, Illinois (62002), this multifamily property sits on a 0.22-acre lot and includes approximately 2,275 square feet of building area. The building has been gutted and is primed for redevelopment, offering a blank-slate interior suitable for a new layout and finish plan.
The property is described as being in a historic district with charming surroundings and sweeping views of the Mississippi River. While the listing remarks emphasize the redevelopment readiness and structural potential, the building’s current condition is best suited for investors or owner-occupants prepared to renovate and reposition the asset.
For tenants, buyers, or operators seeking a hands-on redevelopment project, this configuration supports adaptive planning within the existing multifamily structure. Because the interior has already been cleared, the next step is defining the intended end use and completing the necessary build-out to bring the property back to rentable condition. If you’re looking for a multifamily opportunity in Alton that can be customized from the ground up, this site provides the starting point based on its current ready-for-redevelopment status.
The property is described as being in a historic district with charming surroundings and sweeping views of the Mississippi River. While the listing remarks emphasize the redevelopment readiness and structural potential, the building’s current condition is best suited for investors or owner-occupants prepared to renovate and reposition the asset.
For tenants, buyers, or operators seeking a hands-on redevelopment project, this configuration supports adaptive planning within the existing multifamily structure. Because the interior has already been cleared, the next step is defining the intended end use and completing the necessary build-out to bring the property back to rentable condition. If you’re looking for a multifamily opportunity in Alton that can be customized from the ground up, this site provides the starting point based on its current ready-for-redevelopment status.
Key Highlights
- Multi‑family property in a historic district with sweeping views of the Mississippi River
- Brick construction built in 1940
- Property has been gutted and is primed for redevelopment
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $25.9k | $11.40 |
| − Vacancy | −$2.0k | −$0.88 |
| EGI | $23.9k | $10.52 |
| − OpEx | −$7.2k | −$3.16 |
| NOI | $16.8k | $7.37 |
2,275 SF · lease $11.40/SF/yr · vacancy 7.69% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$239.4K
$209.5K – $279.3K
NOI $16,758 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$224.7K
$196.6K – $262.2K
NOI $15,731 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$620.1K
$542.6K – $723.5K
NOI $43,407 @ 7.0% cap · market cap 21.70%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Gutted multifamily building in Alton, IL, positioned for redevelopment in a historic district setting.
Where is this duplex located?
The property is located at 427 E 4th Street Alton, IL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Multi‑family property in a historic district with sweeping views of the Mississippi River; Brick construction built in 1940; Property has been gutted and is primed for redevelopment
