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    511 E Main St Belleville, IL 62220

    View on Map
    Sponsored
    For Sale
    Under Contract
    $450,000

    Historic,Loft, 2-4 Units - Belleville, IL

    Property size:
    5,100 SF
    Lot size:
    0.24 Acres
    Days on Market:
    10
    Last Refresh:
    Mar 9 at 10:06 am

    Property Features for 511 E Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    APN
    08-22.0-336-024
    Parking features
    Carport
    Exterior features
    Level, Fencing, Courtyard, Private Entrance, Uncovered Courtyard
    Fencing
    Fenced
    Size
    5,100 SF
    Lot size
    0.24 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Ceiling Fan(s), Central Air, Varies by Unit

    Building Details

    Year built
    1872
    Floors in Building
    2
    Number of units
    4
    Building materials
    Brick
    Roof type
    Flat
    Architectural style
    Loft

    We can help!

    Listing Contact
    Jason Buss
    Jason Buss

    RE/MAX Preferred (618) 531-4887

    Listing agent Jason Buss (618) 624-2111 License #475162134

    Listing date Feb 27, 2026

    MLS# 25054878 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

    Historic Belleville Lofts - Income Property

    This property offers the opportunity to purchase four income-generating lofts under one roof in downtown Belleville. Known as the Brass Lantern Lofts, the building dates back to 1872 and was revitalized in 2019 with extensive renovations to the main floor, including new electrical, plumbing, walls, and HVAC systems. Three units are located on the ground floor: two are two-bedroom, two-bathroom units of approximately 1300 square feet each, with individual courtyards. The remaining first-floor unit is a one-bedroom, one-bathroom loft of approximately 900 square feet. The upper level, updated with new HVAC in 2022 and a new deck and back stairs last year, features a three-bedroom, one-bathroom unit of approximately 1600 square feet. All units include stainless steel appliances and washer and dryer hookups. The owner covers water, sewer, and trash for the ground floor units, while the upper unit is responsible for its own water and sewer bill. Each loft is allocated two parking spaces, with a total of 18 spaces available, leaving five spaces that can be rented for additional income. Situated on a lot of 0.24 acres, the property contains 5100 square feet of living space. The lofts are located in an area of Belleville that has become increasingly desirable. The property is intended for use as a residential income property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm 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
    Belleville
    County
    St. Clair
    State
    Illinois
    Longitude
    -89.977967
    Latitude
    38.513904

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    FAQs

    What type of property is this?
    Quadplex - Four income-generating lofts in downtown Belleville, extensively renovated in 2019.
    Where is this quadplex located?
    The property is located at 511 E Main St Belleville, IL.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: - Four income-generating loft apartments in one building; - Substantial renovations completed in 2019, including new electrical, plumbing, walls, and HVAC on the main floor; - Two ground-floor units feature private courtyards
    (618) 580-1016
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    511 E Main St Belleville, IL 62220
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    Belleville, IL 62220
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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
    511 E Main St Belleville, IL 62220
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    We can help!
    Listing Contact
    Jason Buss
    Jason Buss
    Real Estate License ID: 475162134
    (618) 580-1016 (618) 624-2111
    Learn more
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