Duplex with Guest
For Sale
Under Contract
$179,900
615 N Center Street, Collinsville, IL 62234
MULTI_FAMILY - Bungalow - Collinsville, IL
Property Size1,134 SF
Lot Size0.26 Acres
Price / SF$158.64
Days on Market71
Property Features for 615 N Center Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Basement, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3
Basement
Full
Appliances
Refrigerator
Subdivision
Wickcliffes Add Sub
Elementary school
COLLINSVILLE DIST 10
Middle school
COLLINSVILLE DIST 10
High school
Collinsville
Elementary school district
Collinsville DIST 10
Middle school district
Collinsville DIST 10
High school district
Collinsville DIST 10
Standard status
Active Under Contract
APN
13-2-21-28-16-403-013
Size
1,134 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Wickliffes Add Subd Lot 109
Tax Annual Amount
3161
Legal Description
Wickliffes Add Subd Lot 109
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
1
Building materials
Aluminum Siding
Architectural style
Bungalow
Additional Structures
Guest House
Listing Agency:
RE/MAX Alliance · RE/MAX International
(618) 345-2111
Listed By:
Sandi Lewis · License #475126688
(618) 975-6043
Added: Jun 1
Changed: Aug 5
Last Checked: Aug 10 at 12:06PM
MLS# 26030987
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.
Duplex with an additional rented guest rental on the same property. The main home includes a living room with original woodwork that separates the living and dining areas, two bedrooms, and a hall bathroom. The home also features a full basement, and the kitchen has original wood cupboards. The roof was installed in 2023.
The guest rental is a 1-bedroom, 1-bath layout with a living room and kitchen. Appliances include a refrigerator. Construction is aluminum siding, with forced-air heating and cooling provided by window unit(s) and central air.
The property sits on a 0.2645-acre lot and was built in 1920. Water is public, and cable is available. Appointments are scheduled only to respect tenant privacy.
The guest rental is a 1-bedroom, 1-bath layout with a living room and kitchen. Appliances include a refrigerator. Construction is aluminum siding, with forced-air heating and cooling provided by window unit(s) and central air.
The property sits on a 0.2645-acre lot and was built in 1920. Water is public, and cable is available. Appointments are scheduled only to respect tenant privacy.
Key Highlights
- Main home layout: two bedrooms, one bathroom, full basement
- Guest rental: one bedroom, one bathroom, living room and kitchen
- Roof installed in 2023
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
$8,353
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
4.64%
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%
$167,060
$167.1K
Cap Rate 7%
$119,329
$119.3K
Cap Rate 9%
$92,811
$92.8K
Market Conditions
NOI Build-Up for 1,134 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
$12.9K $11.40/SF
− Vacancy
−$994 −$0.88/SF
EGI
$11.9K $10.52/SF
− OpEx
−$3.6K −$3.16/SF
NOI
$8.4K $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%
$167,060
Cap Rate 7%
$119,329
Cap Rate 9%
$92,811
Alternative Uses
Best Use
Multifamily LT 5
$119.3K
$104.4K – $139.2K
NOI $8,353 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$112.0K
$98.0K – $130.7K
NOI $7,841 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$309.1K
$270.5K – $360.6K
NOI $21,637 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
Explore this area
Business Placement
Demographics for 62234, IL
31,843
Population
14,947
Households
2.1
Avg Household Size
40
Median Age
27%
College-Educated
92%
High-School Grad
37.3 sq mi
ZIP Area
854
Density / Sq Mi
$66,437
Median Household Income
$41,710
Median Earnings
$995
Median Rent
$162,000
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?
Duplex - Main home offers two bedrooms and one bathroom, plus a rented one-bedroom guest rental on the same property.
Where is this duplex located?
The property is located at 615 N Center Street Collinsville, IL.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Main home layout: two bedrooms, one bathroom, full basement; Guest rental: one bedroom, one bathroom, living room and kitchen; Roof installed in 2023
