Multifamily Apartment
7346 State Rte. 15 Saint Libory, IL 62282
For Sale
$540,000
COMMERCIAL - Saint Libory, IL
Property Size6,100 SF
Lot Size0.68 Acres
Price / SF$88.52
Days on Market54
Property Features for 7346 State Rte. 15
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Bedrooms
- 8
- Rooms
- Bedroom 5, Bedroom 7, Bedroom 3, Bedroom 6, Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 8
- Standard status
- Active
- APN
- 19-13.0-108-036
- Lot size
- 0.68 Acres
Listing Agency:
National Land Realty, Illinois
(855) 384-5263
Listed By:
Colin Roessler
(855) 384-5263
Added: Jun 1
Changed: Jul 22
Last Checked: Jul 24 at 9:06AM
MLS# 11868510
Copyright © 2026 My State MLS. 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.
This multifamily apartment building offers eight units with a mix of one- and two-bedroom layouts. The property is currently 100% occupied, and all tenants are on month-to-month leases, giving a new owner flexibility to adjust rents and manage operations over time. Unit sizes are primarily approximately 800 square feet for seven apartments, with one one-bedroom unit at approximately 500 square feet. Recent capital updates include a new roof installed in 2024, with established plumbing and electrical systems and multiple HVAC units serving the apartments.
The building is located at 7346 State Rte. 15 in Saint Libory, Illinois. Parking totals 20 spaces, providing on-site accommodation for tenants and guests.
Financially, current gross rental income is approximately $68,700 annually with estimated annual operating expenses of approximately $23,500, resulting in estimated net operating income of over $45,000. With projected rental adjustments, annual gross income is approximately $78,900, supporting estimated NOI potential over $54,000.
The building is located at 7346 State Rte. 15 in Saint Libory, Illinois. Parking totals 20 spaces, providing on-site accommodation for tenants and guests.
Financially, current gross rental income is approximately $68,700 annually with estimated annual operating expenses of approximately $23,500, resulting in estimated net operating income of over $45,000. With projected rental adjustments, annual gross income is approximately $78,900, supporting estimated NOI potential over $54,000.
Key Highlights
- 8‑apartment multifamily in St. Liberty, IL: 100% occupied with all tenants on month‑to‑month leases for flexible rent changes.
- Current gross rental income totals approx. $68,700 annually, producing an estimated 8.36% cap rate at a $540,000 asking price.
- Value‑add upside: projected gross income approx. $78,900 (rents closer to market), estimated 10.17% cap rate without adding units or expansion.
Financial Insights For Apartment 5plus
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 | $87.8k | $14.40 |
| − Vacancy | −$5.4k | −$0.89 |
| EGI | $82.4k | $13.51 |
| − OpEx | −$37.1k | −$6.08 |
| NOI | $45.3k | $7.43 |
6,100 SF · lease $14.40/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$647.4K
$566.5K – $755.3K
NOI $45,317 @ 7.0% cap · market cap 8.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,086 @ 7.0% cap · market cap 18.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Eight fully occupied apartments with month-to-month leases and 20 on-site parking spaces.
Where is this apartment building located?
The property is located at 7346 State Rte. 15 Saint Libory, IL.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: 8‑apartment multifamily in St. Liberty, IL: 100% occupied with all tenants on month‑to‑month leases for flexible rent changes.; Current gross rental income totals approx. $68,700 annually, producing an estimated 8.36% cap rate at a $540,000 asking price.; Value‑add upside: projected gross income approx. $78,900 (rents closer to market), estimated 10.17% cap rate without adding units or expansion.
