Updated 6-Unit Apartment
For Sale
Under Contract
$432,000
971 Belle Valley Drive, Belleville, IL 62220
Residential Income, Belleville, IL
Property Size5,058 SF
Lot Size0.29 Acres
Price / SF$85.41
Days on Market42
Property Features for 971 Belle Valley Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Bedroom 2
Appliances
Range, Refrigerator
Subdivision
Belle Valley Estates
Elementary school
BELLE VALLEY DIST 119
Middle school
BELLE VALLEY DIST 119
High school
Belleville High School-East
Elementary school district
Belle Valley DIST 119
Middle school district
Belle Valley DIST 119
High school district
Belle Valley DIST 119
Standard status
Active Under Contract
APN
08-26.0-401-031
Size
5,058 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8161
Utilities
Heating system
Baseboard
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1984
Number of units
1
Building materials
Brick Veneer, Vinyl Siding
Listing Agency:
Johnston Realty, Inc.
(618) 233-8802
Listed By:
Gary Johnston · License #471004014
(618) 779-4124
Added: Aug 12
Changed: Sep 14
Last Checked: Sep 22 at 2:06AM
MLS# 26050185
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.
This 6-unit apartment building in Belleville contains 5,058 square feet on a 0.29-acre parcel. Each apartment is configured with 2 bedrooms and 1 bathroom. Five units have been vacated and renovated, with work including flooring, trim, doors, kitchen improvements, and bathroom updates. The property was built in 1984 and includes range and refrigerator appliances, baseboard heating, wall or window cooling units, brick veneer, and vinyl siding.
A substantial portion of the asphalt parking area has been replaced, and the full lot has been resealed. Public water serves the property. The building is located on Belle Valley Drive in Belleville, Illinois, within St. Clair County.
A substantial portion of the asphalt parking area has been replaced, and the full lot has been resealed. Public water serves the property. The building is located on Belle Valley Drive in Belleville, Illinois, within St. Clair County.
Key Highlights
- 6‑unit apartment building with 5,058 square feet on 0.29 acres
- All apartments offer 2 bedrooms and 1 bathroom
- Five units have been vacated and renovated
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
$37,576
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
8.70%
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%
$751,520
$751.5K
Cap Rate 7%
$536,800
$536.8K
Cap Rate 9%
$417,511
$417.5K
Market Conditions
NOI Build-Up for 5,058 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
$72.8K $14.40/SF
− Vacancy
−$4.5K −$0.89/SF
EGI
$68.3K $13.51/SF
− OpEx
−$30.7K −$6.08/SF
NOI
$37.6K $7.43/SF
Area
St. Clair County, IL
Vacancy
6.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$751,520
Cap Rate 7%
$536,800
Cap Rate 9%
$417,511
Alternative Uses
Best Use
Apartment 5plus
$536.8K
$469.7K – $626.3K
NOI $37,576 @ 7.0% cap · market cap 8.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,819 @ 7.0% cap · market cap 19.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 62220, IL
19,474
Population
8,784
Households
2.2
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
28.9 sq mi
ZIP Area
674
Density / Sq Mi
$65,261
Median Household Income
$37,105
Median Earnings
$976
Median Rent
$141,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom apartments with refreshed interiors, on-site parking, and individually serviced cooling systems.
Where is this apartment building located?
The property is located at 971 Belle Valley Drive Belleville, IL.
What is the asking price?
The asking price for this property is $432,000.
What are key features of this property?
This property features: 6‑unit apartment building with 5,058 square feet on 0.29 acres; All apartments offer 2 bedrooms and 1 bathroom; Five units have been vacated and renovated
