6-Unit Brick Apartment
For Sale
$280,000
109 Jerome Lane, Cahokia, IL 62206
All-brick construction, individual window AC, radiant floor heat, and a newly installed resident deck support efficient operations.
Property Size3,432 SF
Days on Market14
Property Features for 109 Jerome Lane
General Information
Standard status
Active
Size
3,432 SF
Property subtype
5 Family or More
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,010
Amenities
deck
Building Details
Building Size
3,432 SF
Year Built
1980
Construction
brick
Listing Agency:
Strano & Associates
(618) 779-6021
Listed By:
Stacey Lacroix
Source:
Thewellsmichaelcollective
Added: Jul 27
Changed: Aug 4
Last Checked: Aug 9 at 11:26AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Strano & Associates
Investment Insights
Based on property information with market context.
This 6-unit apartment building, constructed in 1980, features all-brick construction and a newly installed deck. Every residence offers a 1-bedroom layout with a combined kitchen and dining area, a living room, and a full bathroom. Radiant floor heat provides winter heating, while individual window AC units give residents separate cooling control.
Five of the six units are currently occupied. The property is located in Cahokia, Illinois, a short distance from St. Louis and its downtown employment, dining, and entertainment offerings.
Five of the six units are currently occupied. The property is located in Cahokia, Illinois, a short distance from St. Louis and its downtown employment, dining, and entertainment offerings.
Key Highlights
- 6‑unit apartment building with 5 of 6 units currently occupied
- All‑brick construction dating to 1980
- Each unit includes 1 bedroom, kitchen/dining area, living room, and full bathroom
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
$25,496
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
9.11%
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%
$509,920
$509.9K
Cap Rate 7%
$364,229
$364.2K
Cap Rate 9%
$283,289
$283.3K
Market Conditions
NOI Build-Up for 3,432 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
$49.4K $14.40/SF
− Vacancy
−$3.1K −$0.89/SF
EGI
$46.4K $13.51/SF
− OpEx
−$20.9K −$6.08/SF
NOI
$25.5K $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%
$509,920
Cap Rate 7%
$364,229
Cap Rate 9%
$283,289
Alternative Uses
Best Use
Apartment 5plus
$364.2K
$318.7K – $424.9K
NOI $25,496 @ 7.0% cap · market cap 9.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$812.5K
$710.9K – $947.9K
NOI $56,873 @ 7.0% cap · market cap 20.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Explore this area
Business Placement
Demographics for 62206, IL
12,929
Population
6,586
Households
2
Avg Household Size
34
Median Age
12%
College-Educated
86%
High-School Grad
14.5 sq mi
ZIP Area
892
Density / Sq Mi
$39,520
Median Household Income
$27,611
Median Earnings
$1,021
Median Rent
$57,700
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?
Apartment building - All-brick construction, individual window AC, radiant floor heat, and a newly installed resident deck support efficient operations.
Where is this apartment building located?
The property is located at 109 Jerome Lane Cahokia, IL.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: 6‑unit apartment building with 5 of 6 units currently occupied; All‑brick construction dating to 1980; Each unit includes 1 bedroom, kitchen/dining area, living room, and full bathroom
