Two-Unit Duplex with Full
For Sale
$275,000
113 E Apple St, Freeburg, IL 62243
Two established residential units are complemented by a full basement with storage and a bathroom.
Property Size2,560 SF
Price / SF$107.42
Days on Market17
Property Features for 113 E Apple St
General Information
Standard status
Active
Size
2,560 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,362
Listing Agency:
RE/MAX Preferred
(618) 779-8396
Listed By:
Kate Pearce · License #475156300
(618) 779-8396
Source:
Exprealty
Added: Aug 14
Changed: Aug 29
Last Checked: Aug 29 at 7:21PM
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 RE/MAX Preferred
Investment Insights
Based on property information with market context.
This duplex contains 2,560 square feet and is arranged as two residential units. The main-level Unit A includes 3 bedrooms and 1 full bath, while upper-level Unit B provides 3 bedrooms and 2 full baths. The configuration supports separate household occupancy within one property.
A full basement adds storage space and includes a bathroom. Conversion of the basement into a third residential unit is identified as a possibility requiring proper approvals and a special variance. The property is located at 113 E Apple St in Freeburg, Illinois.
A full basement adds storage space and includes a bathroom. Conversion of the basement into a third residential unit is identified as a possibility requiring proper approvals and a special variance. The property is located at 113 E Apple St in Freeburg, Illinois.
Key Highlights
- 2,560‑square‑foot duplex with two residential units
- Main‑level Unit A has 3 bedrooms and 1 full bath
- Upper‑level Unit B has 3 bedrooms and 2 full baths
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
$21,112
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
7.68%
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%
$422,240
$422.2K
Cap Rate 7%
$301,600
$301.6K
Cap Rate 9%
$234,578
$234.6K
Market Conditions
NOI Build-Up for 2,560 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
$32.3K $12.60/SF
− Vacancy
−$2.1K −$0.82/SF
EGI
$30.2K $11.78/SF
− OpEx
−$9.0K −$3.53/SF
NOI
$21.1K $8.25/SF
Area
St. Clair County, IL
Vacancy
6.50%
Lease Rate
$12.60 /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%
$422,240
Cap Rate 7%
$301,600
Cap Rate 9%
$234,578
Alternative Uses
Best Use
Multifamily LT 5
$301.6K
$263.9K – $351.9K
NOI $21,112 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$271.7K
$237.7K – $317.0K
NOI $19,018 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$606.0K
$530.3K – $707.1K
NOI $42,423 @ 7.0% cap · market cap 15.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Explore this area
Business Placement
Demographics for 62243, IL
5,796
Population
2,537
Households
2.3
Avg Household Size
45
Median Age
34%
College-Educated
95%
High-School Grad
51.7 sq mi
ZIP Area
112
Density / Sq Mi
$93,328
Median Household Income
$48,947
Median Earnings
$1,100
Median Rent
$268,200
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 - Two established residential units are complemented by a full basement with storage and a bathroom.
Where is this duplex located?
The property is located at 113 E Apple St Freeburg, IL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 2,560‑square‑foot duplex with two residential units; Main‑level Unit A has 3 bedrooms and 1 full bath; Upper‑level Unit B has 3 bedrooms and 2 full baths
