Mixed-Use Brick Building with
1224 Broadway Street Quincy, IL 62301
For Sale
$355,000
Two-parcel mixed-use brick building with a ground-floor spa setup and renovated 2024 one-bedroom apartments plus off-street parking.
Property Size2,400 SF
Price / SF$147.92
Days on Market25
Property Features for 1224 Broadway Street
General Information
- Standard status
- Active
- Size
- 2,400 SF
- Property subtype
- Commercial
Listing Agency:
eXp Realty
(614) 288-3239
Listed By:
Bryan Johnson
(614) 288-3239
Source:
Craggsrealtors
Added: Jun 30
Changed: Jul 23
Last Checked: Jul 24 at 4:49PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This mixed-use brick building sits on two parcels and includes both commercial and residential space. The ground floor is configured with a reception area, bathroom, and seven private rooms currently used for spa/tanning services, and it has two separate entrances with partition walls for flexible future layout. The second floor contains two fully renovated one-bedroom, one-bath apartments completed in 2024, with new appliances, plumbing, electrical, and new finishes throughout. The apartments share a laundry space, and there is a new deck and staircase.
The property is positioned along one of Quincy’s busiest corridors, with traffic counts above 20,000 vehicles per day, and it is in direct proximity to both the Blessing and QMG medical complexes. With the second parcel, there is ample off-street parking for tenants and customers.
Extensive mechanical updates include three newer gas furnaces, three newer water heaters, one newer central AC unit for the ground floor, and two new central AC units for the apartments. A new asphalt shingle roof was installed in 2025, along with gutters and soffits. The listing notes long-term tenants in place in all three spaces, and income and expense data is available for qualified buyers.
The property is positioned along one of Quincy’s busiest corridors, with traffic counts above 20,000 vehicles per day, and it is in direct proximity to both the Blessing and QMG medical complexes. With the second parcel, there is ample off-street parking for tenants and customers.
Extensive mechanical updates include three newer gas furnaces, three newer water heaters, one newer central AC unit for the ground floor, and two new central AC units for the apartments. A new asphalt shingle roof was installed in 2025, along with gutters and soffits. The listing notes long-term tenants in place in all three spaces, and income and expense data is available for qualified buyers.
Key Highlights
- 2,400 total SF mixed‑use brick building on two parcels: 1,200 SF per floor
- Ground floor includes reception area, bathroom, and seven private rooms currently used for spa/tanning
- Two separate entrances and partition walls on the ground floor allow conversion to office suites, salon stations, or other uses
Financial Insights For Multifamily LT 5
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 | $21.6k | $9.00 |
| − Vacancy | −$1.4k | −$0.59 |
| EGI | $20.2k | $8.42 |
| − OpEx | −$6.1k | −$2.52 |
| NOI | $14.1k | $5.89 |
2,400 SF · lease $9.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$202.0K
$176.7K – $235.6K
NOI $14,137 @ 7.0% cap · market cap 3.98%
Second Best
Apartment 5plus
$187.2K
$163.8K – $218.4K
NOI $13,103 @ 7.0% cap · market cap 3.69%
Theoretical Best
Healthcare Medical
$479.4K
$419.5K – $559.3K
NOI $33,560 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Spa & wellness properties
FAQs
What type of property is this?
Spa & wellness property - Two-parcel mixed-use brick building with a ground-floor spa setup and renovated 2024 one-bedroom apartments plus off-street parking.
Where is this spa & wellness property located?
The property is located at 1224 Broadway Street Quincy, IL.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: 2,400 total SF mixed‑use brick building on two parcels: 1,200 SF per floor; Ground floor includes reception area, bathroom, and seven private rooms currently used for spa/tanning; Two separate entrances and partition walls on the ground floor allow conversion to office suites, salon stations, or other uses
