Mixed-Use Building with
For Sale
$355,000
1224 Broadway Street, Quincy, IL 62301
Two upstairs apartments complement a ground-level commercial suite with seven private rooms.
Property Size2,400 SF
Price / SF$147.92
Days on Market123
Property Features for 1224 Broadway Street
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
15
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,315
Amenities
laundry space
deck
central AC
Cable Available
High Speed Internet
Building Details
Building Size
2,400 SF
Year Built
1877
Year Renovated
2024
Buildings
1
Stories
2
Units
3
Construction
brick
Listing Agency:
eXp Realty
(888) 574-9405
Listed By:
Bryan Johnson
(614) 288-3239
Source:
Freedomrealtyil
Added: Jun 30
Changed: Oct 30
Last Checked: Oct 30 at 2:18PM
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
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Investment Insights
Based on property information with market context.
This 2,400-square-foot brick property occupies two parcels, with 1,200 square feet on each floor. The ground level has a reception area, bathroom, seven private rooms, two entrances, and partition walls. The second floor contains two one-bedroom, one-bath apartments, renovated in 2024 with updated appliances, plumbing, electrical, and finishes. Residents share a laundry area, deck, and staircase. Apartment tenants are in place on long-term leases.
A separate parcel provides off-street parking. The property is near the Blessing and QMG medical complexes, along a corridor with traffic counts exceeding 20,000 vehicles per day. Building updates include three newer gas furnaces, three newer water heaters, one central AC unit serving the commercial floor, and two new central AC units for the apartments. A new asphalt shingle roof, gutters, and soffits were installed in 2025.
A separate parcel provides off-street parking. The property is near the Blessing and QMG medical complexes, along a corridor with traffic counts exceeding 20,000 vehicles per day. Building updates include three newer gas furnaces, three newer water heaters, one central AC unit serving the commercial floor, and two new central AC units for the apartments. A new asphalt shingle roof, gutters, and soffits were installed in 2025.
Key Highlights
- Two‑parcel, 2,400‑square‑foot mixed‑use property with 1,200 square feet on each floor
- Two one‑bedroom, one‑bath apartments renovated in 2024; long‑term tenants in place
- Ground floor includes reception area, bathroom, seven private rooms, two entrances, and partition walls
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,464
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$269,280
$269.3K
Cap Rate 7%
$192,343
$192.3K
Cap Rate 9%
$149,600
$149.6K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$24.5K $10.20/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$21.5K $8.98/SF
− OpEx
−$8.1K −$3.37/SF
NOI
$13.5K $5.61/SF
Area
Adams County, IL
Vacancy
12.00%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$269,280
Cap Rate 7%
$192,343
Cap Rate 9%
$149,600
Alternative Uses
Best Use
Mixed Use
$192.3K
$168.3K – $224.4K
NOI $13,464 @ 7.0% cap · market cap 3.79%
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 authorities.
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,985
Businesses Nearby
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Business Placement
Demographics for 62301, IL
31,481
Population
15,295
Households
2.1
Avg Household Size
39
Median Age
24%
College-Educated
91%
High-School Grad
11.2 sq mi
ZIP Area
2,811
Density / Sq Mi
$52,212
Median Household Income
$36,665
Median Earnings
$805
Median Rent
$124,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two upstairs apartments complement a ground-level commercial suite with seven private rooms.
Where is this mixed-use 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: Two‑parcel, 2,400‑square‑foot mixed‑use property with 1,200 square feet on each floor; Two one‑bedroom, one‑bath apartments renovated in 2024; long‑term tenants in place; Ground floor includes reception area, bathroom, seven private rooms, two entrances, and partition walls
