Mixed-Use Building With
For Sale
$355,000
1224 BROADWAY Street, Quincy, IL 62301
Commercial Sale, Quincy, IL
Property Size2,400 SF
Lot Size0.21 Acres
Price / SF$147.92
Days on Market58
Property Features for 1224 BROADWAY Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
On the South side of Broadway St, between 12th and 13th streets.
Standard status
Active
APN
23-1-1217-000-00
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5316
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
laundry
deck
off-street parking
Building Details
Floors in Building
2
Flooring type
Tile
Building materials
Brick, Frame
Roof type
Asphalt
Listing Agency:
eXp Realty
(888) 574-9405
Listed By:
Bryan Johnson
(614) 288-3239
Added: Jun 30
Changed: Aug 19
Last Checked: Aug 26 at 4:06AM
MLS# CA1044786
Copyright © 2026 RMLS Alliance. 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 two-story brick mixed-use property combines commercial space on the first floor with two one-bedroom apartments above. The 1,200-square-foot ground-floor layout includes a reception area, bathroom, seven private rooms, two entrances, and partition walls that support reconfiguration. Each apartment measures 600 square feet and includes one bedroom and one bathroom. Both were renovated in 2024 with updated appliances, plumbing, electrical systems, and finishes. The apartments share a laundry area and access to a new deck and staircase.
The property occupies two parcels totaling 0.21 acres along Broadway Street, with off-street parking on the additional parcel. Traffic counts exceed 20,000 vehicles per day, and the building is near the Blessing and QMG medical complexes. Building improvements include three newer gas furnaces, three newer water heaters, one newer central AC unit for the commercial level, and two new central AC units serving the apartments. A new asphalt shingle roof, gutters, and soffits were installed in 2025. Long-term tenants occupy all three spaces.
The property occupies two parcels totaling 0.21 acres along Broadway Street, with off-street parking on the additional parcel. Traffic counts exceed 20,000 vehicles per day, and the building is near the Blessing and QMG medical complexes. Building improvements include three newer gas furnaces, three newer water heaters, one newer central AC unit for the commercial level, and two new central AC units serving the apartments. A new asphalt shingle roof, gutters, and soffits were installed in 2025. Long-term tenants occupy all three spaces.
Key Highlights
- 2,400 total square feet with 1,200 square feet on each floor
- Two fully renovated 1‑bedroom, 1‑bath apartments completed in 2024
- Ground floor includes reception area, bathroom, and seven private rooms
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
$13,464
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
3.79%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,985
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial space, two renovated apartments, and dedicated parking serve multiple occupancy needs.
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: 2,400 total square feet with 1,200 square feet on each floor; Two fully renovated 1‑bedroom, 1‑bath apartments completed in 2024; Ground floor includes reception area, bathroom, and seven private rooms
