Mixed-Use Building with
For Sale
$355,000
1224 BROADWAY Street, Quincy, IL 62301
Residential Income, Quincy, IL
Property Size2,400 SF
Lot Size0.21 Acres
Price / SF$147.92
Days on Market98
Property Features for 1224 BROADWAY Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1
Parking
15
Parking features
Assigned, Guest
Security features
Security System
Interior features
Cable Available, High Speed Internet
Basement
Partial, Unfinished
Lot features
Level, Extra Lot
High school
Quincy School District #172
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 Description
Two Parcels, 1224 and 1228 Broadway St.
Tax Annual Amount
5316
Legal Description
Two Parcels, 1224 and 1228 Broadway St.
Utilities
Heating system
Electric (Heating), Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
laundry
deck
off-street parking
Building Details
Year built
1877
Number of units
3
Building materials
Brick
Roof type
Shingle
Listing Agency:
eXp Realty
(888) 574-9405
Listed By:
Bryan Johnson
(614) 288-3239
Added: Jun 30
Changed: Oct 3
Last Checked: Oct 5 at 7:06AM
MLS# CA1046914
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 2,400-square-foot brick property spans two floors of 1,200 square feet each, with commercial space below and two one-bedroom, one-bath apartments above. The ground floor has a reception area, bathroom, and seven private rooms, along with two entrances and partition walls. Upstairs, both apartments were renovated in 2024 with updated appliances, plumbing, electrical systems, and finishes. Residents share laundry space and have access to a deck and staircase. Mechanical systems include three newer gas furnaces, three newer water heaters, one central AC unit serving the commercial floor, and two central AC units for the apartments. A new asphalt-shingle roof, gutters, and soffits were installed in 2025.
The property occupies two parcels totaling 0.21 acres along a corridor with traffic counts above 20,000 vehicles per day. The Blessing and QMG medical complexes are nearby, and the additional parcel provides off-street parking. Long-term apartment tenants are in place.
The property occupies two parcels totaling 0.21 acres along a corridor with traffic counts above 20,000 vehicles per day. The Blessing and QMG medical complexes are nearby, and the additional parcel provides off-street parking. Long-term apartment tenants are in place.
Key Highlights
- Two 1‑bedroom, 1‑bath apartments renovated in 2024
- 2,400 square feet total, with 1,200 square feet on each floor
- Ground‑floor commercial area includes a 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
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Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A flexible ground-floor commercial layout is paired with two renovated apartments upstairs.
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 1‑bedroom, 1‑bath apartments renovated in 2024; 2,400 square feet total, with 1,200 square feet on each floor; Ground‑floor commercial area includes a reception area, bathroom, and seven private rooms
