Mixed-Use Property With
For Sale
$529,000
123 N 6th Street, Quincy, IL 62301
Unfinished storefront space is paired with two fully rebuilt residential units and a large open-air deck.
Property Size4,308 SF
Days on Market12
Property Features for 123 N 6th Street
General Information
Standard status
Active
Size
4,308 SF
Total Parking Spaces
3
Property subtype
Residential Income
Lease Term
Variable
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,097
Amenities
open air deck
Building Details
Building Size
4,308 SF
Year Renovated
2020
Units
3
Listing Agency:
Happel, Inc., REALTORS
(217) 242-3371
Listed By:
Melissa Sullivan · License #475127805
(217) 242-3371
Source:
Craggsrealtors
Added: Jul 28
Changed: Aug 6
Last Checked: Aug 7 at 9:17AM
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 Happel, Inc., REALTORS
Investment Insights
Based on property information with market context.
This mixed-use property combines an unfinished commercial storefront with two upper-level apartments. Each residence includes 2 bedrooms and 2 full bathrooms. The apartments were rebuilt from the studs in 2020 with new plumbing, electrical, HVAC systems, windows, drywall, flooring, and custom kitchens. An open-air deck added in 2018 provides substantial outdoor space for the residential component.
The property is located at 123 N 6th Street within Quincy’s 6th Street Promenade. The surrounding district includes restaurants, breweries, shopping, entertainment, and community events throughout the year. The storefront can be configured for a commercial occupant while the completed apartments provide established residential functionality above, creating a property with both retail and multifamily components.
The property is located at 123 N 6th Street within Quincy’s 6th Street Promenade. The surrounding district includes restaurants, breweries, shopping, entertainment, and community events throughout the year. The storefront can be configured for a commercial occupant while the completed apartments provide established residential functionality above, creating a property with both retail and multifamily components.
Key Highlights
- Two apartments, each with 2 bedrooms and 2 full bathrooms
- Apartments rebuilt from the studs in 2020
- New plumbing, electrical, HVAC systems, windows, drywall, flooring, and custom kitchens
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
$32,487
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
6.14%
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%
$649,740
$649.7K
Cap Rate 7%
$464,100
$464.1K
Cap Rate 9%
$360,967
$361.0K
Market Conditions
NOI Build-Up for 4,308 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
$49.1K $11.40/SF
− Vacancy
−$2.7K −$0.63/SF
EGI
$46.4K $10.77/SF
− OpEx
−$13.9K −$3.23/SF
NOI
$32.5K $7.54/SF
Area
Adams County, IL
Vacancy
5.50%
Lease Rate
$11.40 /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%
$649,740
Cap Rate 7%
$464,100
Cap Rate 9%
$360,967
Alternative Uses
Best Use
Retail
$464.1K
$406.1K – $541.5K
NOI $32,487 @ 7.0% cap · market cap 6.14%
Second Best
Mixed Use
$345.3K
$302.1K – $402.8K
NOI $24,168 @ 7.0% cap · market cap 4.57%
Theoretical Best
Healthcare Medical
$860.6K
$753.0K – $1.00M
NOI $60,241 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
171
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 - Unfinished storefront space is paired with two fully rebuilt residential units and a large open-air deck.
Where is this mixed-use property located?
The property is located at 123 N 6th Street Quincy, IL.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 2 full bathrooms; Apartments rebuilt from the studs in 2020; New plumbing, electrical, HVAC systems, windows, drywall, flooring, and custom kitchens
