Mixed-Use Property with 2
For Sale
$529,000
123 N 6th Street, Quincy, IL 62301
Unfinished storefront space is paired with two rebuilt residential units and an open-air deck.
Property Size4,308 SF
Price / SF$122.79
Days on Market26
Property Features for 123 N 6th Street
General Information
Standard status
Active
Size
4,308 SF
Property subtype
Commercial
Zoning
Downtown
Property Condition
Severity
Repairs Needed
Evidence
unfinished commercial storefront
Taxes and HOA fees
Annual Taxes
$5,097
Amenities
open air deck
Building Details
Building Size
4,308 SF
Year Renovated
2020
Buildings
1
Tenancy
Multi
Listing Agency:
Happel, Inc., REALTORS
(217) 242-3371
Listed By:
Melissa Sullivan · License #475127805
(217) 242-3371
Source:
Craggsrealtors
Added: Jul 28
Changed: Aug 22
Last Checked: Aug 22 at 1:02PM
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.
Located at 123 N 6th Street in Quincy, Illinois, this Downtown-zoned mixed-use property combines an unfinished commercial storefront with two residential apartments. The building contains 4,308 square feet overall, creating a flexible layout for commercial and residential occupancy.
Each apartment offers two bedrooms and two full bathrooms. The residences were rebuilt in 2020 with new plumbing, electrical, HVAC systems, windows, drywall, flooring, and custom kitchens. An open-air deck added in 2018 provides outdoor space for the upper-level residences.
The property is positioned along Quincy’s 6th Street Promenade, with restaurants, breweries, retail, entertainment, and community events in the surrounding downtown setting. The storefront remains available for buildout, while the completed apartments provide an established residential component.
Each apartment offers two bedrooms and two full bathrooms. The residences were rebuilt in 2020 with new plumbing, electrical, HVAC systems, windows, drywall, flooring, and custom kitchens. An open-air deck added in 2018 provides outdoor space for the upper-level residences.
The property is positioned along Quincy’s 6th Street Promenade, with restaurants, breweries, retail, entertainment, and community events in the surrounding downtown setting. The storefront remains available for buildout, while the completed apartments provide an established residential component.
Key Highlights
- 4,308‑square‑foot mixed‑use property with unfinished commercial storefront
- Two apartments, each with 2 bedrooms and 2 full bathrooms
- Residential units rebuilt in 2020 with new plumbing, electrical, HVAC, windows, drywall, flooring, and 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
Multifamily LT 5
$362.5K
$317.2K – $422.9K
NOI $25,376 @ 7.0% cap · market cap 4.80%
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,298
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 rebuilt residential units and an 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: 4,308‑square‑foot mixed‑use property with unfinished commercial storefront; Two apartments, each with 2 bedrooms and 2 full bathrooms; Residential units rebuilt in 2020 with new plumbing, electrical, HVAC, windows, drywall, flooring, and kitchens
