Two-Unit Duplex with Basement
For Sale
$160,000
124 N Virginia Ave, Belleville, IL 62220
Both residences include upper-level bedrooms and a main-floor half bath.
Property Size1,120 SF
Price / SF$142.86
Days on Market17
Property Features for 124 N Virginia Ave
General Information
Standard status
Active
Size
1,120 SF
Property subtype
Multi-Family
Building Details
Year Built
1905
Listing Agency:
Mustard Seed Realty
(618) 900-1007
Listed By:
Tristan Reising
Source:
Nations-network
Added: Aug 16
Changed: Aug 29
Last Checked: Aug 31 at 7:13PM
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 Mustard Seed Realty
Investment Insights
Based on property information with market context.
Located at 124 N Virginia Avenue in Belleville, Illinois, this 1905 duplex contains two matching 2-bedroom, 1.5-bath residences. Each side includes large upstairs bedrooms, a full bathroom, and a half bath on the main level. Basement space provides additional storage for the property.
The left residence has new carpet installed in 2025 along with updated cabinets. The right side is occupied by a long-term tenant, while the left side also has a tenant in place. The two-unit configuration offers separate living spaces within one multifamily property.
The left residence has new carpet installed in 2025 along with updated cabinets. The right side is occupied by a long-term tenant, while the left side also has a tenant in place. The two-unit configuration offers separate living spaces within one multifamily property.
Key Highlights
- Two‑unit duplex with two 2‑bedroom, 1.5‑bath residences
- 1905 construction in Belleville, Illinois
- Each side includes a main‑floor half bath and upstairs full bath
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
$9,236
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
5.77%
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%
$184,720
$184.7K
Cap Rate 7%
$131,943
$131.9K
Cap Rate 9%
$102,622
$102.6K
Market Conditions
NOI Build-Up for 1,120 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
$14.1K $12.60/SF
− Vacancy
−$917 −$0.82/SF
EGI
$13.2K $11.78/SF
− OpEx
−$4.0K −$3.53/SF
NOI
$9.2K $8.25/SF
Area
St. Clair County, IL
Vacancy
6.50%
Lease Rate
$12.60 /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%
$184,720
Cap Rate 7%
$131,943
Cap Rate 9%
$102,622
Alternative Uses
Best Use
Multifamily LT 5
$131.9K
$115.5K – $153.9K
NOI $9,236 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$118.9K
$104.0K – $138.7K
NOI $8,320 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$265.1K
$232.0K – $309.3K
NOI $18,560 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 62220, IL
19,474
Population
8,784
Households
2.2
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
28.9 sq mi
ZIP Area
674
Density / Sq Mi
$65,261
Median Household Income
$37,105
Median Earnings
$976
Median Rent
$141,300
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?
Duplex - Both residences include upper-level bedrooms and a main-floor half bath.
Where is this duplex located?
The property is located at 124 N Virginia Ave Belleville, IL.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: Two‑unit duplex with two 2‑bedroom, 1.5‑bath residences; 1905 construction in Belleville, Illinois; Each side includes a main‑floor half bath and upstairs full bath
