All-Brick Duplex with Rear
For Sale
$165,000
Pending
1304 N Fair St, Marion, IL 62959
Both units are rented, and tenants pay utilities and trash service.
Property Size1,592 SF
Days on Market85
Property Features for 1304 N Fair St
General Information
Standard status
Pending
Size
1,592 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
2
Amenities
washer and dryer hookups
shared rear deck
storage shed
Building Details
Year Built
1970
Buildings
1
Construction
all-brick
Tenancy
Multi
Listing Agency:
Indigo Realty LLC
(618) 534-0303
Listed By:
Alysa Bunting ()
Source:
Searchillinoishomesforsale
Added: Jun 7
Changed: Aug 28
Last Checked: Aug 29 at 10:34AM
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 Indigo Realty LLC
Investment Insights
Based on property information with market context.
Built in 1970, this 1,592-square-foot all-brick duplex contains two residential units with matching two-bedroom, one-bath layouts. Each unit has washer and dryer hookups and access to a shared rear deck. Dedicated parking is positioned in front of the building, with two spaces assigned to each unit. A storage shed adds space for equipment, supplies, or tenant belongings.
Both units are currently rented. Unit A includes a new refrigerator and range, while Unit B’s appliances are approximately six years old. Tenants pay all utilities and trash service. The property is located at 1304 N Fair Street in Marion, near Ray Fosse Park, shopping, dining, schools, and area employers.
Both units are currently rented. Unit A includes a new refrigerator and range, while Unit B’s appliances are approximately six years old. Tenants pay all utilities and trash service. The property is located at 1304 N Fair Street in Marion, near Ray Fosse Park, shopping, dining, schools, and area employers.
Key Highlights
- 1,592‑square‑foot all‑brick duplex built in 1970
- Two units, each with 2 bedrooms and 1 bath
- Both units are currently rented
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
$12,988
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
7.87%
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%
$259,760
$259.8K
Cap Rate 7%
$185,543
$185.5K
Cap Rate 9%
$144,311
$144.3K
Market Conditions
NOI Build-Up for 1,592 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
$20.1K $12.60/SF
− Vacancy
−$1.5K −$0.95/SF
EGI
$18.6K $11.66/SF
− OpEx
−$5.6K −$3.50/SF
NOI
$13.0K $8.16/SF
Area
Williamson County, IL
Vacancy
7.50%
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%
$259,760
Cap Rate 7%
$185,543
Cap Rate 9%
$144,311
Alternative Uses
Best Use
Multifamily LT 5
$185.5K
$162.4K – $216.5K
NOI $12,988 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$172.6K
$151.1K – $201.4K
NOI $12,084 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$335.6K
$293.7K – $391.6K
NOI $23,493 @ 7.0% cap · market cap 14.24%
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
Location Intelligence
Trade Area within ½ mile
211
Businesses Nearby
Explore this area
Business Placement
Demographics for 62959, IL
27,629
Population
12,997
Households
2.1
Avg Household Size
43
Median Age
28%
College-Educated
92%
High-School Grad
143.0 sq mi
ZIP Area
193
Density / Sq Mi
$69,914
Median Household Income
$44,145
Median Earnings
$895
Median Rent
$166,200
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?
Duplex - Both units are rented, and tenants pay utilities and trash service.
Where is this duplex located?
The property is located at 1304 N Fair St Marion, IL.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: 1,592‑square‑foot all‑brick duplex built in 1970; Two units, each with 2 bedrooms and 1 bath; Both units are currently rented
