Renovated 5-Unit Apartment
For Sale
$375,000
1223 W Main Street, Belleville, IL 62220
Updated interiors, separate electrical meters, and high-efficiency mini-split systems support the property’s five apartments.
Property Size1,992 SF
Days on Market19
Property Features for 1223 W Main Street
General Information
Standard status
Active
Size
1,992 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
5
Additional Details
Gross Income
$58,500
Taxes and HOA fees
Annual Taxes
$1,848
Building Details
Building Size
1,992 SF
Year Built
1897
Buildings
1
Listing Agency:
Mustard Seed Realty
(618) 900-1007
Listed By:
Tristan Reising
Source:
Nesterrealty
Added: Aug 11
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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.
Built in 1897, this five-unit apartment building has undergone a comprehensive renovation focused on both the individual units and core systems. Improvements include new electrical wiring with separate meters, fully replaced plumbing, new water heaters, bathtubs, vanities, flooring, cabinetry, and light fixtures. High-efficiency mini-split systems serve the apartments, while exterior repairs and fresh paint complete the work.
The unit mix includes four 1-bedroom / 1-bath apartments and one 2-bedroom / 1-bath apartment. The property is configured as an income-producing multifamily asset with renovated interiors and updated mechanical and utility infrastructure.
The unit mix includes four 1-bedroom / 1-bath apartments and one 2-bedroom / 1-bath apartment. The property is configured as an income-producing multifamily asset with renovated interiors and updated mechanical and utility infrastructure.
Key Highlights
- Five‑unit apartment building built in 1897
- Four 1‑bedroom / 1‑bath units and one 2‑bedroom / 1‑bath unit
- New electrical wiring with separate meters
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
$14,798
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
3.95%
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%
$295,960
$296.0K
Cap Rate 7%
$211,400
$211.4K
Cap Rate 9%
$164,422
$164.4K
Market Conditions
NOI Build-Up for 1,992 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
$28.7K $14.40/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$26.9K $13.51/SF
− OpEx
−$12.1K −$6.08/SF
NOI
$14.8K $7.43/SF
Area
St. Clair County, IL
Vacancy
6.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$295,960
Cap Rate 7%
$211,400
Cap Rate 9%
$164,422
Alternative Uses
Best Use
Apartment 5plus
$211.4K
$185.0K – $246.6K
NOI $14,798 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$471.6K
$412.6K – $550.2K
NOI $33,010 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
665
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?
Apartment building - Updated interiors, separate electrical meters, and high-efficiency mini-split systems support the property’s five apartments.
Where is this apartment building located?
The property is located at 1223 W Main Street Belleville, IL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Five‑unit apartment building built in 1897; Four 1‑bedroom / 1‑bath units and one 2‑bedroom / 1‑bath unit; New electrical wiring with separate meters
