Updated Duplex with Separate
For Sale
$179,900
1639-1641 N Charles Street, Belleville, IL 62221
Two-unit property offers independent services, flexible layouts, and off-street parking.
Property Size1,530 SF
Days on Market54
Property Features for 1639-1641 N Charles Street
General Information
Standard status
Active
Size
1,530 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,724
Building Details
Building Size
1,530 SF
Year Built
1900
Units
2
Listing Agency:
Century 21 Bailey & Company
(217) 416-3737
Listed By:
Vicki Martin · License #475.214166
(217) 416-3737
Source:
Century21laclede
Added: Jun 28
Changed: Aug 17
Last Checked: Aug 19 at 3:22PM
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 Century 21 Bailey & Company
Investment Insights
Based on property information with market context.
Located at 1639-1641 N Charles Street in Belleville, this duplex was built in 1900 and provides two separately serviced units. Each side includes an upper-level loft bedroom, a main-floor pass-through, living room, kitchen, and bathroom. The units also have individual washers and dryers, with kitchen appliances included.
Major system work includes HVAC replacements in 2024 for both units, a water heater replacement in 2024 at 1641, and a water heater replacement in 2025 at 1639. Additional improvements include an updated kitchen and bathroom at 1641, plus new carpet at 1639. Each unit has its own 6-foot privacy-fenced yard, and off-street parking is provided. Both units are scheduled to be delivered vacant at closing. Furnishings, linens, and supplies associated with 1641 are negotiable.
Major system work includes HVAC replacements in 2024 for both units, a water heater replacement in 2024 at 1641, and a water heater replacement in 2025 at 1639. Additional improvements include an updated kitchen and bathroom at 1641, plus new carpet at 1639. Each unit has its own 6-foot privacy-fenced yard, and off-street parking is provided. Both units are scheduled to be delivered vacant at closing. Furnishings, linens, and supplies associated with 1641 are negotiable.
Key Highlights
- Two‑unit duplex with separate gas, electric, and water service
- Each unit has a fully separated 6‑foot privacy‑fenced yard
- HVAC systems replaced in 2024; water heaters replaced in 2024 and 2025
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
$12,617
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
7.01%
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%
$252,340
$252.3K
Cap Rate 7%
$180,243
$180.2K
Cap Rate 9%
$140,189
$140.2K
Market Conditions
NOI Build-Up for 1,530 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
$19.3K $12.60/SF
− Vacancy
−$1.3K −$0.82/SF
EGI
$18.0K $11.78/SF
− OpEx
−$5.4K −$3.53/SF
NOI
$12.6K $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%
$252,340
Cap Rate 7%
$180,243
Cap Rate 9%
$140,189
Alternative Uses
Best Use
Multifamily LT 5
$180.2K
$157.7K – $210.3K
NOI $12,617 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$162.4K
$142.1K – $189.4K
NOI $11,366 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$362.2K
$316.9K – $422.6K
NOI $25,354 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
Explore this area
Business Placement
Demographics for 62221, IL
29,039
Population
12,460
Households
2.3
Avg Household Size
38
Median Age
37%
College-Educated
96%
High-School Grad
35.0 sq mi
ZIP Area
830
Density / Sq Mi
$78,619
Median Household Income
$45,353
Median Earnings
$1,078
Median Rent
$207,200
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 - Two-unit property offers independent services, flexible layouts, and off-street parking.
Where is this duplex located?
The property is located at 1639-1641 N Charles Street Belleville, IL.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Two‑unit duplex with separate gas, electric, and water service; Each unit has a fully separated 6‑foot privacy‑fenced yard; HVAC systems replaced in 2024; water heaters replaced in 2024 and 2025
