Updated Four-Unit Apartment
New
For Sale
$260,000
1724 Kennedy Dr, Madison, IL 62060
Four apartment residences with recent interior and building-system improvements suited to an income-producing ownership strategy.
Property Size2,190 SF
Price / SF$118.72
Days on Market3
Property Features for 1724 Kennedy Dr
General Information
Standard status
Active
Size
2,190 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1972
Listing Agency:
Kues Bros. Realty, Ltd
Listed By:
Strait Realty
(314) 441-4444
Source:
Straitrealty
Added: Sep 6
Changed: Sep 7
Last Checked: Sep 7 at 7:37AM
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 Kues Bros. Realty, Ltd
Investment Insights
Based on property information with market context.
This 2,190-square-foot quadplex contains four one-bedroom, one-bath residences. Most units have received interior improvements, including LVP flooring, stainless steel kitchen appliances, updated lighting, new tub and shower surrounds, and replacement bathroom vanities. The roof and AC systems were replaced within the last two years.
Additional capital work includes replacement windows and exterior doors, new attic insulation, a crawlspace vapor barrier, and rim joist insulation completed in 2025. The property was built in 1972 and is located at 1724 Kennedy Dr in Madison, Illinois. Showings require 48-hour notice, are subject to tenant availability, and require pre-approved buyers; the seller will attend each showing.
Additional capital work includes replacement windows and exterior doors, new attic insulation, a crawlspace vapor barrier, and rim joist insulation completed in 2025. The property was built in 1972 and is located at 1724 Kennedy Dr in Madison, Illinois. Showings require 48-hour notice, are subject to tenant availability, and require pre-approved buyers; the seller will attend each showing.
Key Highlights
- Four 1 bed/1 bath units in a 2,190‑square‑foot quadplex
- Most units feature LVP flooring, stainless steel appliances, updated lighting, and refreshed bathroom finishes
- Roof and AC replaced in the last two years
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
$16,132
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
6.20%
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%
$322,640
$322.6K
Cap Rate 7%
$230,457
$230.5K
Cap Rate 9%
$179,244
$179.2K
Market Conditions
NOI Build-Up for 2,190 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
$25.0K $11.40/SF
− Vacancy
−$1.9K −$0.88/SF
EGI
$23.0K $10.52/SF
− OpEx
−$6.9K −$3.16/SF
NOI
$16.1K $7.37/SF
Area
Madison County, IL
Vacancy
7.69%
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%
$322,640
Cap Rate 7%
$230,457
Cap Rate 9%
$179,244
Alternative Uses
Best Use
Multifamily LT 5
$230.5K
$201.7K – $268.9K
NOI $16,132 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$216.3K
$189.3K – $252.4K
NOI $15,143 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$596.9K
$522.3K – $696.4K
NOI $41,785 @ 7.0% cap · market cap 16.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
Explore this area
Business Placement
Demographics for 62060, IL
3,865
Population
2,018
Households
1.9
Avg Household Size
40
Median Age
7%
College-Educated
82%
High-School Grad
3.5 sq mi
ZIP Area
1,104
Density / Sq Mi
$40,139
Median Household Income
$35,762
Median Earnings
$1,019
Median Rent
$53,600
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?
Quadplex - Four apartment residences with recent interior and building-system improvements suited to an income-producing ownership strategy.
Where is this quadplex located?
The property is located at 1724 Kennedy Dr Madison, IL.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Four 1 bed/1 bath units in a 2,190‑square‑foot quadplex; Most units feature LVP flooring, stainless steel appliances, updated lighting, and refreshed bathroom finishes; Roof and AC replaced in the last two years
