Updated Four-Unit Apartment
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 Market50
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:
Milner Agency
Listed By:
Strait Realty
(314) 441-4444
Source:
Straitrealty
Added: Sep 6
Changed: Oct 23
Last Checked: Oct 24 at 5:05PM
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 Milner Agency
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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 / Yr
$16,132
Cap Rate
6.20%
Suggested Prices Based on Cap Rates
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
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 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.
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Who owns this building?
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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
