Eight-Unit Apartment
1906 Rhodes St, Madison, IL 62060
For Sale
$520,000
Two-building rental property with recent exterior and insulation improvements.
Property Size2,250 SF
Price / SF$231.11
Days on Market61
Property Features for 1906 Rhodes St
General Information
Standard status
Size
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Buildings
Listing Agency:
Berkshire Hathaway HomeServices Select Properties
(618) 655-4100
Listed By:
Sandie LaMantia
(618) 978-2384
Source:
Exprealty
Added: Sep 10
Changed: Nov 9
Last Checked: Nov 8 at 10:05AM
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 Berkshire Hathaway HomeServices Select Properties
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Investment Insights
Based on property information with market context.
This multifamily property includes two apartment buildings totaling eight one-bedroom, one-bath units and approximately 2,250 square feet. The buildings are being sold together and will not be divided.
Four units, representing 50% of the total, have received updates including LVP flooring, stainless steel kitchen appliances, revised lighting, tub and shower surrounds, and bathroom vanities. Air-conditioning systems were replaced within the last two years. Additional work completed in 2025 includes replacement windows and exterior doors, new attic insulation, a crawlspace vapor barrier, and rim joist insulation.
The property is located at 1906 Rhodes St in Madison, IL. Showings require 48-hour notice, are subject to tenant availability, and will be attended by the seller. Pre-approved buyers only.
Four units, representing 50% of the total, have received updates including LVP flooring, stainless steel kitchen appliances, revised lighting, tub and shower surrounds, and bathroom vanities. Air-conditioning systems were replaced within the last two years. Additional work completed in 2025 includes replacement windows and exterior doors, new attic insulation, a crawlspace vapor barrier, and rim joist insulation.
The property is located at 1906 Rhodes St in Madison, IL. Showings require 48-hour notice, are subject to tenant availability, and will be attended by the seller. Pre-approved buyers only.
Key Highlights
- Two buildings with eight total 1 bed/1 bath units
- 50% of units updated with LVP flooring and stainless steel kitchen appliances
- Windows and exterior doors replaced in 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,558
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$311,160
$311.2K
Cap Rate 7%
$222,257
$222.3K
Cap Rate 9%
$172,867
$172.9K
Market Conditions
NOI Build-Up for 2,250 SF
Gross rent
$30.8K $13.68/SF
− Vacancy
−$2.5K −$1.11/SF
EGI
$28.3K $12.57/SF
− OpEx
−$12.7K −$5.66/SF
NOI
$15.6K $6.91/SF
Area
Madison County, IL
Vacancy
8.10%
Lease Rate
$13.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$311,160
Cap Rate 7%
$222,257
Cap Rate 9%
$172,867
Alternative Uses
Best Use
Apartment 5plus
$222.3K
$194.5K – $259.3K
NOI $15,558 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$613.3K
$536.6K – $715.5K
NOI $42,930 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
315
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
Properties on Market for Apartment buildings in Madison County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-building rental property with recent exterior and insulation improvements.
Where is this apartment building located?
The property is located at 1906 Rhodes St Madison, IL.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Two buildings with eight total 1 bed/1 bath units; 50% of units updated with LVP flooring and stainless steel kitchen appliances; Windows and exterior doors replaced in 2025
