Eight-Unit Apartment
For Sale
$520,000
1906 Rhodes St, Madison, IL 62060
Two-building rental property with recent exterior and insulation improvements.
Property Size2,250 SF
Price / SF$231.11
Days on Market15
Property Features for 1906 Rhodes St
General Information
Standard status
Active
Size
2,250 SF
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$2,289
Building Details
Buildings
2
Listing Agency:
Berkshire Hathaway HomeServices Select Properties
(618) 655-4100
Listed By:
Sandie LaMantia
(618) 978-2384
Source:
Exprealty
Added: Sep 10
Changed: Sep 18
Last Checked: Sep 24 at 3:49PM
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
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 = 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
$15,558
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
2.99%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
315
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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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
