Triplex with Detached
206 N State Street, Springfield, IL 62704
For Sale
$190,000
Two apartments are leased, while the largest unit is vacant and available for occupancy.
Property Size1,899 SF
Price / SF$100.05
Days on Market55
Property Features for 206 N State Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Taxes and HOA fees
Annual Taxes
Amenities
Cable Available
Building Details
Building Size
Year Built
Units
Listing Agency:
The Real Estate Group, Inc.
(217) 787-7000
Listed By:
Joshua Kruse · License #475144896
(217) 816-9405
Source:
Realty618
Added: Sep 16
Changed: Nov 4
Last Checked: Nov 8 at 8:01AM
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 The Real Estate Group, Inc.
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Investment Insights
Based on property information with market context.
This 1,899-square-foot triplex was built in 1900 and includes three residential units. Two are leased, and the largest unit is vacant. A detached garage provides additional space that may be used for storage or equipment storage.
The property is a four-minute drive from the medical district. Its three-unit configuration includes a studio at the rear of the building.
The property is a four-minute drive from the medical district. Its three-unit configuration includes a studio at the rear of the building.
Key Highlights
- Three‑unit residential building
- 1,899 square feet; built in 1900
- Two units leased; largest unit is vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,449
Cap Rate
8.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$308,980
$309.0K
Cap Rate 7%
$220,700
$220.7K
Cap Rate 9%
$171,656
$171.7K
Market Conditions
NOI Build-Up for 1,899 SF
Gross rent
$29.2K $15.36/SF
− Vacancy
−$1.1K −$0.57/SF
EGI
$28.1K $14.79/SF
− OpEx
−$12.6K −$6.66/SF
NOI
$15.4K $8.14/SF
Area
Springfield, IL
Vacancy
3.70%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$308,980
Cap Rate 7%
$220,700
Cap Rate 9%
$171,656
Alternative Uses
Best Use
Multifamily LT 5
$252.8K
$221.2K – $295.0K
NOI $17,699 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$220.7K
$193.1K – $257.5K
NOI $15,449 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$466.2K
$408.0K – $544.0K
NOI $32,637 @ 7.0% cap · market cap 17.18%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,570
Businesses Nearby
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Business Placement
Demographics for 62704, IL
39,157
Population
20,706
Households
1.9
Avg Household Size
40
Median Age
42%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
3,210
Density / Sq Mi
$66,352
Median Household Income
$44,793
Median Earnings
$924
Median Rent
$166,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Two apartments are leased, while the largest unit is vacant and available for occupancy.
Where is this triplex located?
The property is located at 206 N State Street Springfield, IL.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Three‑unit residential building; 1,899 square feet; built in 1900; Two units leased; largest unit is vacant
