Four-Unit Quadplex with Rear
For Sale
$155,000
217 S 16th Street, Belleville, IL 62220
Fully occupied multifamily property with updated flooring, appliances, a rear deck, and off-street parking.
Property Size1,416 SF
Days on Market47
Property Features for 217 S 16th Street
General Information
Standard status
Active
Size
1,416 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,860
Building Details
Building Size
1,416 SF
Year Built
1907
Buildings
1
Stories
2
Units
4
Listing Agency:
Keller Williams Marquee
(618) 560-8774
Listed By:
Jasmine Spraggins
(618) 560-8774
Source:
Century21laclede
Added: Jul 6
Changed: Aug 13
Last Checked: Aug 20 at 1:27PM
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 Keller Williams Marquee
Investment Insights
Based on property information with market context.
Built in 1907, this four-unit quadplex contains four one-bedroom, one-bath apartments, with all units currently occupied. Interior features include newer carpet in some apartments, wood-look flooring in others, and a refrigerator and stove in each unit. A spacious rear deck and off-street parking behind the building add practical tenant amenities.
The property is located at 217 S 16th Street in Belleville, near shopping, dining, public transportation, and downtown Belleville. The building is offered as is; the seller will not complete repairs, occupancy inspections, or municipal occupancy requirements.
The property is located at 217 S 16th Street in Belleville, near shopping, dining, public transportation, and downtown Belleville. The building is offered as is; the seller will not complete repairs, occupancy inspections, or municipal occupancy requirements.
Key Highlights
- Four‑unit building with four 1‑bedroom, 1‑bath apartments
- All 4 units currently occupied
- Refrigerator and stove included in each apartment
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
$11,677
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
7.53%
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%
$233,540
$233.5K
Cap Rate 7%
$166,814
$166.8K
Cap Rate 9%
$129,744
$129.7K
Market Conditions
NOI Build-Up for 1,416 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
$17.8K $12.60/SF
− Vacancy
−$1.2K −$0.82/SF
EGI
$16.7K $11.78/SF
− OpEx
−$5.0K −$3.53/SF
NOI
$11.7K $8.25/SF
Area
St. Clair County, IL
Vacancy
6.50%
Lease Rate
$12.60 /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%
$233,540
Cap Rate 7%
$166,814
Cap Rate 9%
$129,744
Alternative Uses
Best Use
Multifamily LT 5
$166.8K
$146.0K – $194.6K
NOI $11,677 @ 7.0% cap · market cap 7.53%
Second Best
Apartment 5plus
$150.3K
$131.5K – $175.3K
NOI $10,519 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$335.2K
$293.3K – $391.1K
NOI $23,465 @ 7.0% cap · market cap 15.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Explore this area
Business Placement
Demographics for 62220, IL
19,474
Population
8,784
Households
2.2
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
28.9 sq mi
ZIP Area
674
Density / Sq Mi
$65,261
Median Household Income
$37,105
Median Earnings
$976
Median Rent
$141,300
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 - Fully occupied multifamily property with updated flooring, appliances, a rear deck, and off-street parking.
Where is this quadplex located?
The property is located at 217 S 16th Street Belleville, IL.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Four‑unit building with four 1‑bedroom, 1‑bath apartments; All 4 units currently occupied; Refrigerator and stove included in each apartment
