Four-Unit Apartment
For Sale
Under Contract
$155,000
217 S 16th Street, Belleville, IL 62220
Residential Income, Belleville, IL
Property Size1,416 SF
Lot Size0.16 Acres
Price / SF$109.46
Days on Market32
Property Features for 217 S 16th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 1, Bathroom 3, Bathroom 4
Subdivision
Brandenburgers 5th Sub
Elementary school
BELLEVILLE DIST 118
Middle school
BELLEVILLE DIST 118
High school
Belleville High School-West
Elementary school district
Belleville DIST 118
Middle school district
Belleville DIST 118
High school district
Belleville DIST 118
Standard status
Active Under Contract
APN
08-20.0-423-014
Size
1,416 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3860
Utilities
Cooling system
Central Air
Amenities
spacious rear deck
refrigerator
stove
Building Details
Year built
1907
Floors in Building
2
Number of units
4
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Marquee · Keller Williams Realty
(618) 307-5616
Listed By:
Jasmine Spraggins
(618) 307-5616
Added: Jul 20
Changed: Aug 19
Last Checked: Aug 20 at 6:06PM
MLS# 26041520
Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit multifamily building offers four 1-bedroom, 1-bath apartments. All four units are currently occupied, providing immediate rental income. The property features updates including newer carpet in some units and durable wood-look flooring in others. Each apartment includes a refrigerator and stove.
The building has a spacious rear deck and ample off-street parking located behind the property. The property is in Belleville, Illinois, near shopping, dining, public transportation, and downtown.
The sale is offered AS IS, and the seller will make no repairs, complete no occupancy inspections, and will not complete any municipal occupancy requirements. Lot size is listed at 0.16 acres and the property size is listed at 1,416 square feet.
The building has a spacious rear deck and ample off-street parking located behind the property. The property is in Belleville, Illinois, near shopping, dining, public transportation, and downtown.
The sale is offered AS IS, and the seller will make no repairs, complete no occupancy inspections, and will not complete any municipal occupancy requirements. Lot size is listed at 0.16 acres and the property size is listed at 1,416 square feet.
Key Highlights
- Four‑unit multifamily building with four 1‑bedroom, 1‑bath apartments
- All 4 units currently occupied, providing immediate rental income
- Each unit includes a refrigerator and stove
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
Lease Details
4
Residential units
100%
Occupancy
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 - Four 1-bedroom, 1-bath units are currently occupied, with in-unit refrigerators and stoves.
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 multifamily building with four 1‑bedroom, 1‑bath apartments; All 4 units currently occupied, providing immediate rental income; Each unit includes a refrigerator and stove
