Six-Unit Apartment
New
For Sale
$285,500
2222 Alexander Street, Granite City, IL 62040
Residential Income, Granite City, IL
Property Size2,470 SF
Lot Size0.30 Acres
Price / SF$115.59
Days on Market2
Property Features for 2222 Alexander Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 5, Bathroom 4, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 4, Bathroom 2, Bedroom 3, Basement, Bathroom 6, Bathroom 3, Bedroom 5, Bedroom 1
Basement
Full
Subdivision
Kensington Place
Elementary school
GRANITE CITY DIST 9
Middle school
GRANITE CITY DIST 9
High school
Granite City
Elementary school district
Granite City DIST 9
Middle school district
Granite City DIST 9
High school district
Granite City DIST 9
Standard status
Active
APN
22-2-20-20-07-203-003
Size
2,470 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4181
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s)
Water source
Public
Amenities
spacious back yard
Building Details
Year built
1950
Floors in Building
1
Number of units
6
Building materials
Vinyl Siding
Architectural style
Ranch
Listing Agency:
Fusion Realty, LLC · John L. Scott
Listed By:
Kevin Wrigley · License #471003942
(618) 781-9170
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 9 at 10:06AM
MLS# 26057997
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 2,470-square-foot ranch-style apartment building contains six one-bedroom units and is fully rented. The 1950 construction features vinyl siding, baseboard heating, window-unit cooling, and updated electrical service. Improvements include newer thermal windows at the rear, storm doors, and newer front porches.
The property occupies 0.2984 acres at 2222 Alexander Street in Granite City, Illinois. A full basement provides access to tenant electrical boxes but is not designated for tenant storage. Additional site features include a spacious rear yard and public water service.
The property occupies 0.2984 acres at 2222 Alexander Street in Granite City, Illinois. A full basement provides access to tenant electrical boxes but is not designated for tenant storage. Additional site features include a spacious rear yard and public water service.
Key Highlights
- Six one‑bedroom apartment units with 100% occupancy
- 2,470‑square‑foot apartment building on 0.2984 acres
- 1950 ranch‑style construction with vinyl siding
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
$17,079
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
5.98%
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%
$341,580
$341.6K
Cap Rate 7%
$243,986
$244.0K
Cap Rate 9%
$189,767
$189.8K
Market Conditions
NOI Build-Up for 2,470 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
$33.8K $13.68/SF
− Vacancy
−$2.7K −$1.11/SF
EGI
$31.1K $12.57/SF
− OpEx
−$14.0K −$5.66/SF
NOI
$17.1K $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%
$341,580
Cap Rate 7%
$243,986
Cap Rate 9%
$189,767
Alternative Uses
Best Use
Apartment 5plus
$244.0K
$213.5K – $284.7K
NOI $17,079 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$673.3K
$589.1K – $785.5K
NOI $47,128 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 62040, IL
40,872
Population
18,842
Households
2.2
Avg Household Size
41
Median Age
16%
College-Educated
89%
High-School Grad
39.9 sq mi
ZIP Area
1,024
Density / Sq Mi
$60,558
Median Household Income
$40,963
Median Earnings
$852
Median Rent
$106,600
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?
Apartment building - Ranch-style apartment property with updated electrical service, newer porches, and six one-bedroom residences.
Where is this apartment building located?
The property is located at 2222 Alexander Street Granite City, IL.
What is the asking price?
The asking price for this property is $285,500.
What are key features of this property?
This property features: Six one‑bedroom apartment units with 100% occupancy; 2,470‑square‑foot apartment building on 0.2984 acres; 1950 ranch‑style construction with vinyl siding
