Four-Unit Quadplex with Detached
For Sale
$140,000
2321 Washington Ave, Granite City, IL 62040
Four separate living spaces include kitchens, private baths, and flexible residential configurations.
Property Size1,737 SF
Price / SF$80.60
Days on Market42
Property Features for 2321 Washington Ave
General Information
Standard status
Active
Size
1,737 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA, 2 x efficiency
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,791
Building Details
Buildings
2
Listing Agency:
Coldwell Banker Brown Realtors
(618) 917-0508
Listed By:
Angela Judd Uram · License #475154689
(618) 917-0508
Source:
Exprealty
Added: Jun 29
Changed: Aug 7
Last Checked: Aug 8 at 7:44AM
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 Coldwell Banker Brown Realtors
Investment Insights
Based on property information with market context.
This quadplex is arranged as four separate residential units totaling 1,737 square feet. The primary residence includes two bedrooms, two bathrooms, a living room, kitchen, and full basement. A distinct upper-level unit provides one bedroom, one bathroom, kitchen, breakfast nook, and living area. The detached two-story garage building adds a one-car garage and two efficiency-style units, each with a private bathroom.
The property is currently operated as four rental units and may also accommodate reconfiguration into a larger single-family residence. It is located near shopping, dining, local amenities, and major roadways in Granite City, Illinois. The property is being sold as-is.
The property is currently operated as four rental units and may also accommodate reconfiguration into a larger single-family residence. It is located near shopping, dining, local amenities, and major roadways in Granite City, Illinois. The property is being sold as-is.
Key Highlights
- Four separate rental units currently configured within the property
- Main residence includes 2 bedrooms, 2 bathrooms, and a full basement
- Upper unit offers 1 bedroom, 1 bathroom, kitchen, breakfast nook, and living area
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
$12,795
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
9.14%
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%
$255,900
$255.9K
Cap Rate 7%
$182,786
$182.8K
Cap Rate 9%
$142,167
$142.2K
Market Conditions
NOI Build-Up for 1,737 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
$19.8K $11.40/SF
− Vacancy
−$1.5K −$0.88/SF
EGI
$18.3K $10.52/SF
− OpEx
−$5.5K −$3.16/SF
NOI
$12.8K $7.37/SF
Area
Madison County, IL
Vacancy
7.69%
Lease Rate
$11.40 /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%
$255,900
Cap Rate 7%
$182,786
Cap Rate 9%
$142,167
Alternative Uses
Best Use
Multifamily LT 5
$182.8K
$159.9K – $213.3K
NOI $12,795 @ 7.0% cap · market cap 9.14%
Second Best
Apartment 5plus
$171.6K
$150.1K – $200.2K
NOI $12,011 @ 7.0% cap · market cap 8.58%
Theoretical Best
Office A
$473.5K
$414.3K – $552.4K
NOI $33,142 @ 7.0% cap · market cap 23.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
691
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?
Quadplex - Four separate living spaces include kitchens, private baths, and flexible residential configurations.
Where is this quadplex located?
The property is located at 2321 Washington Ave Granite City, IL.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: Four separate rental units currently configured within the property; Main residence includes 2 bedrooms, 2 bathrooms, and a full basement; Upper unit offers 1 bedroom, 1 bathroom, kitchen, breakfast nook, and living area
