Four-Unit Income
2321 Washington Avenue Granite City, IL 62040
2321 Washington Avenue, Granite City, IL, 62040
$140,000
For Sale
Under Contract
$140,000
MULTI_FAMILY - Bungalow - Granite City, IL
Property Size1,737 SF
Lot Size0.11 Acres
Price / SF$80.60
Days on Market14
Property Features for 2321 Washington Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Bathrooms
- 3
- Rooms
- Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 1, Basement, Bedroom 4, Bedroom 5, Bathroom 2
- Parking features
- Garage
- Patio and Porch features
- Porch, Patio
- Fencing
- Privacy
- Basement
- Walk-Out Access
- Appliances
- Oven, Range, Free-Standing Refrigerator
- Standard status
- Active Under Contract
- APN
- 22-2-20-18-19-402-050
- Size
- 1,737 SF
- Lot size
- 0.11 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- Inglesyde lot 24 40x125
- Tax Annual Amount
- 1791
Utilities
- Utilities
- Cable Available
- Heating system
- Forced Air
- Cooling system
- Ceiling Fan(s)
- Water source
- Public
Building Details
- Year built
- 1918
- Floors in Building
- 2
- Flooring type
- Carpet, Vinyl
- Building materials
- Brick
- Roof type
- Shingle
- Architectural style
- Bungalow
Listing agency
Coldwell Banker Brown Realtors
(618) 667-3404
Listed by
Angela Judd Uram · License #475154689
(618) 692-7290
Added: Jul 9 Updated: Jul 22 at 12:33PM Checked: Jul 22 at 3:06PM
MLS# 26041232
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 property is currently configured as four income-producing units. The main residence includes a spacious 2-bedroom, 2-bath layout with a living room, kitchen, and full basement. An upper level provides a separate 1-bedroom, 1-bath living space with its own kitchen, breakfast nook, and living area.
A detached two-story garage building includes a one-car garage and two additional efficiency-style living spaces, each with a private bath. The property is being sold as-is.
The offering allows for continued multi-unit rental use as well as flexibility to be reconfigured into a larger single-family residence, subject to applicable requirements.
A detached two-story garage building includes a one-car garage and two additional efficiency-style living spaces, each with a private bath. The property is being sold as-is.
The offering allows for continued multi-unit rental use as well as flexibility to be reconfigured into a larger single-family residence, subject to applicable requirements.
Key Highlights
- Four income‑producing units: main 2 bed/2 bath plus upper 1 bed/1 bath, with two efficiency‑style units in the detached two‑story garage building
- Main residence offers a living room, kitchen, and full basement
- Upper level includes a separate 1‑bedroom, 1‑bath living space with its own kitchen and breakfast nook
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $19.8k | $11.40 |
| − Vacancy | −$1.5k | −$0.88 |
| EGI | $18.3k | $10.52 |
| − OpEx | −$5.5k | −$3.16 |
| NOI | $12.8k | $7.37 |
1,737 SF · lease $11.40/SF/yr · vacancy 7.69% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Property is currently configured as four income-producing units, including a detached two-story garage with two efficiency-style spaces.
Where is this quadplex located?
The property is located at 2321 Washington Avenue 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 income‑producing units: main 2 bed/2 bath plus upper 1 bed/1 bath, with two efficiency‑style units in the detached two‑story garage building; Main residence offers a living room, kitchen, and full basement; Upper level includes a separate 1‑bedroom, 1‑bath living space with its own kitchen and breakfast nook
