264-Unit Apartment
New
For Sale
$17,000,000
2473 Ladley Ct, Springfield, IL 62703
Multifamily community with a mix of one- and two-bedroom units, including updated kitchens, bathrooms, flooring, and fixtures.
Property Size170,520 SF
Days on Market3
Property Features for 2473 Ladley Ct
General Information
Standard status
Active
Size
170,520 SF
Property subtype
Multifamily
Occupancy
95%
Units
Unit Mix
119 x 1BR/1BA, 145 x 2BR/1BA
Multifamily Units
264
Additional Details
Cap Rate
6.3%
Amenities
264-Unit Value-Add Opportunity in the Illinois State Capital
Upside in Rent Through Continued Units Renovations
Strong Unit Mix of One and Two Bedroom Units
Tenant-Paid Heat and Electric Plus Utility Reimbursement
Stable, Government-Anchored Economy
Central Location with East Access to Major Highways
Building Details
Building Size
170,520 SF
Units
264
Listed By:
Eric Bell · License #License(s): IL: 475.144220
(630) 570-2157
Source:
Marcusmillichap
Added: Sep 12
Last Checked: Sep 13 at 3:53AM
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 Eric Bell
Investment Insights
Based on property information with market context.
Whispering Pines is a 264-unit apartment community at 2473 Ladley Ct in Springfield, Illinois. The property includes 119 one-bedroom, one-bathroom residences of approximately 580 square feet and 145 two-bedroom, one-bathroom residences of approximately 700 square feet. One two-bedroom unit is currently configured as a leasing office.
Approximately 68% of the apartments have received updates, including select renovations with new kitchens, bathrooms, flooring, and fixtures; 16% of the units are fully renovated. Ownership pays water, sewer, trash, and common electric, while residents pay in-unit electric and electric-furnace heat. Springfield is served by government, healthcare, and education employment, with regional access through Interstates 55 and 72.
Approximately 68% of the apartments have received updates, including select renovations with new kitchens, bathrooms, flooring, and fixtures; 16% of the units are fully renovated. Ownership pays water, sewer, trash, and common electric, while residents pay in-unit electric and electric-furnace heat. Springfield is served by government, healthcare, and education employment, with regional access through Interstates 55 and 72.
Key Highlights
- 264‑unit apartment community in Springfield, Illinois
- 119 one‑bedroom/one‑bathroom units at approximately 580 square feet
- 145 two‑bedroom/one‑bathroom units at approximately 700 square feet
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
$1,387,253
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
8.16%
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%
$27,745,060
$27.7M
Cap Rate 7%
$19,817,900
$19.8M
Cap Rate 9%
$15,413,922
$15.4M
Market Conditions
NOI Build-Up for 170,520 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
$2.62M $15.36/SF
− Vacancy
−$96.9K −$0.57/SF
EGI
$2.52M $14.79/SF
− OpEx
−$1.14M −$6.66/SF
NOI
$1.39M $8.14/SF
Area
Springfield, IL
Vacancy
3.70%
Lease Rate
$15.36 /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%
$27,745,060
Cap Rate 7%
$19,817,900
Cap Rate 9%
$15,413,922
Alternative Uses
Best Use
Apartment 5plus
$19.82M
$17.34M – $23.12M
NOI $1,387,253 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$41.87M
$36.63M – $48.84M
NOI $2,930,625 @ 7.0% cap · market cap 17.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
264
Residential units
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 62703, IL
28,344
Population
14,320
Households
2
Avg Household Size
37
Median Age
21%
College-Educated
85%
High-School Grad
14.9 sq mi
ZIP Area
1,902
Density / Sq Mi
$44,580
Median Household Income
$36,345
Median Earnings
$971
Median Rent
$93,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily community with a mix of one- and two-bedroom units, including updated kitchens, bathrooms, flooring, and fixtures.
Where is this apartment building located?
The property is located at 2473 Ladley Ct Springfield, IL.
What is the asking price?
The asking price for this property is $17,000,000.
What are key features of this property?
This property features: 264‑unit apartment community in Springfield, Illinois; 119 one‑bedroom/one‑bathroom units at approximately 580 square feet; 145 two‑bedroom/one‑bathroom units at approximately 700 square feet
