Two-Building Apartment
For Sale
$665,000
2516 & 2520 Eastview, Belleville, IL 62221
Eight two-story residences offer two-bedroom layouts, private fenced patios, and off-street parking in Belleville.
Property Size7,280 SF
Price / SF$91.35
Days on Market13
Property Features for 2516 & 2520 Eastview
General Information
Standard status
Active
Size
7,280 SF
Property subtype
Residential Income
Occupancy
88%
Units
Unit Mix
8 x 2BR/1.5BA
Multifamily Units
8
Additional Details
Asking Price
$665,000
Amenities
fenced patio
off-street parking
Building Details
Building Size
7,280 SF
Year Built
1978
Buildings
2
Stories
2
Units
4
Construction
brick
Listing Agency:
Kunkel Wittenauer Group, Inc
(618) 792-9693
Listed By:
Jeff Franke · License #475123599
(618) 792-9693
Source:
Exit2newbeginningz
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 29 at 4:51PM
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 Kunkel Wittenauer Group, Inc
Investment Insights
Based on property information with market context.
Located at 2516 and 2520 Eastview Drive in Belleville, this apartment property comprises two brick buildings with eight units and approximately 7,280 SF. Each residence is arranged over two levels, with two bedrooms, 1.5 baths, a full kitchen, a living room on the main floor, and a private fenced patio area. Off-street parking serves the property, and utilities are paid by tenants.
The complex was built in 1978 and is currently occupied by 7 of 8 units. Exterior work completed in 2021 included roof, gutter, fascia, and soffit replacements. Several residences have also undergone extensive remodeling. The vacant unit is available for showing, while access to occupied units follows an accepted contract.
The complex was built in 1978 and is currently occupied by 7 of 8 units. Exterior work completed in 2021 included roof, gutter, fascia, and soffit replacements. Several residences have also undergone extensive remodeling. The vacant unit is available for showing, while access to occupied units follows an accepted contract.
Key Highlights
- 8‑unit property across two four‑unit brick buildings
- Approximately 7,280 SF on 2516 and 2520 Eastview Drive
- Each unit includes 2 bedrooms and 1.5 baths
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
$54,083
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
8.13%
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%
$1,081,660
$1.1M
Cap Rate 7%
$772,614
$772.6K
Cap Rate 9%
$600,922
$600.9K
Market Conditions
NOI Build-Up for 7,280 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
$104.8K $14.40/SF
− Vacancy
−$6.5K −$0.89/SF
EGI
$98.3K $13.51/SF
− OpEx
−$44.2K −$6.08/SF
NOI
$54.1K $7.43/SF
Area
St. Clair County, IL
Vacancy
6.20%
Lease Rate
$14.40 /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%
$1,081,660
Cap Rate 7%
$772,614
Cap Rate 9%
$600,922
Alternative Uses
Best Use
Apartment 5plus
$772.6K
$676.0K – $901.4K
NOI $54,083 @ 7.0% cap · market cap 8.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,641 @ 7.0% cap · market cap 18.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
87.5%
Occupancy
Location Intelligence
Trade Area within ½ mile
263
Businesses Nearby
Explore this area
Business Placement
Demographics for 62221, IL
29,039
Population
12,460
Households
2.3
Avg Household Size
38
Median Age
37%
College-Educated
96%
High-School Grad
35.0 sq mi
ZIP Area
830
Density / Sq Mi
$78,619
Median Household Income
$45,353
Median Earnings
$1,078
Median Rent
$207,200
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 - Eight two-story residences offer two-bedroom layouts, private fenced patios, and off-street parking in Belleville.
Where is this apartment building located?
The property is located at 2516 & 2520 Eastview Belleville, IL.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: 8‑unit property across two four‑unit brick buildings; Approximately 7,280 SF on 2516 and 2520 Eastview Drive; Each unit includes 2 bedrooms and 1.5 baths
