8-Unit Brick Apartment
New
For Sale
$665,000
2516 & 2520 Eastview, Belleville, IL 62221
MULTI_FAMILY - Other - Belleville, IL
Property Size7,280 SF
Lot Size27,030.00 Acres
Price / SF$91.35
Days on Market3
Property Features for 2516 & 2520 Eastview
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
Not in a Subdvision
Elementary school
BELLEVILLE DIST 118
Middle school
BELLEVILLE DIST 118
High school
Belleville High School-East
Elementary school district
Belleville DIST 118
Middle school district
Belleville DIST 118
High school district
Belleville DIST 118
Directions
West Boulevard to Eastview
Standard status
Active
Size
7,280 SF
Lot size
27,030.00 Acres
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
fenced patio area
Building Details
Year built
1978
Floors in Building
2
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Kunkel Wittenauer Group, Inc
(618) 632-8200
Listed By:
Jeff Franke · License #475123599
(618) 632-8200
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 3:06PM
MLS# 26052458
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 multifamily property includes two brick apartment buildings with a combined 7,280 square feet and eight total units. Each residence uses a two-story plan with two bedrooms and 1.5 baths, featuring a full kitchen, main-level living room, half bath, two upstairs bedrooms, and a full bath. Individual fenced patio areas and off-street parking serve the units. Seven of the eight apartments are occupied, and several residences have undergone extensive remodeling.
The buildings are located at 2516 and 2520 Eastview Drive in Belleville, Illinois. Exterior work includes roofs, gutters, fascia, and soffits completed in 2021, plus newer privacy fencing. Heating is provided by forced air and cooling by central air. Tenants pay utilities, while the property has public water service and cable availability. Constructed in 1978, the buildings offer an established multifamily configuration with one unit available for showing.
The buildings are located at 2516 and 2520 Eastview Drive in Belleville, Illinois. Exterior work includes roofs, gutters, fascia, and soffits completed in 2021, plus newer privacy fencing. Heating is provided by forced air and cooling by central air. Tenants pay utilities, while the property has public water service and cable availability. Constructed in 1978, the buildings offer an established multifamily configuration with one unit available for showing.
Key Highlights
- Eight units arranged across two four‑unit brick apartment buildings
- 7 of 8 units occupied
- Two‑story units with 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story residences offer private patios, off-street parking, and separate tenant-paid utilities.
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: Eight units arranged across two four‑unit brick apartment buildings; 7 of 8 units occupied; Two‑story units with 2 bedrooms and 1.5 baths
