Two-Building Quadplex
For Sale
$665,000
2516 & 2520 Eastview, Belleville, IL 62221
Residential Income, Belleville, IL
Property Size7,280 SF
Lot Size27,030.00 Acres
Price / SF$91.35
Days on Market48
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
patio
off-street parking
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) 792-9693
Added: Aug 19
Changed: Sep 30
Last Checked: Oct 5 at 5:06AM
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.
Two brick buildings contain eight residences, each arranged across two floors with two bedrooms, 1.5 baths, a full kitchen, a living room, and a private patio. The buildings total 7,280 square feet and were built in 1978. Several residences have been remodeled, and exterior work in 2021 included new roofs, gutters, fascia, and soffits. Some patios have newer privacy fencing.
All eight units are leased, with tenants responsible for utilities. The property also has off-street parking. Heating is forced air, cooling is central, and public water is available.
All eight units are leased, with tenants responsible for utilities. The property also has off-street parking. Heating is forced air, cooling is central, and public water is available.
Key Highlights
- Eight units across two brick buildings; total building area is 7,280 square feet
- All 8 units leased; property is 100% occupied
- Each unit has 2 bedrooms, 1.5 baths, and a private patio
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
$60,036
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
9.03%
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%
$1,200,720
$1.2M
Cap Rate 7%
$857,657
$857.7K
Cap Rate 9%
$667,067
$667.1K
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
$91.7K $12.60/SF
− Vacancy
−$6.0K −$0.82/SF
EGI
$85.8K $11.78/SF
− OpEx
−$25.7K −$3.53/SF
NOI
$60.0K $8.25/SF
Area
St. Clair County, IL
Vacancy
6.50%
Lease Rate
$12.60 /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%
$1,200,720
Cap Rate 7%
$857,657
Cap Rate 9%
$667,067
Alternative Uses
Best Use
Multifamily LT 5
$857.7K
$750.5K – $1.00M
NOI $60,036 @ 7.0% cap · market cap 9.03%
Second Best
Apartment 5plus
$772.6K
$676.0K – $901.4K
NOI $54,083 @ 7.0% cap · market cap 8.13%
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
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Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Each residence has two levels, two bedrooms, 1.5 baths, and a private patio.
Where is this quadplex 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 across two brick buildings; total building area is 7,280 square feet; All 8 units leased; property is 100% occupied; Each unit has 2 bedrooms, 1.5 baths, and a private patio
