Updated Three-Unit
New
For Sale
$120,000
2704 Idaho Avenue, Granite City, IL 62040
MULTI_FAMILY - Other - Granite City, IL
Property Size1,440 SF
Lot Size0.08 Acres
Price / SF$83.33
Days on Market2
Property Features for 2704 Idaho Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking features
On Street
Appliances
Microwave, Range, Free-Standing Refrigerator, Water Heater
Subdivision
Yourees Colonial Sub
Lot features
Landscaped, Level, Near Park
Elementary school
GRANITE CITY DIST 9
Middle school
GRANITE CITY DIST 9
High school
Granite City
Elementary school district
Granite City DIST 9
Middle school district
Granite City DIST 9
High school district
Granite City DIST 9
Standard status
Active
APN
22-2-20-18-08-201-002.001
Size
1,440 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2643
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Number of units
3
Flooring type
Laminate
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Century 21 Bailey & Company · Century 21 Real Estate
(618) 931-2121
Listed By:
Michelle Orlando · License #475.215512
(618) 931-2121
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 7:06AM
MLS# 26051029
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.
Built in 1950, this triplex contains three updated residential units within 1,440 square feet on a 0.0828-acre lot. The property includes three bathrooms, laminate flooring, vinyl siding, shingle roofing, and individual living spaces suited to continued rental use. Interior appliances include microwaves, ranges, free-standing refrigerators, and water heaters. Central air and forced-air heating serve the building, while public water is available.
The property is situated near Wilson Park, with shopping, dining, schools, and major roadways identified in the surrounding area. Parking is provided on the street. The combination of three units, established construction, and updated interiors creates a straightforward multifamily configuration for an owner or investor.
The property is situated near Wilson Park, with shopping, dining, schools, and major roadways identified in the surrounding area. Parking is provided on the street. The combination of three units, established construction, and updated interiors creates a straightforward multifamily configuration for an owner or investor.
Key Highlights
- Three‑unit triplex with 1,440 square feet of building area
- 0.0828‑acre lot with on‑street parking
- Three bathrooms serving the property
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
$10,608
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
8.84%
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%
$212,160
$212.2K
Cap Rate 7%
$151,543
$151.5K
Cap Rate 9%
$117,867
$117.9K
Market Conditions
NOI Build-Up for 1,440 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
$16.4K $11.40/SF
− Vacancy
−$1.3K −$0.88/SF
EGI
$15.2K $10.52/SF
− OpEx
−$4.5K −$3.16/SF
NOI
$10.6K $7.37/SF
Area
Madison County, IL
Vacancy
7.69%
Lease Rate
$11.40 /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%
$212,160
Cap Rate 7%
$151,543
Cap Rate 9%
$117,867
Alternative Uses
Best Use
Multifamily LT 5
$151.5K
$132.6K – $176.8K
NOI $10,608 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$142.2K
$124.5K – $166.0K
NOI $9,957 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$392.5K
$343.4K – $457.9K
NOI $27,475 @ 7.0% cap · market cap 22.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
244
Businesses Nearby
Explore this area
Business Placement
Demographics for 62040, IL
40,872
Population
18,842
Households
2.2
Avg Household Size
41
Median Age
16%
College-Educated
89%
High-School Grad
39.9 sq mi
ZIP Area
1,024
Density / Sq Mi
$60,558
Median Household Income
$40,963
Median Earnings
$852
Median Rent
$106,600
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?
Triplex - Three-unit rental property with refreshed interiors, central air, and forced-air heating.
Where is this triplex located?
The property is located at 2704 Idaho Avenue Granite City, IL.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Three‑unit triplex with 1,440 square feet of building area; 0.0828‑acre lot with on‑street parking; Three bathrooms serving the property
