3-Unit Rental
For Sale
Under Contract
$209,000
2713 College Avenue, Alton, IL 62002
Residential Income, Alton, IL
Property Size2,140 SF
Lot Size0.17 Acres
Price / SF$97.66
Days on Market48
Property Features for 2713 College Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1
Subdivision
Longs E Add
Elementary school
ALTON DIST 11
Middle school
ALTON DIST 11
High school
Alton
Elementary school district
Alton DIST 11
Middle school district
Alton DIST 11
High school district
Alton DIST 11
Standard status
Active Under Contract
APN
23-2-08-07-11-201-005
Size
2,140 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3601
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s), Central Air, Wall/Window Unit(s)
Water source
Public
Amenities
washer/dryer
Building Details
Year built
1925
Building materials
Steel Siding
Listing Agency:
Landmark Realty
(618) 466-1513
Listed By:
Matt Horn · License #2023007773
(618) 560-8201
Added: Jul 22
Changed: Sep 4
Last Checked: Sep 7 at 2:06PM
MLS# 26041738
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 1925, this 2,140-square-foot triplex contains one two-bedroom apartment and two one-bedroom apartments. The units are configured under lease terms of less than one year, and the property includes all kitchen appliances. Laundry facilities include a washer and dryer in the two-bedroom unit plus an additional set in the lower level. New windows throughout and a roof installed in 2023 provide notable updates. Construction includes steel siding, with forced-air heating and a combination of central and window or wall-mounted cooling systems.
The 0.1707-acre property is located at 2713 College Avenue in Alton, next to the SIU Dental School. Ample off-street parking serves the building. Public water supplies the property, while the owner is responsible for water, sewer, and trash service.
The 0.1707-acre property is located at 2713 College Avenue in Alton, next to the SIU Dental School. Ample off-street parking serves the building. Public water supplies the property, while the owner is responsible for water, sewer, and trash service.
Key Highlights
- Three‑unit mix: one 2‑bedroom apartment and two 1‑bedroom apartments
- 2,140 square feet on a 0.1707‑acre lot
- New roof completed in 2023
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
$15,764
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
7.54%
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%
$315,280
$315.3K
Cap Rate 7%
$225,200
$225.2K
Cap Rate 9%
$175,156
$175.2K
Market Conditions
NOI Build-Up for 2,140 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
$24.4K $11.40/SF
− Vacancy
−$1.9K −$0.88/SF
EGI
$22.5K $10.52/SF
− OpEx
−$6.8K −$3.16/SF
NOI
$15.8K $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%
$315,280
Cap Rate 7%
$225,200
Cap Rate 9%
$175,156
Alternative Uses
Best Use
Multifamily LT 5
$225.2K
$197.1K – $262.7K
NOI $15,764 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$211.4K
$185.0K – $246.6K
NOI $14,797 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$583.3K
$510.4K – $680.5K
NOI $40,831 @ 7.0% cap · market cap 19.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
467
Businesses Nearby
Explore this area
Business Placement
Demographics for 62002, IL
30,176
Population
14,832
Households
2
Avg Household Size
41
Median Age
24%
College-Educated
92%
High-School Grad
41.3 sq mi
ZIP Area
731
Density / Sq Mi
$57,851
Median Household Income
$38,120
Median Earnings
$941
Median Rent
$114,300
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 apartments include one two-bedroom unit and two one-bedroom units with off-street parking.
Where is this triplex located?
The property is located at 2713 College Avenue Alton, IL.
What is the asking price?
The asking price for this property is $209,000.
What are key features of this property?
This property features: Three‑unit mix: one 2‑bedroom apartment and two 1‑bedroom apartments; 2,140 square feet on a 0.1707‑acre lot; New roof completed in 2023
