Three-Unit Apartment
For Sale
$215,500
2713 College Ave, Alton, IL 62002
Unit mix includes one two-bedroom apartment and two one-bedroom apartments.
Property Size2,140 SF
Price / SF$100.70
Days on Market41
Property Features for 2713 College Ave
General Information
Standard status
Active
Size
2,140 SF
Property subtype
Residential Income
Units
Unit Mix
1 Bedroom, 1 Bedroom, 2 Bedroom
Multifamily Units
3
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$3,601
Building Details
Buildings
1
Listing Agency:
Landmark Realty
(618) 560-8201
Listed By:
Matt Horn · License #2023007773
(618) 560-8201
Source:
Exprealty
Added: Jul 1
Changed: Aug 10
Last Checked: Aug 10 at 4:57AM
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 Landmark Realty
Investment Insights
Based on property information with market context.
This triplex contains 2,140 square feet across one two-bedroom apartment and two one-bedroom apartments. The units are described as well maintained and in very good condition, with replacement windows throughout and a roof installed in 2023. Kitchen appliances convey with the property. Laundry amenities include a washer and dryer in the two-bedroom unit plus another set in the lower level.
The property is located at 2713 College Ave in Alton, Illinois, beside the SIU Dental School. Off-street parking is available for residents. The owner handles water, sewer, and trash service, and each apartment is leased for terms of less than one year.
The property is located at 2713 College Ave in Alton, Illinois, beside the SIU Dental School. Off-street parking is available for residents. The owner handles water, sewer, and trash service, and each apartment is leased for terms of less than one year.
Key Highlights
- Triplex totaling 2,140 square feet
- Unit mix: one 2‑bedroom and two 1‑bedroom apartments
- New roof installed 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
7.32%
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 7.32%
Second Best
Apartment 5plus
$211.4K
$185.0K – $246.6K
NOI $14,797 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$583.3K
$510.4K – $680.5K
NOI $40,831 @ 7.0% cap · market cap 18.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
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 - Unit mix includes one two-bedroom apartment and two one-bedroom apartments.
Where is this triplex located?
The property is located at 2713 College Ave Alton, IL.
What is the asking price?
The asking price for this property is $215,500.
What are key features of this property?
This property features: Triplex totaling 2,140 square feet; Unit mix: one 2‑bedroom and two 1‑bedroom apartments; New roof installed in 2023
