Two-Unit
For Sale
$105,000
2800 College Avenue, Quincy, IL 62301
Income-producing duplex with separate two-bedroom and one-bedroom residences.
Property Size1,250 SF
Days on Market67
Property Features for 2800 College Avenue
General Information
Standard status
Active
Size
1,250 SF
Total Parking Spaces
2
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$1,891
Building Details
Building Size
1,250 SF
Year Built
1925
Units
2
Listing Agency:
Gem City Real Estate Group
(217) 440-3797
Listed By:
Zach Tuley
(217) 440-3797
Source:
Shawneehillsrealestate
Added: Jun 15
Changed: Aug 17
Last Checked: Aug 19 at 3:01PM
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 Gem City Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1925, this two-unit residential property includes a lower residence with two bedrooms and an upper residence with one bedroom. Both units are currently leased, providing an existing occupancy profile for a buyer evaluating the property as a residential income asset.
The property is located at 2800 College Avenue in Quincy, Illinois. Showings require 24 hours’ notice. The property is broker-owned.
The property is located at 2800 College Avenue in Quincy, Illinois. Showings require 24 hours’ notice. The property is broker-owned.
Key Highlights
- Two‑unit duplex built in 1925
- Lower unit has 2 bedrooms and is currently leased
- Upper unit has 1 bedroom and is currently leased
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
$7,363
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
7.01%
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%
$147,260
$147.3K
Cap Rate 7%
$105,186
$105.2K
Cap Rate 9%
$81,811
$81.8K
Market Conditions
NOI Build-Up for 1,250 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
$11.3K $9.00/SF
− Vacancy
−$731 −$0.59/SF
EGI
$10.5K $8.42/SF
− OpEx
−$3.2K −$2.52/SF
NOI
$7.4K $5.89/SF
Area
Adams County, IL
Vacancy
6.50%
Lease Rate
$9.00 /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%
$147,260
Cap Rate 7%
$105,186
Cap Rate 9%
$81,811
Alternative Uses
Best Use
Multifamily LT 5
$105.2K
$92.0K – $122.7K
NOI $7,363 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$97.5K
$85.3K – $113.7K
NOI $6,824 @ 7.0% cap · market cap 6.50%
Theoretical Best
Healthcare Medical
$249.7K
$218.5K – $291.3K
NOI $17,479 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
649
Businesses Nearby
Explore this area
Business Placement
Demographics for 62301, IL
31,481
Population
15,295
Households
2.1
Avg Household Size
39
Median Age
24%
College-Educated
91%
High-School Grad
11.2 sq mi
ZIP Area
2,811
Density / Sq Mi
$52,212
Median Household Income
$36,665
Median Earnings
$805
Median Rent
$124,200
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?
Duplex - Income-producing duplex with separate two-bedroom and one-bedroom residences.
Where is this duplex located?
The property is located at 2800 College Avenue Quincy, IL.
What is the asking price?
The asking price for this property is $105,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1925; Lower unit has 2 bedrooms and is currently leased; Upper unit has 1 bedroom and is currently leased
