Renovated
New
For Sale
$420,000
309 E Adams St, Morton, IL 61550
Three separate units include a three-bedroom residence and two furnished one-bedroom apartments with private upstairs access.
Property Size2,560 SF
Price / SF$164.06
Days on Market3
Property Features for 309 E Adams St
General Information
Standard status
Active
Size
2,560 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 2 x 1BR
Multifamily Units
3
Amenities
front porch
decks
porches
Building Details
Year Built
1928
Buildings
1
Listing Agency:
RE/MAX Traders Unlimited
Listed By:
Sue Neihouser · License #RMA6470
(309) 241-6742
Source:
Schaublerealty
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 24 at 12:39PM
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 RE/MAX Traders Unlimited
Investment Insights
Based on property information with market context.
This 2,560-square-foot triplex at 309 E Adams St includes three distinct living spaces. The main-level Unit A has 3 bedrooms, 1 bathroom, laundry appliances, and a front porch. Upstairs, Units B and C are furnished 1-bedroom apartments with separate access. Unit B features refreshed finishes, updated cabinetry and countertop, a remodeled bathroom, and new entry components. Unit C includes LVT flooring in the kitchen and bathroom, a mini-split system, updated paint, and replacement appliances and doors.
The 1928 property has received extensive improvements, including electrical work, flooring, windows, interior doors, trim, closet organizers, blinds, entry doors, roof and siding work in '18, and soundproofing between the first and second floors. Additional features include keypad locks, refreshed decks and porches, and a 2-car detached garage. Furnishings are included.
The 1928 property has received extensive improvements, including electrical work, flooring, windows, interior doors, trim, closet organizers, blinds, entry doors, roof and siding work in '18, and soundproofing between the first and second floors. Additional features include keypad locks, refreshed decks and porches, and a 2-car detached garage. Furnishings are included.
Key Highlights
- 2,560‑square‑foot triplex with three separate units
- Unit A offers 3 bedrooms, 1 bathroom, laundry, and a front porch
- Furnished upstairs Units B and C are each 1‑bedroom apartments with private access
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
$16,908
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
4.03%
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%
$338,160
$338.2K
Cap Rate 7%
$241,543
$241.5K
Cap Rate 9%
$187,867
$187.9K
Market Conditions
NOI Build-Up for 2,560 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
$26.1K $10.20/SF
− Vacancy
−$2.0K −$0.77/SF
EGI
$24.2K $9.44/SF
− OpEx
−$7.2K −$2.83/SF
NOI
$16.9K $6.60/SF
Area
Tazewell County, IL
Vacancy
7.50%
Lease Rate
$10.20 /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%
$338,160
Cap Rate 7%
$241,543
Cap Rate 9%
$187,867
Alternative Uses
Best Use
Multifamily LT 5
$241.5K
$211.4K – $281.8K
NOI $16,908 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$214.4K
$187.6K – $250.1K
NOI $15,008 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$1.00M
$876.6K – $1.17M
NOI $70,124 @ 7.0% cap · market cap 16.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Explore this area
Business Placement
Demographics for 61550, IL
18,488
Population
8,053
Households
2.3
Avg Household Size
42
Median Age
40%
College-Educated
97%
High-School Grad
41.2 sq mi
ZIP Area
449
Density / Sq Mi
$92,269
Median Household Income
$48,692
Median Earnings
$1,001
Median Rent
$247,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate units include a three-bedroom residence and two furnished one-bedroom apartments with private upstairs access.
Where is this triplex located?
The property is located at 309 E Adams St Morton, IL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 2,560‑square‑foot triplex with three separate units; Unit A offers 3 bedrooms, 1 bathroom, laundry, and a front porch; Furnished upstairs Units B and C are each 1‑bedroom apartments with private access
