Renovated
309 E Adams St, Morton, IL 61550
For Sale
$420,000
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 Market49
Property Features for 309 E Adams St
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Units
Unit Mix
Multifamily Units
Amenities
front porch
decks
porches
Building Details
Year Built
Buildings
Listing Agency:
RE/MAX Traders Unlimited
Listed By:
Sue Neihouser · License #RMA6470
(309) 229-8831
Source:
Schaublerealty
Added: Sep 22
Changed: Nov 4
Last Checked: Nov 8 at 10:45AM
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
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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 / Yr
$16,908
Cap Rate
4.03%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
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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
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
