Building Details

Year Built 2024

Buildings 1

Construction all-brick

Tenancy Multi

Listing Agency: Landmark Realty l***@yahoo.com Show Phone

Listed By: Julia Kennedy · License #475.203745

Source: Nations-network

Added: Aug 13 Changed: Aug 31 Last Checked: Aug 30 at 9:00PM

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Investment Insights

Based on property information with market context.

Completed in 2024, this 3,300-square-foot triplex at 329 Rutledge St features all-brick construction and three residential units. Two apartments offer two bedrooms and one bathroom each, while the third provides three bedrooms and two bathrooms. Parking is available for residents.

The property is occupied by tenants on month-to-month leases. An additional investment property across the street is also offered as part of a package sale. The triplex is being sold as-is.

Key Highlights

• Completed in 2024 with all‑brick construction
• 3,300‑square‑foot triplex with three residential units
• Unit mix includes two 2‑bedroom, 1‑bath units

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

$24,309

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

6.40%

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%

$486,180 $486.2K

Cap Rate 7%

$347,271 $347.3K

Cap Rate 9%

$270,100 $270.1K

Market Conditions

NOI Build-Up for 3,300 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

$37.6K $11.40/SF

− Vacancy

−$2.9K −$0.88/SF

EGI

$34.7K $10.52/SF

− OpEx

−$10.4K −$3.16/SF

NOI

$24.3K $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%

$486,180

Cap Rate 7%

$347,271

Cap Rate 9%

$270,100

Alternative Uses

Best Use

Multifamily LT 5

$347.3K

$303.9K – $405.2K (±1% cap)

NOI $24,309 @ 7.0% cap · market cap 6.40%

Second Best

Apartment 5plus

$326.0K

$285.2K – $380.3K (±1% cap)

NOI $22,818 @ 7.0% cap · market cap 6.01%

Theoretical Best

Office A

$899.5K

$787.1K – $1.05M (±1% cap)

NOI $62,964 @ 7.0% cap · market cap 16.57%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Dental Office Auto Repair Shop (Bike/Boat/Book/etc) Store Big Box & Wholesale Store Pet Grooming Service Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

56

Businesses Nearby

Explore this area Business Placement

Demographics for 62097, IL

2,906

Population

1,144

Households

2.5

Avg Household Size

42

Median Age

20%

College-Educated

93%

High-School Grad

41.2 sq mi

ZIP Area

71

Density / Sq Mi

$85,234

Median Household Income

$35,786

Median Earnings

$212,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Newer three-unit property with a practical mix of two- and three-bedroom residences and available parking.

Where is this triplex located?

The property is located at 329 Rutledge St Worden, IL.

What is the asking price?

The asking price for this property is $379,900.

What are key features of this property?

This property features: Completed in 2024 with all‑brick construction; 3,300‑square‑foot triplex with three residential units; Unit mix includes two 2‑bedroom, 1‑bath units