Building Details

Year Built 2024

Buildings 1

Construction all-brick

Tenancy Multi

Listing Agency: Landmark Realty

Listed By: Julia Kennedy · License #475.203745 Show Phone

Source: Nations-network

Added: Aug 13 Changed: Oct 4 Last Checked: Oct 7 at 5:02PM

Report an Issue

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

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

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 / Yr

$24,309

Cap Rate

6.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$486,180 $486.2K

Cap Rate 7%

$347,271 $347.3K

Cap Rate 9%

$270,100 $270.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,300 SF

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 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. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

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

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