8-Unit Apartment
For Sale
$700,000
400 S 7th Street, Quincy, IL 62301
Each residence offers two bedrooms, one bath, laundry hookups and separate heating and cooling equipment.
Property Size8,448 SF
Price / SF$82.86
Days on Market25
Property Features for 400 S 7th Street
General Information
Standard status
Active
Size
8,448 SF
Total Parking Spaces
8
Property subtype
Residential Income
Zoning
R3
Occupancy
100%
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Parking per Unit
1
Additional Details
Gross Income
$85,200
Sprinkler System
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$15,597
Amenities
open floor plans
in-unit washer/dryer hookups
furnace
central cooling
electric water heater
Cable Available
High Speed Internet
Building Details
Building Size
8,448 SF
Year Built
2013
Units
8
Listing Agency:
Davis & Associates, REALTORS
(217) 224-8100
Listed By:
Bobette Cawthon
(217) 242-4352
Source:
Freedomrealtyil
Added: Oct 7
Changed: Oct 30
Last Checked: Oct 30 at 3:37PM
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 Davis & Associates, REALTORS
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Investment Insights
Based on property information with market context.
Built in 2013, this 8-unit apartment property totals 8,448 square feet and is fully occupied. Each apartment has an open layout with two bedrooms and one bathroom, plus washer and dryer connections. Unit improvements include flooring, appliances and bathroom work. Individual furnaces, central cooling and electric water heaters serve the apartments. The property is zoned R3.
Residents are responsible for utilities other than garbage service. Site features include sprinkler systems, one private off-street parking space for each apartment and additional off-street parking.
Residents are responsible for utilities other than garbage service. Site features include sprinkler systems, one private off-street parking space for each apartment and additional off-street parking.
Key Highlights
- Fully occupied 8‑unit property built in 2013
- 8,448 square feet; zoned R3
- Each unit has 2 bedrooms, 1 bath and washer/dryer hookups
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,122
Cap Rate
6.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$922,440
$922.4K
Cap Rate 7%
$658,886
$658.9K
Cap Rate 9%
$512,467
$512.5K
Market Conditions
NOI Build-Up for 8,448 SF
Gross rent
$89.2K $10.56/SF
− Vacancy
−$5.4K −$0.63/SF
EGI
$83.9K $9.93/SF
− OpEx
−$37.7K −$4.47/SF
NOI
$46.1K $5.46/SF
Area
Adams County, IL
Vacancy
6.00%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$922,440
Cap Rate 7%
$658,886
Cap Rate 9%
$512,467
Alternative Uses
Best Use
Apartment 5plus
$658.9K
$576.5K – $768.7K
NOI $46,122 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.69M
$1.48M – $1.97M
NOI $118,132 @ 7.0% cap · market cap 16.88%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
8
Residential units
100%
Occupancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,182
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Each residence offers two bedrooms, one bath, laundry hookups and separate heating and cooling equipment.
Where is this apartment building located?
The property is located at 400 S 7th Street Quincy, IL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Fully occupied 8‑unit property built in 2013; 8,448 square feet; zoned R3; Each unit has 2 bedrooms, 1 bath and washer/dryer hookups
