15-Unit Apartment
4109 38th Ave, Moline, IL 61265
For Sale
New
$965,000
Garage parking serves a mix of studio, one-bedroom, and two-bedroom residences.
Property Size11,400 SF
Days on Market4
Property Features for 4109 38th Ave
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Highway Access
Road Access
Units
Unit Mix
Multifamily Units
Additional Details
Cap Rate
Amenities
Prime Location - Near Walmart, Lowe's, Chick-fil-A, Starbucks, Culver's, and Panera, with Convenient Int. 74 Access
Conversion Upside - Eight Potential Conversions Establish a Predominantly Two-Bedroom Mix
Additional Unit Potential - Repurpose Laundry Space into a Studio, Increasing Potential Unit Count to Sixteen
Building Details
Building Size
Units
Listing Agency:
Chicago Downtown Office
Listed By:
Yianni Mouflouzelis · License MI #6501455825, IA S73371000
(312) 624-7074
Source:
Marcusmillichap
Added: Nov 6
Changed: Nov 7
Last Checked: Nov 8 at 2:16AM
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 Chicago Downtown Office
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Investment Insights
Based on property information with market context.
The 15-unit apartment property at 4109 38th Ave in Moline, Illinois, contains one studio, eight one-bedroom apartments, and six two-bedroom apartments. Garage parking is provided. Recent work includes roof replacement, window updates, new garage doors, exterior stair upgrades, and parking lot repairs, seal-coating, and striping.
The property sits near the John Deere Road retail corridor, with Walmart, Lowe’s, Chick-fil-A, Starbucks, Culver’s, and Panera Bread identified nearby. John Deere Road carries approximately 40,267 vehicles per day at 41st Street. Interstate 74 provides regional connectivity, including access toward Quad Cities International Airport and area employers.
A proposed layout plan would reconfigure the eight one-bedroom apartments as two-bedroom units and create another studio in the laundry room, for a potential total of 16 apartments: 14 two-bedroom units and two studios. The concept relocates laundry facilities to the ground-floor mechanical room; the additional studio would use existing bathroom space and add a shower.
The property sits near the John Deere Road retail corridor, with Walmart, Lowe’s, Chick-fil-A, Starbucks, Culver’s, and Panera Bread identified nearby. John Deere Road carries approximately 40,267 vehicles per day at 41st Street. Interstate 74 provides regional connectivity, including access toward Quad Cities International Airport and area employers.
A proposed layout plan would reconfigure the eight one-bedroom apartments as two-bedroom units and create another studio in the laundry room, for a potential total of 16 apartments: 14 two-bedroom units and two studios. The concept relocates laundry facilities to the ground-floor mechanical room; the additional studio would use existing bathroom space and add a shower.
Key Highlights
- 15 apartments: one studio, eight one‑bedroom units, and six two‑bedroom units
- Proposed configuration could create 16 apartments, with 14 two‑bedroom units and two studios
- Recent work includes roof, windows, garage doors, exterior stairs, and parking lot improvements
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,124
Cap Rate
7.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,402,480
$1.4M
Cap Rate 7%
$1,001,771
$1.0M
Cap Rate 9%
$779,156
$779.2K
Market Conditions
NOI Build-Up for 11,400 SF
Gross rent
$136.8K $12.00/SF
− Vacancy
−$9.3K −$0.82/SF
EGI
$127.5K $11.18/SF
− OpEx
−$57.4K −$5.03/SF
NOI
$70.1K $6.15/SF
Area
Rock Island County, IL
Vacancy
6.80%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,402,480
Cap Rate 7%
$1,001,771
Cap Rate 9%
$779,156
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$876.6K – $1.17M
NOI $70,124 @ 7.0% cap · market cap 7.27%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.94M
$1.70M – $2.27M
NOI $135,904 @ 7.0% cap · market cap 14.08%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
15
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
Explore this area
Business Placement
Demographics for 61265, IL
44,342
Population
20,396
Households
2.2
Avg Household Size
40
Median Age
28%
College-Educated
89%
High-School Grad
19.2 sq mi
ZIP Area
2,309
Density / Sq Mi
$63,910
Median Household Income
$38,960
Median Earnings
$890
Median Rent
$142,300
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 - Garage parking serves a mix of studio, one-bedroom, and two-bedroom residences.
Where is this apartment building located?
The property is located at 4109 38th Ave Moline, IL.
What is the asking price?
The asking price for this property is $965,000.
What are key features of this property?
This property features: 15 apartments: one studio, eight one‑bedroom units, and six two‑bedroom units; Proposed configuration could create 16 apartments, with 14 two‑bedroom units and two studios; Recent work includes roof, windows, garage doors, exterior stairs, and parking lot improvements
