Gutted Duplex Ready for
For Sale
$200,000
427 E 4th Street, Alton, IL 62002
MULTI_FAMILY - Alton, IL
Property Size2,275 SF
Lot Size0.22 Acres
Price / SF$87.91
Days on Market144
Property Features for 427 E 4th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3
Parking features
None
Appliances
Gas Water Heater
Subdivision
Alton
Elementary school
ALTON DIST 11
Middle school
ALTON DIST 11
High school
Alton
Elementary school district
Alton DIST 11
Middle school district
Alton DIST 11
High school district
Alton DIST 11
Standard status
Active
APN
23-2-07-14-08-201-016
Size
2,275 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2019
Tax Annual Amount
2998
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1940
Number of units
2
Building materials
Brick
Listing Agency:
Landmark Realty
(618) 466-1513
Listed By:
Nicholas Schranck · License #475.194759
(618) 466-1513
Added: Mar 31
Changed: Aug 3
Last Checked: Aug 21 at 5:06AM
MLS# 26018482
Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex presents a redevelopment opportunity with the building fully gutted and ready for new improvements. The structure is brick and was built in 1940, offering a blank slate for an investor or owner-occupant to reimagine the layout. The home has a gas water heater and is equipped with natural gas forced-air heating. Cooling is provided via wall/window unit(s) and window unit(s). Public water service is available.
Set on a 0.22-acre lot, the property is located in a historic district with sweeping views of the Mississippi River. Parking is listed as none.
The current room configuration references four bedrooms and two bathrooms, supporting a duplex-style living plan once redevelopment work is complete. Consider this property for a ground-up repositioning where you control finishes, systems, and interior design.
Set on a 0.22-acre lot, the property is located in a historic district with sweeping views of the Mississippi River. Parking is listed as none.
The current room configuration references four bedrooms and two bathrooms, supporting a duplex-style living plan once redevelopment work is complete. Consider this property for a ground-up repositioning where you control finishes, systems, and interior design.
Key Highlights
- Gutted duplex building ready for redevelopment
- 0.22‑acre lot with brick construction
- Built in 1940
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
$16,758
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
8.38%
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%
$335,160
$335.2K
Cap Rate 7%
$239,400
$239.4K
Cap Rate 9%
$186,200
$186.2K
Market Conditions
NOI Build-Up for 2,275 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
$25.9K $11.40/SF
− Vacancy
−$2.0K −$0.88/SF
EGI
$23.9K $10.52/SF
− OpEx
−$7.2K −$3.16/SF
NOI
$16.8K $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%
$335,160
Cap Rate 7%
$239,400
Cap Rate 9%
$186,200
Alternative Uses
Best Use
Multifamily LT 5
$239.4K
$209.5K – $279.3K
NOI $16,758 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$224.7K
$196.6K – $262.2K
NOI $15,731 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$620.1K
$542.6K – $723.5K
NOI $43,407 @ 7.0% cap · market cap 21.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Explore this area
Business Placement
Demographics for 62002, IL
30,176
Population
14,832
Households
2
Avg Household Size
41
Median Age
24%
College-Educated
92%
High-School Grad
41.3 sq mi
ZIP Area
731
Density / Sq Mi
$57,851
Median Household Income
$38,120
Median Earnings
$941
Median Rent
$114,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex on a 0.22-acre lot with brick construction, public water, natural gas forced-air heat, and wall/window cooling units.
Where is this duplex located?
The property is located at 427 E 4th Street Alton, IL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Gutted duplex building ready for redevelopment; 0.22‑acre lot with brick construction; Built in 1940
