Updated Quadplex with
For Sale
$169,900
506 N 17th Street, Belleville, IL 62226
Individual electric metering separates tenant utilities, while water, sewer, and trash are included in rent.
Property Size1,865 SF
Days on Market21
Property Features for 506 N 17th Street
General Information
Standard status
Active
Size
1,865 SF
Total Parking Spaces
6
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,339
Building Details
Building Size
1,865 SF
Year Built
1907
Buildings
1
Units
3
Listing Agency:
Real Broker LLC
(618) 960-3442
Listed By:
Jake Kline · License #2020015376
Source:
Powerhausrealty
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This quadplex includes three residential units plus a garage that is currently being used as a fourth rented unit. The garage can accommodate up to 6 cars and has also served as a workshop. Improvements include new flooring, fresh paint, new appliances, a newer lower-level HVAC system, and newer electrical components. The property has 3 separate 100-amp services, 3 separate furnaces, and 2 units with window A/C. All units are described as code compliant.
Each residential unit has its own electric meter, with tenants responsible for electricity. Water, sewer, and trash are included in the rent amounts. All four spaces are currently rented. Built in 1907, the property offers a four-space configuration with separate utility metering and updated building systems.
Each residential unit has its own electric meter, with tenants responsible for electricity. Water, sewer, and trash are included in the rent amounts. All four spaces are currently rented. Built in 1907, the property offers a four-space configuration with separate utility metering and updated building systems.
Key Highlights
- Three residential units plus a garage currently rented as a fourth unit
- Garage accommodates up to 6 cars and has previously served as a workshop
- 3 separate 100‑amp electrical services and 3 separate furnaces
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
$15,380
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
9.05%
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%
$307,600
$307.6K
Cap Rate 7%
$219,714
$219.7K
Cap Rate 9%
$170,889
$170.9K
Market Conditions
NOI Build-Up for 1,865 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
$23.5K $12.60/SF
− Vacancy
−$1.5K −$0.82/SF
EGI
$22.0K $11.78/SF
− OpEx
−$6.6K −$3.53/SF
NOI
$15.4K $8.25/SF
Area
St. Clair County, IL
Vacancy
6.50%
Lease Rate
$12.60 /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%
$307,600
Cap Rate 7%
$219,714
Cap Rate 9%
$170,889
Alternative Uses
Best Use
Multifamily LT 5
$219.7K
$192.3K – $256.3K
NOI $15,380 @ 7.0% cap · market cap 9.05%
Second Best
Apartment 5plus
$197.9K
$173.2K – $230.9K
NOI $13,855 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$441.5K
$386.3K – $515.1K
NOI $30,906 @ 7.0% cap · market cap 18.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
255
Businesses Nearby
Explore this area
Business Placement
Demographics for 62226, IL
29,156
Population
13,285
Households
2.2
Avg Household Size
42
Median Age
33%
College-Educated
94%
High-School Grad
13.9 sq mi
ZIP Area
2,098
Density / Sq Mi
$66,018
Median Household Income
$43,284
Median Earnings
$946
Median Rent
$162,500
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?
Quadplex - Individual electric metering separates tenant utilities, while water, sewer, and trash are included in rent.
Where is this quadplex located?
The property is located at 506 N 17th Street Belleville, IL.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Three residential units plus a garage currently rented as a fourth unit; Garage accommodates up to 6 cars and has previously served as a workshop; 3 separate 100‑amp electrical services and 3 separate furnaces
