16-Unit Brick Apartment
510 North 38th Street, Belleville, IL 62226
For Sale
Contact for pricing
All residences are leased and include two bedrooms, one bathroom, and off-street parking.
Property Size14,400 SF
Price / SF$86.46
Days on Market12
Property Features for 510 North 38th Street
General Information
Standard status
Size
Property subtype
Occupancy
Financials
Asking Price
Gross Income
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Building Details
Buildings
Construction
Listing Agency:
Kunkel Commercial Group Group Inc
Listed By:
Kevin Beck · License IL #475199000
(618) 550-8762
Source:
Crexi
Added: Oct 29
Changed: Nov 8
Last Checked: Nov 8 at 4:55PM
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 Kunkel Commercial Group Group Inc
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Investment Insights
Based on property information with market context.
Four brick apartment buildings at 510–522 N. 38th Street contain 16 residences, each with two bedrooms and one bathroom. The buildings total approximately 14,400 square feet, and off-street parking serves the property. All 16 apartments are leased. An additional vacant parcel of approximately 0.7 acres is included in the offering.
The property is in Belleville, near downtown, shopping, employment centers, and major transportation routes serving the Metro East and greater St. Louis region.
The property is in Belleville, near downtown, shopping, employment centers, and major transportation routes serving the Metro East and greater St. Louis region.
Key Highlights
- Four brick buildings with four apartments each
- 16 two‑bedroom, one‑bathroom apartments; all 16 are leased
- Approximately 14,400 square feet across the apartment buildings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$106,977
Cap Rate
8.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,139,540
$2.1M
Cap Rate 7%
$1,528,243
$1.5M
Cap Rate 9%
$1,188,633
$1.2M
Market Conditions
NOI Build-Up for 14,400 SF
Gross rent
$207.4K $14.40/SF
− Vacancy
−$12.9K −$0.89/SF
EGI
$194.5K $13.51/SF
− OpEx
−$87.5K −$6.08/SF
NOI
$107.0K $7.43/SF
Area
St. Clair County, IL
Vacancy
6.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,139,540
Cap Rate 7%
$1,528,243
Cap Rate 9%
$1,188,633
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.78M
NOI $106,977 @ 7.0% cap · market cap 8.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.41M
$2.98M – $3.98M
NOI $238,630 @ 7.0% cap · market cap 19.17%
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
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
432
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
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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 - All residences are leased and include two bedrooms, one bathroom, and off-street parking.
Where is this apartment building located?
The property is located at 510 North 38th Street Belleville, IL.
What is the asking price?
The asking price for this property is $1,245,000.
What are key features of this property?
This property features: Four brick buildings with four apartments each; 16 two‑bedroom, one‑bathroom apartments; all 16 are leased; Approximately 14,400 square feet across the apartment buildings
