Two-Story Apartment
For Sale
$275,000
609 S 3rd St, Pekin, IL 61554
Six residential units feature walk-in closets, tenant-paid utilities, and individually managed heating and air conditioning.
Property Size3,080 SF
Price / SF$89.29
Days on Market49
Property Features for 609 S 3rd St
General Information
Standard status
Active
Size
3,080 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Gross Income
$48,600
Amenities
walk-in closet
Building Details
Year Built
1975
Stories
2
Listing Agency:
RE/MAX Traders Unlimited
Listed By:
Mackenzie Price · License #RMA23798
(309) 678-0986
Source:
Schaublerealty
Added: Aug 30
Changed: Oct 10
Last Checked: Oct 16 at 1:40PM
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 RE/MAX Traders Unlimited
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Investment Insights
Based on property information with market context.
This 1975 apartment building contains six one-bedroom, one-bathroom residences arranged across two floors, with three apartments on each level. Walk-in closets provide additional storage, while electric baseboard heat and window air-conditioning units allow residents to control their own utility usage. Tenants pay all utilities.
Unit 2 is vacant and has received new bedroom flooring, interior paint, refinished kitchen cabinetry, updated lighting, a water heater, and a stove. Additional property improvements include six electrical panels installed in 2026, plus new water heaters serving units 2 and 6 in 2026. The exterior has also been repainted. The property is offered as-is, with leases, expenses, and operating details subject to buyer verification.
Unit 2 is vacant and has received new bedroom flooring, interior paint, refinished kitchen cabinetry, updated lighting, a water heater, and a stove. Additional property improvements include six electrical panels installed in 2026, plus new water heaters serving units 2 and 6 in 2026. The exterior has also been repainted. The property is offered as-is, with leases, expenses, and operating details subject to buyer verification.
Key Highlights
- Six units; each offers one bedroom, one bathroom, and a walk‑in closet
- Two‑story layout with 3 apartments on each level
- Unit 2 is vacant and recently refreshed with flooring, paint, lighting, cabinetry, a water heater, and a stove
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,056
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$361,120
$361.1K
Cap Rate 7%
$257,943
$257.9K
Cap Rate 9%
$200,622
$200.6K
Market Conditions
NOI Build-Up for 3,080 SF
Gross rent
$35.1K $11.40/SF
− Vacancy
−$2.3K −$0.74/SF
EGI
$32.8K $10.66/SF
− OpEx
−$14.8K −$4.80/SF
NOI
$18.1K $5.86/SF
Area
Tazewell County, IL
Vacancy
6.50%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$361,120
Cap Rate 7%
$257,943
Cap Rate 9%
$200,622
Alternative Uses
Best Use
Apartment 5plus
$257.9K
$225.7K – $300.9K
NOI $18,056 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.05M – $1.41M
NOI $84,368 @ 7.0% cap · market cap 30.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
602
Businesses Nearby
Explore this area
Business Placement
Demographics for 61554, IL
40,854
Population
18,788
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
90%
High-School Grad
73.8 sq mi
ZIP Area
554
Density / Sq Mi
$62,484
Median Household Income
$41,718
Median Earnings
$814
Median Rent
$123,500
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 - Six residential units feature walk-in closets, tenant-paid utilities, and individually managed heating and air conditioning.
Where is this apartment building located?
The property is located at 609 S 3rd St Pekin, IL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Six units; each offers one bedroom, one bathroom, and a walk‑in closet; Two‑story layout with 3 apartments on each level; Unit 2 is vacant and recently refreshed with flooring, paint, lighting, cabinetry, a water heater, and a stove
