12-Unit Apartment
612 E 3RD Avenue, Grand Tower, IL 62942
For Sale
$250,000
Four residential buildings include income-based subsidized apartments and a coin-operated laundry facility.
Property Size1,250 SF
Price / SF$200
Days on Market126
Property Features for 612 E 3RD Avenue
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Tenancy & Operations
Currently Operating
Tenant in Place
Amenities
coin-operated laundry facility
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
EXIT REALTY NEW BEGINNINGZ
Listed By:
LATIA HAYES · License IL #475194926
(618) 529-4663
Source:
Icandyrealty
Added: Jul 10
Changed: Nov 11
Last Checked: Nov 11 at 5:49PM
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 EXIT REALTY NEW BEGINNINGZ
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Investment Insights
Based on property information with market context.
Walker Hill comprises four apartment buildings with 12 units: 10 one-bedroom apartments and two two-bedroom apartments. Each unit has one bathroom, a pantry, and storage; one of the one-bedroom units is handicap accessible. The property was built in 1988 and includes a coin-operated laundry facility. One apartment is occupied, while the other units need varying degrees of renovation. The property operates as income-based subsidized housing and is offered as-is while in foreclosure.
Located at 612 E 3rd Avenue in Grand Tower, Illinois, the property sits in a rural setting. Showing occupied units requires 24 hours’ notice.
Located at 612 E 3rd Avenue in Grand Tower, Illinois, the property sits in a rural setting. Showing occupied units requires 24 hours’ notice.
Key Highlights
- Four apartment buildings with 12 units: 10 one‑bedroom and 2 two‑bedroom apartments
- One one‑bedroom apartment is handicap accessible
- One unit occupied; remaining units require varying levels of renovation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,705
Cap Rate
3.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$194,100
$194.1K
Cap Rate 7%
$138,643
$138.6K
Cap Rate 9%
$107,833
$107.8K
Market Conditions
NOI Build-Up for 1,250 SF
Gross rent
$19.2K $15.36/SF
− Vacancy
−$1.6K −$1.24/SF
EGI
$17.6K $14.12/SF
− OpEx
−$7.9K −$6.35/SF
NOI
$9.7K $7.76/SF
Area
Jackson County, IL
Vacancy
8.10%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$194,100
Cap Rate 7%
$138,643
Cap Rate 9%
$107,833
Alternative Uses
Best Use
Apartment 5plus
$138.6K
$121.3K – $161.8K
NOI $9,705 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$340.7K
$298.1K – $397.5K
NOI $23,850 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
41
Businesses Nearby
Explore this area
Business Placement
Demographics for 62942, IL
567
Population
332
Households
1.7
Avg Household Size
46
Median Age
2%
College-Educated
89%
High-School Grad
24.9 sq mi
ZIP Area
23
Density / Sq Mi
$50,278
Median Household Income
$30,778
Median Earnings
$700
Median Rent
$37,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Four residential buildings include income-based subsidized apartments and a coin-operated laundry facility.
Where is this apartment building located?
The property is located at 612 E 3RD Avenue Grand Tower, IL.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Four apartment buildings with 12 units: 10 one‑bedroom and 2 two‑bedroom apartments; One one‑bedroom apartment is handicap accessible; One unit occupied; remaining units require varying levels of renovation
