Four-Unit Apartment
For Sale
$139,000
612 Mechanic St, Alton, IL 62002
Four residential units combine established tenancy with one vacant unit for flexible occupancy or leasing plans.
Property Size1,594 SF
Price / SF$87.20
Days on Market315
Property Features for 612 Mechanic St
General Information
Standard status
Active
Size
1,594 SF
Property subtype
Residential Income
Occupancy
75%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,193
Listing Agency:
Tarrant and Harman Real Estate and Auction Co
Listed By:
Jason Jackson · License #475187519
(618) 433-9436
Source:
Exprealty
Added: Oct 23, 2025
Changed: Aug 31
Last Checked: Sep 1 at 9:28PM
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 Tarrant and Harman Real Estate and Auction Co
Investment Insights
Based on property information with market context.
This quadplex contains four residential units, each arranged as a one-bedroom, one-bathroom apartment. Three units are occupied by long-term tenants, while the remaining unit is vacant and available for an owner occupant or a new rental arrangement. The property size is 1,594 square feet.
Located at 612 Mechanic St in Alton, IL, the property offers residents convenient access to shopping and dining. Its existing occupancy and mix of leased and vacant units provide a straightforward configuration for a multifamily owner.
Located at 612 Mechanic St in Alton, IL, the property offers residents convenient access to shopping and dining. Its existing occupancy and mix of leased and vacant units provide a straightforward configuration for a multifamily owner.
Key Highlights
- Four‑unit quadplex with 1,594 square feet of property size
- Each unit includes 1 bedroom and 1 bathroom
- 3 of 4 units are occupied by long‑term tenants
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
$11,742
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
8.45%
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%
$234,840
$234.8K
Cap Rate 7%
$167,743
$167.7K
Cap Rate 9%
$130,467
$130.5K
Market Conditions
NOI Build-Up for 1,594 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
$18.2K $11.40/SF
− Vacancy
−$1.4K −$0.88/SF
EGI
$16.8K $10.52/SF
− OpEx
−$5.0K −$3.16/SF
NOI
$11.7K $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%
$234,840
Cap Rate 7%
$167,743
Cap Rate 9%
$130,467
Alternative Uses
Best Use
Multifamily LT 5
$167.7K
$146.8K – $195.7K
NOI $11,742 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$157.5K
$137.8K – $183.7K
NOI $11,022 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$434.5K
$380.2K – $506.9K
NOI $30,414 @ 7.0% cap · market cap 21.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
863
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?
Quadplex - Four residential units combine established tenancy with one vacant unit for flexible occupancy or leasing plans.
Where is this quadplex located?
The property is located at 612 Mechanic St Alton, IL.
What is the asking price?
The asking price for this property is $139,000.
What are key features of this property?
This property features: Four‑unit quadplex with 1,594 square feet of property size; Each unit includes 1 bedroom and 1 bathroom; 3 of 4 units are occupied by long‑term tenants
