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 Market97
Property Features for 612 Mechanic St
General Information
Standard status
Active
Size
1,594 SF
Property subtype
Multi-Family
Occupancy
75%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1901
Listing Agency:
Tarrant and Harman Real Estate and Auction Co
Listed By:
Jason Jackson · License #475187519
(618) 558-2424
Source:
Nations-network
Added: Jul 17
Changed: Oct 9
Last Checked: Oct 7 at 1:26PM
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
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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 / Yr
$11,742
Cap Rate
8.45%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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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?
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
