Four-Unit Quadplex with
For Sale
$139,000
612 Mechanic Street, Alton, IL 62002
Residential Income, Alton, IL
Property Size1,594 SF
Lot Size0.17 Acres
Price / SF$87.20
Days on Market86
Property Features for 612 Mechanic Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 1
Subdivision
City/Alton Proper
Elementary school
ALTON DIST 11
Middle school
ALTON DIST 11
High school
Alton
Elementary school district
Alton DIST 11
Middle school district
Alton DIST 11
High school district
Alton DIST 11
Standard status
Active
APN
23-2-07-11-20-404-038
Size
1,594 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2193
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1901
Floors in Building
2
Number of units
4
Building materials
Vinyl Siding
Listing Agency:
Tarrant and Harman Real Estate and Auction Co
(618) 433-9436
Listed By:
Jason Jackson · License #475187519
(618) 558-2424
Added: Jul 11
Changed: Sep 28
Last Checked: Oct 4 at 12:06PM
MLS# 25071809
Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,594-square-foot quadplex contains four residential units, each arranged with one bedroom and one bathroom. The property was built in 1901 and features vinyl siding, forced-air heating, window-unit cooling, and public water service. Three apartments are occupied by long-term tenants, while the remaining unit is vacant for a new resident or owner use.
Set on 0.1653 acres at 612 Mechanic Street in Alton, Illinois, the property offers access to nearby shopping and dining. Its compact four-unit configuration provides an established rental setup with one apartment currently available for leasing or occupancy.
Set on 0.1653 acres at 612 Mechanic Street in Alton, Illinois, the property offers access to nearby shopping and dining. Its compact four-unit configuration provides an established rental setup with one apartment currently available for leasing or occupancy.
Key Highlights
- Four‑unit property with 1 bedroom and 1 bathroom per unit
- 3 of 4 units occupied by long‑term tenants
- 1 vacant unit available for leasing or occupancy
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 compact residential units include a current vacancy alongside established tenancy and practical apartment layouts.
Where is this quadplex located?
The property is located at 612 Mechanic Street 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 property with 1 bedroom and 1 bathroom per unit; 3 of 4 units occupied by long‑term tenants; 1 vacant unit available for leasing or occupancy
