Two-Unit Duplex with Guest
For Sale
$179,900
Pending
615 N Center Street, Collinsville, IL 62234
Move-in-ready property with a two-bedroom main residence and a separately rented one-bedroom home.
Property Size1,134 SF
Days on Market42
Property Features for 615 N Center Street
General Information
Standard status
Pending
Size
1,134 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,161
Building Details
Building Size
1,134 SF
Year Built
1920
Buildings
2
Stories
1
Listing Agency:
RE/MAX Alliance
(618) 304-4800
Listed By:
Sandi Lewis · License #475126688
Source:
Powerhausrealty
Added: Jul 22
Changed: Aug 30
Last Checked: Aug 30 at 5:28PM
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 RE/MAX Alliance
Investment Insights
Based on property information with market context.
Built in 1920, this duplex-classified property includes a two-bedroom, one-bath main residence and a separate one-bedroom, one-bath house. The primary home offers a living room, dining room, kitchen, full basement, two bedrooms, and a hall bathroom. Original woodwork separates the living and dining areas, while the kitchen retains its original wood cupboards.
The additional residence includes a living room, kitchen, bedroom, and bathroom and is currently rented. The property has passed Collinsville occupancy requirements and is described as move-in ready. A 2023 roof and the separate layout add practical value for an owner seeking distinct living spaces. Showings are by scheduled appointment only, with tenant privacy to be respected.
The additional residence includes a living room, kitchen, bedroom, and bathroom and is currently rented. The property has passed Collinsville occupancy requirements and is described as move-in ready. A 2023 roof and the separate layout add practical value for an owner seeking distinct living spaces. Showings are by scheduled appointment only, with tenant privacy to be respected.
Key Highlights
- Two‑bedroom, one‑bath main residence
- Separate rented house with 1 bedroom and 1 bath
- Full basement in the primary home
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
$8,353
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
4.64%
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%
$167,060
$167.1K
Cap Rate 7%
$119,329
$119.3K
Cap Rate 9%
$92,811
$92.8K
Market Conditions
NOI Build-Up for 1,134 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
$12.9K $11.40/SF
− Vacancy
−$994 −$0.88/SF
EGI
$11.9K $10.52/SF
− OpEx
−$3.6K −$3.16/SF
NOI
$8.4K $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%
$167,060
Cap Rate 7%
$119,329
Cap Rate 9%
$92,811
Alternative Uses
Best Use
Multifamily LT 5
$119.3K
$104.4K – $139.2K
NOI $8,353 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$112.0K
$98.0K – $130.7K
NOI $7,841 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$309.1K
$270.5K – $360.6K
NOI $21,637 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 62234, IL
31,843
Population
14,947
Households
2.1
Avg Household Size
40
Median Age
27%
College-Educated
92%
High-School Grad
37.3 sq mi
ZIP Area
854
Density / Sq Mi
$66,437
Median Household Income
$41,710
Median Earnings
$995
Median Rent
$162,000
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?
Duplex - Move-in-ready property with a two-bedroom main residence and a separately rented one-bedroom home.
Where is this duplex located?
The property is located at 615 N Center Street Collinsville, IL.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Two‑bedroom, one‑bath main residence; Separate rented house with 1 bedroom and 1 bath; Full basement in the primary home
