Historic Quadplex with
New
For Sale
$495,000
617 State St, Alton, IL 62002
Four furnished living units include individual kitchens and appliances.
Property Size4,300 SF
Lot Size0.21 Acres
Price / SF$115.12
Days on Market3
Property Features for 617 State St
General Information
Standard status
Active
Size
4,300 SF
Lot size
0.21 Acres
Property subtype
Multi-Family
Units
Unit Mix
3 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Additional Details
Furnished
Yes
Business Included
Yes
Amenities
courtyard patio
gazebo
fireplaces
Building Details
Year Built
1861
Buildings
1
Listing Agency:
RE/MAX Alliance
Listed By:
Jenni Studebaker · License #471002302
(618) 466-2325
Source:
Nations-network
Added: Sep 20
Last Checked: Sep 21 at 11:36AM
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 1861, this furnished quadplex combines historic residential character with a four-unit layout. The property offers 4,300 square feet of living space, with each unit containing its own kitchen and appliances. Interior details include hardwood floors, high ceilings, four fireplaces, and finished fixtures. Unit configurations include one- and two-bedroom layouts, while the lower-level suite has a separate entrance and full lookout windows.
The property occupies a prominent corner lot exceeding 9,000 square feet at 617 State St in Alton’s Christian Hill neighborhood. Outdoor features include a brick-sided courtyard, gazebo, private brick patio areas, and a gated entry serving the lower-level suite. Views of the Alton Bridge add to the setting, and furnishings are included. An established Airbnb presence and guest-house operation provide an existing hospitality use alongside the flexible four-unit residential configuration.
The property occupies a prominent corner lot exceeding 9,000 square feet at 617 State St in Alton’s Christian Hill neighborhood. Outdoor features include a brick-sided courtyard, gazebo, private brick patio areas, and a gated entry serving the lower-level suite. Views of the Alton Bridge add to the setting, and furnishings are included. An established Airbnb presence and guest-house operation provide an existing hospitality use alongside the flexible four-unit residential configuration.
Key Highlights
- 4,300‑square‑foot furnished quadplex with four separate living units
- Built in 1861 with hardwood floors, high ceilings, and four fireplaces
- Unit mix includes 1 BR and 2 BR layouts, each with a kitchen and appliances
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
$31,675
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
6.40%
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%
$633,500
$633.5K
Cap Rate 7%
$452,500
$452.5K
Cap Rate 9%
$351,944
$351.9K
Market Conditions
NOI Build-Up for 4,300 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
$49.0K $11.40/SF
− Vacancy
−$3.8K −$0.88/SF
EGI
$45.3K $10.52/SF
− OpEx
−$13.6K −$3.16/SF
NOI
$31.7K $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%
$633,500
Cap Rate 7%
$452,500
Cap Rate 9%
$351,944
Alternative Uses
Best Use
Multifamily LT 5
$452.5K
$395.9K – $527.9K
NOI $31,675 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$424.8K
$371.7K – $495.6K
NOI $29,733 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,044 @ 7.0% cap · market cap 16.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
706
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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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four furnished living units include individual kitchens and appliances.
Where is this quadplex located?
The property is located at 617 State St Alton, IL.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 4,300‑square‑foot furnished quadplex with four separate living units; Built in 1861 with hardwood floors, high ceilings, and four fireplaces; Unit mix includes 1 BR and 2 BR layouts, each with a kitchen and appliances
