Historic Quadplex with
617 State St, Alton, IL 62002
For Sale
$485,000
Four furnished living units include individual kitchens and appliances.
Property Size4,300 SF
Lot Size0.21 Acres
Price / SF$112.79
Days on Market49
Property Features for 617 State St
General Information
Standard status
Size
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Furnished
Business Included
Amenities
courtyard patio
gazebo
fireplaces
Building Details
Year Built
Buildings
Listing Agency:
RE/MAX Alliance
Listed By:
Jenni Studebaker · License #471002302
(618) 466-2325
Source:
Nations-network
Added: Sep 20
Changed: Oct 25
Last Checked: Oct 7 at 4:28PM
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
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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 / Yr
$31,675
Cap Rate
6.53%
Suggested Prices Based on Cap Rates
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
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 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 6.53%
Second Best
Apartment 5plus
$424.8K
$371.7K – $495.6K
NOI $29,733 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,044 @ 7.0% cap · market cap 16.92%
Zoning and permitted uses should be independently verified with authorities.
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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
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 $485,000.
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
