Historic 4-Unit
For Sale
$495,000
617 State Street, Alton, IL 62002
Furnished accommodations feature individual kitchens, included appliances, and a private lower-level suite with courtyard access.
Property Size4,300 SF
Days on Market66
Property Features for 617 State Street
General Information
Standard status
Active
Size
4,300 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$7,255
Building Details
Building Size
4,300 SF
Year Built
1861
Buildings
1
Stories
2
Units
4
Listing Agency:
RE/MAX Alliance
(618) 466-2325
Listed By:
Jenni Studebaker · License #471002302
(618) 466-2325
Source:
Century21laclede
Added: Jun 19
Changed: Aug 22
Last Checked: Aug 23 at 12:12PM
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.
Dating to 1861, this furnished quadplex contains over 4,300 square feet arranged as four independent living units. Each unit includes a kitchen and appliances, while the interiors feature hardwood floors, high ceilings, four fireplaces, and distinctive period finishes. The lower-level suite has a separate entrance, lookout windows, a private brick patio, and a wrought-iron gated courtyard. Unit configurations include one- and two-bedroom suites, with private entrances or patio access in select units.
The property occupies a prominent corner lot exceeding 9,000 square feet in Alton’s Christian Hill neighborhood, with views toward the Alton Bridge. Exterior amenities include a brick-sided courtyard patio and gazebo. An established Airbnb presence, rental history, and included furnishings support continued hospitality use, while the four-unit arrangement also accommodates owner occupancy or multigenerational living.
The property occupies a prominent corner lot exceeding 9,000 square feet in Alton’s Christian Hill neighborhood, with views toward the Alton Bridge. Exterior amenities include a brick-sided courtyard patio and gazebo. An established Airbnb presence, rental history, and included furnishings support continued hospitality use, while the four-unit arrangement also accommodates owner occupancy or multigenerational living.
Key Highlights
- Over 4,300 square feet configured as four separate living units
- Built in 1861 with hardwood floors, high ceilings, four fireplaces, and period finishes
- Each unit includes a kitchen and appliances; furnishings are included
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
Property Profile
Current Use
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
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 - Furnished accommodations feature individual kitchens, included appliances, and a private lower-level suite with courtyard access.
Where is this quadplex located?
The property is located at 617 State Street 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: Over 4,300 square feet configured as four separate living units; Built in 1861 with hardwood floors, high ceilings, four fireplaces, and period finishes; Each unit includes a kitchen and appliances; furnishings are included
