Historic Four-Unit Guest
For Sale
$495,000
617 State Street, Alton, IL 62002
Residential Income, Alton, IL
Property Size4,300 SF
Lot Size0.21 Acres
Price / SF$115.12
Days on Market48
Property Features for 617 State Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bathroom 1, Bathroom 4, Bathroom 2, Bathroom 3
Parking features
On Street
Fencing
Gate, Privacy
Fireplace
1
Basement
Daylight, Full, Partially Finished, Walk-Up Access
Subdivision
Mulledys John Sub
Lot features
Corner Lot, Landscaped, Views
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
23-2-07-11-18-303-025
Size
4,300 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7255
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
courtyard patio
gazebo
fireplaces
Building Details
Year built
1861
Floors in Building
2
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
RE/MAX Alliance · RE/MAX International
(618) 466-7100
Listed By:
Jenni Studebaker · License #471002302
(618) 975-6043
Added: Jul 22
Changed: Aug 23
Last Checked: Sep 7 at 2:06PM
MLS# 26037113
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.
Built in 1861, this brick residence contains 4,300 square feet of furnished living space arranged as four separate units. Each unit includes a kitchen and appliances, while the interior features hardwood floors, high ceilings, four fireplaces, and views toward the Alton Bridge. A lower-level suite has its own entrance, lookout windows, a gated courtyard connection, and a private brick patio. The property is currently operated as a guest house and includes an established Airbnb presence.
The 0.2076-acre corner parcel includes a brick-sided courtyard, gazebo, privacy fencing, and gated access. The address is in Alton’s Christian Hill neighborhood, with brick-lined streets and surrounding historic character. Forced-air heating, central air, public water, cable availability, and on-street parking are also provided.
The 0.2076-acre corner parcel includes a brick-sided courtyard, gazebo, privacy fencing, and gated access. The address is in Alton’s Christian Hill neighborhood, with brick-lined streets and surrounding historic character. Forced-air heating, central air, public water, cable availability, and on-street parking are also provided.
Key Highlights
- 4,300‑square‑foot furnished residence configured as 4 separate living units
- Built in 1861 with brick construction, hardwood floors, high ceilings, and four fireplaces
- Each unit includes 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
$29,733
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
6.01%
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%
$594,660
$594.7K
Cap Rate 7%
$424,757
$424.8K
Cap Rate 9%
$330,367
$330.4K
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
$58.8K $13.68/SF
− Vacancy
−$4.8K −$1.11/SF
EGI
$54.1K $12.57/SF
− OpEx
−$24.3K −$5.66/SF
NOI
$29.7K $6.91/SF
Area
Madison County, IL
Vacancy
8.10%
Lease Rate
$13.68 /SF/Yr
Expense Ratio
45.00%
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%
$594,660
Cap Rate 7%
$424,757
Cap Rate 9%
$330,367
Alternative Uses
Best Use
Apartment 5plus
$424.8K
$371.7K – $495.6K
NOI $29,733 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
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
Lease Details
4
Residential units
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?
Short term rental property - Fully furnished hospitality property with separate kitchens and appliances in each living unit.
Where is this short term rental property 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: 4,300‑square‑foot furnished residence configured as 4 separate living units; Built in 1861 with brick construction, hardwood floors, high ceilings, and four fireplaces; Each unit includes a kitchen and appliances
