Updated 8-Unit Apartment
For Sale
Contact for pricing
961 Belle Valley Drive, Belleville, IL 62220
All units are rented, with improvements to kitchens, bathrooms, and select interior finishes.
Property Size6,896 SF
Price / SF$86.14
Days on Market9
Property Features for 961 Belle Valley Drive
General Information
Standard status
Active
Size
6,896 SF
Property subtype
Retail, Multifamily
Occupancy
100%
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Additional Details
Gross Income
$98,340
Building Details
Year Built
1984
Year Renovated
2025
Buildings
1
Units
8
Listing Agency:
Johnston Realty Inc.
(618) 779-4124
Listed By:
gary johnston · License #471-004014
Source:
Crexi
Added: Aug 12
Changed: Aug 16
Last Checked: Aug 18 at 8:44PM
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 Johnston Realty Inc.
Investment Insights
Based on property information with market context.
This 8-unit apartment building contains eight two-bedroom, one-bath residences within 6,896 SF of building area. Constructed in 1984, the property has all units currently rented. Unit improvements include remodeled kitchens with new cabinets and countertops in most residences, along with updated bathrooms featuring new vanities, tops, and toilets in most units. Select apartments also include new doors, baseboards, LVP flooring, and fresh paint.
The property may be acquired together with a neighboring 6-unit apartment building on a separate parcel. The two properties can therefore be considered as a combined multifamily offering while retaining distinct parcel ownership.
The property may be acquired together with a neighboring 6-unit apartment building on a separate parcel. The two properties can therefore be considered as a combined multifamily offering while retaining distinct parcel ownership.
Key Highlights
- 8‑unit apartment building with all units currently rented
- Sixteen bedrooms and eight bathrooms across eight 2‑bedroom, 1‑bath units
- 6,896 SF building constructed in 1984
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
$51,230
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
8.62%
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%
$1,024,600
$1.0M
Cap Rate 7%
$731,857
$731.9K
Cap Rate 9%
$569,222
$569.2K
Market Conditions
NOI Build-Up for 6,896 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
$99.3K $14.40/SF
− Vacancy
−$6.2K −$0.89/SF
EGI
$93.1K $13.51/SF
− OpEx
−$41.9K −$6.08/SF
NOI
$51.2K $7.43/SF
Area
St. Clair County, IL
Vacancy
6.20%
Lease Rate
$14.40 /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%
$1,024,600
Cap Rate 7%
$731,857
Cap Rate 9%
$569,222
Alternative Uses
Best Use
Apartment 5plus
$731.9K
$640.4K – $853.8K
NOI $51,230 @ 7.0% cap · market cap 8.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,277 @ 7.0% cap · market cap 19.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 62220, IL
19,474
Population
8,784
Households
2.2
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
28.9 sq mi
ZIP Area
674
Density / Sq Mi
$65,261
Median Household Income
$37,105
Median Earnings
$976
Median Rent
$141,300
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?
Apartment building - All units are rented, with improvements to kitchens, bathrooms, and select interior finishes.
Where is this apartment building located?
The property is located at 961 Belle Valley Drive Belleville, IL.
What is the asking price?
The asking price for this property is $594,000.
What are key features of this property?
This property features: 8‑unit apartment building with all units currently rented; Sixteen bedrooms and eight bathrooms across eight 2‑bedroom, 1‑bath units; 6,896 SF building constructed in 1984
