Updated 8-Unit Apartment
New
For Sale
$594,000
961 Belle Valley Drive, Belleville, IL 62220
MULTI_FAMILY - Belleville, IL
Property Size6,896 SF
Lot Size0.44 Acres
Price / SF$86.14
Days on Market1
Property Features for 961 Belle Valley Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bedroom 1, Bathroom 1
Basement
Crawl Space
Appliances
Range, Refrigerator
Subdivision
Belle Valley Estates
Elementary school
BELLE VALLEY DIST 119
Middle school
BELLE VALLEY DIST 119
High school
Belleville High School-East
Elementary school district
Belle Valley DIST 119
Middle school district
Belle Valley DIST 119
High school district
Belle Valley DIST 119
Standard status
Active
APN
08-26.0-401-030
Size
6,896 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11344
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1984
Floors in Building
2
Number of units
1
Building materials
Brick Veneer, Vinyl Siding
Listing Agency:
Johnston Realty, Inc.
(618) 233-8802
Listed By:
Gary Johnston · License #471004014
(618) 779-4124
Added: Aug 12
Last Checked: Aug 12 at 2:06PM
MLS# 26049927
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.
This 8-unit apartment building in Belleville, Illinois, contains 6,896 square feet and was built in 1984. Each residence offers two bedrooms and one bathroom, with all units currently rented. Interior updates include remodeled kitchens with new cabinetry and countertops in most units, along with bathroom improvements such as new vanities, tops, and toilets. Select apartments also feature new doors, baseboards, LVP flooring, and fresh paint.
The property occupies 0.44 acres and uses a combination of brick veneer and vinyl siding. Unit amenities include ranges and refrigerators, while heating is provided by baseboard systems and cooling by window or wall/window units. The building is located on Belle Valley Drive in East Belleville and sits on its own parcel. It may also be sold together with the adjacent 6-unit property at 971 Belle Valley Dr., which is separately parceled.
The property occupies 0.44 acres and uses a combination of brick veneer and vinyl siding. Unit amenities include ranges and refrigerators, while heating is provided by baseboard systems and cooling by window or wall/window units. The building is located on Belle Valley Drive in East Belleville and sits on its own parcel. It may also be sold together with the adjacent 6-unit property at 971 Belle Valley Dr., which is separately parceled.
Key Highlights
- 8‑unit apartment building with 6,896 square feet
- All units are currently rented
- Every unit has 2 bedrooms and 1 bathroom
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
115
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 - Occupied multifamily property with renovated interiors, individual two-bedroom layouts, and one bathroom per unit.
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 6,896 square feet; All units are currently rented; Every unit has 2 bedrooms and 1 bathroom
