Apartment Building with Renovated
For Sale
$432,000
971 Belle Valley Drive, Belleville, IL 62220
Six two-bedroom residences feature refreshed interiors, updated bathrooms, and serviced air-conditioning systems.
Property Size5,058 SF
Price / SF$85.41
Days on Market13
Property Features for 971 Belle Valley Drive
General Information
Standard status
Active
Size
5,058 SF
Property subtype
Residential Income
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,161
Building Details
Buildings
1
Listing Agency:
Johnston Realty, Inc.
(618) 779-4124
Listed By:
Gary Johnston · License #471004014
(618) 779-4124
Source:
Exprealty
Added: Aug 11
Changed: Aug 22
Last Checked: Aug 22 at 5:40AM
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 5,058-square-foot apartment building contains 6 units, each configured with 2 bedrooms and 1 bathroom. Interior improvements include new flooring, trim, doors, kitchen cabinetry, and countertops in multiple units, along with bathroom work involving vanities, lighting, mirrors, towel bars, and some tub replacements. Several units were emptied and remodeled, while air-conditioning equipment has been replaced in 2 units and serviced and cleaned throughout the building.
The property also includes a substantially replaced asphalt parking area with a full resealing treatment. Located at 971 Belle Valley Drive in Belleville, Illinois, the building occupies its own parcel and may be acquired together with the neighboring 8-unit property at 961 Belle Valley Drive, which is separately parceled.
The property also includes a substantially replaced asphalt parking area with a full resealing treatment. Located at 971 Belle Valley Drive in Belleville, Illinois, the building occupies its own parcel and may be acquired together with the neighboring 8-unit property at 961 Belle Valley Drive, which is separately parceled.
Key Highlights
- 6‑unit apartment building with 2‑bedroom, 1‑bath layouts
- 5,058 square feet of apartment improvements
- Interior renovations include flooring, trim, doors, cabinets, and countertops
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
$37,576
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
8.70%
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%
$751,520
$751.5K
Cap Rate 7%
$536,800
$536.8K
Cap Rate 9%
$417,511
$417.5K
Market Conditions
NOI Build-Up for 5,058 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
$72.8K $14.40/SF
− Vacancy
−$4.5K −$0.89/SF
EGI
$68.3K $13.51/SF
− OpEx
−$30.7K −$6.08/SF
NOI
$37.6K $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%
$751,520
Cap Rate 7%
$536,800
Cap Rate 9%
$417,511
Alternative Uses
Best Use
Apartment 5plus
$536.8K
$469.7K – $626.3K
NOI $37,576 @ 7.0% cap · market cap 8.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,819 @ 7.0% cap · market cap 19.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
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 - Six two-bedroom residences feature refreshed interiors, updated bathrooms, and serviced air-conditioning systems.
Where is this apartment building located?
The property is located at 971 Belle Valley Drive Belleville, IL.
What is the asking price?
The asking price for this property is $432,000.
What are key features of this property?
This property features: 6‑unit apartment building with 2‑bedroom, 1‑bath layouts; 5,058 square feet of apartment improvements; Interior renovations include flooring, trim, doors, cabinets, and countertops
