Updated 6-Unit Apartment
New
For Sale
$432,000
971 Belle Valley Drive, Belleville, IL 62220
MULTI_FAMILY - Belleville, IL
Property Size5,058 SF
Lot Size0.29 Acres
Price / SF$85.41
Days on Market2
Property Features for 971 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
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
08-26.0-401-031
Size
5,058 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8161
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1984
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 11
Changed: Aug 12
Last Checked: Aug 12 at 7:06AM
MLS# 26050185
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 6-unit apartment building in east Belleville contains 5,058 square feet on a 0.29-acre parcel and was built in 1984. Every unit offers 2 bedrooms and 1 bath. Five units have been emptied and remodeled, with improvements including flooring, trim, doors, kitchen cabinetry, countertops, and selected bathroom components. Two units have replacement AC equipment, while the remaining systems have been serviced and cleaned.
The property has a resealed asphalt parking lot with substantial replacement work completed. Construction includes brick veneer and vinyl siding, with baseboard heating and window or wall/window unit cooling. Units include ranges and refrigerators, and the property is served by public water. It may also be purchased with the neighboring 8-unit property at 961 Belle Valley Drive, which is located on a separate parcel.
The property has a resealed asphalt parking lot with substantial replacement work completed. Construction includes brick veneer and vinyl siding, with baseboard heating and window or wall/window unit cooling. Units include ranges and refrigerators, and the property is served by public water. It may also be purchased with the neighboring 8-unit property at 961 Belle Valley Drive, which is located on a separate parcel.
Key Highlights
- 6‑unit apartment building with 5,058 square feet
- 0.29‑acre parcel in east Belleville
- All units offer 2 bedrooms and 1 bath
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
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 - East Belleville multifamily property with remodeled interiors, refreshed parking, and public water service.
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 5,058 square feet; 0.29‑acre parcel in east Belleville; All units offer 2 bedrooms and 1 bath
