6-Unit Apartment
For Sale
$285,500
Granite City, IL 62040, Granite City, IL 62040
Residential Income, Granite City, IL
Property Size2,470 SF
Lot Size0.30 Acres
Price / SF$115.59
Days on Market33
Property Features
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Basement, Bathroom 2, Bathroom 6, Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 2
Basement
Full
Elementary school
GRANITE CITY DIST 9
Middle school
GRANITE CITY DIST 9
High school
Granite City
Elementary school district
Granite City DIST 9
Middle school district
Granite City DIST 9
High school district
Granite City DIST 9
Subdivision
Kensington Place
Standard status
Active
Size
2,470 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4181
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s)
Water source
Public
Amenities
spacious back yard
Building Details
Year built
1950
Floors in Building
1
Number of units
6
Building materials
Vinyl Siding
Architectural style
Ranch
Listing Agency:
Fusion Realty, LLC · John L. Scott
Listed By:
Kevin Wrigley · License #471003942
(618) 781-9170
Added: Sep 8
Changed: Oct 8
Last Checked: Oct 10 at 1:06AM
MLS# 26057997
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 property contains six one-bedroom residences and totals 2,470 square feet. The building has a full basement, updated electrical service, newer thermal windows at the rear, storm doors, and newer front porches. Tenants may enter the basement to access their electrical boxes; basement storage is not included in their access. The property also has a spacious backyard and public water service.
Located in Granite City, Illinois, the building was constructed in 1950 and occupies a 0.2984-acre parcel. All six units are reported occupied. One apartment is available for viewing, with access to another unit after contract.
Located in Granite City, Illinois, the building was constructed in 1950 and occupies a 0.2984-acre parcel. All six units are reported occupied. One apartment is available for viewing, with access to another unit after contract.
Key Highlights
- Six one‑bedroom apartments; 100% rented
- 2,470 square feet on 0.2984 acres
- Built in 1950
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,079
Cap Rate
5.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$341,580
$341.6K
Cap Rate 7%
$243,986
$244.0K
Cap Rate 9%
$189,767
$189.8K
Market Conditions
NOI Build-Up for 2,470 SF
Gross rent
$33.8K $13.68/SF
− Vacancy
−$2.7K −$1.11/SF
EGI
$31.1K $12.57/SF
− OpEx
−$14.0K −$5.66/SF
NOI
$17.1K $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 Rate 5%
$341,580
Cap Rate 7%
$243,986
Cap Rate 9%
$189,767
Alternative Uses
Best Use
Apartment 5plus
$244.0K
$213.5K – $284.7K
NOI $17,079 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$673.3K
$589.1K – $785.5K
NOI $47,128 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 62040, IL
40,872
Population
18,842
Households
2.2
Avg Household Size
41
Median Age
16%
College-Educated
89%
High-School Grad
39.9 sq mi
ZIP Area
1,024
Density / Sq Mi
$60,558
Median Household Income
$40,963
Median Earnings
$852
Median Rent
$106,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Six one-bedroom apartments are fully occupied, with updated electrical service and newer front porches.
Where is this apartment building located?
The property is located at Granite City, IL.
What is the asking price?
The asking price for this property is $285,500.
What are key features of this property?
This property features: Six one‑bedroom apartments; 100% rented; 2,470 square feet on 0.2984 acres; Built in 1950
