Updated Bungalow
For Sale
$130,000
6997 Apple Lane, Carbondale, IL 62902
MULTI_FAMILY - Bungalow - Carbondale, IL
Property Size929 SF
Lot Size0.46 Acres
Price / SF$139.94
Days on Market54
Property Features for 6997 Apple Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 1
Parking features
Carport, Driveway
Subdivision
Lakewood Park Unit 3
Elementary school
CARTERVILLE DIST 5
Middle school
CARTERVILLE DIST 5
High school
Carterville
Elementary school district
CARTERVILLE DIST 5
Middle school district
CARTERVILLE DIST 5
High school district
CARTERVILLE DIST 5
Directions
Turn off Spillway Road onto Apple Lane. Property is located toward the end of the road before the curve.
Standard status
Active
APN
05-32-258-030/31/32/33
Size
929 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1499
Utilities
Heating system
Radiant
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1973
Floors in Building
1
Number of units
2
Flooring type
Laminate, Vinyl
Building materials
Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Bungalow
Listing Agency:
Worth Clark Realty
(800) 991-6092
Listed By:
Robin Bert · License #471.021195
(314) 222-0065
Added: Jul 8
Changed: Aug 17
Last Checked: Aug 30 at 7:06PM
MLS# 26025989
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 bungalow-style duplex offers 929 square feet on a 0.46-acre parcel, with frame construction, vinyl siding, shingle roofing, laminate and vinyl flooring, radiant heat, and wall or window cooling units. The property was built in 1973 and includes a bathroom and bedroom, along with carport and driveway parking.
The unit is rented on a month-to-month basis, and the source information indicates a history of long-term tenancy. Improvements have been made throughout the complex, which includes four duplex units available individually or together. The offering includes lots 859, 860, 861, and 862, with additional lots potentially available between 6929 and 6997 Apple Lane. The property is in the Carterville School district and is located near the Spillway and Shawnee Wine Trail.
The unit is rented on a month-to-month basis, and the source information indicates a history of long-term tenancy. Improvements have been made throughout the complex, which includes four duplex units available individually or together. The offering includes lots 859, 860, 861, and 862, with additional lots potentially available between 6929 and 6997 Apple Lane. The property is in the Carterville School district and is located near the Spillway and Shawnee Wine Trail.
Key Highlights
- 929 square feet on a 0.46‑acre parcel
- Bungalow duplex built in 1973
- Month‑to‑month tenancy with many long‑term tenants
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
$8,284
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
6.37%
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%
$165,680
$165.7K
Cap Rate 7%
$118,343
$118.3K
Cap Rate 9%
$92,044
$92.0K
Market Conditions
NOI Build-Up for 929 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
$12.8K $13.80/SF
− Vacancy
−$986 −$1.06/SF
EGI
$11.8K $12.74/SF
− OpEx
−$3.6K −$3.82/SF
NOI
$8.3K $8.92/SF
Area
Jackson County, IL
Vacancy
7.69%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$165,680
Cap Rate 7%
$118,343
Cap Rate 9%
$92,044
Alternative Uses
Best Use
Multifamily LT 5
$118.3K
$103.6K – $138.1K
NOI $8,284 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$103.0K
$90.2K – $120.2K
NOI $7,212 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$253.2K
$221.6K – $295.4K
NOI $17,725 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 62902, IL
4,344
Population
2,340
Households
1.9
Avg Household Size
42
Median Age
47%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
68
Density / Sq Mi
$75,313
Median Household Income
$30,218
Median Earnings
$899
Median Rent
$184,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Month-to-month tenancy and carport parking support an established residential rental setup.
Where is this duplex located?
The property is located at 6997 Apple Lane Carbondale, IL.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: 929 square feet on a 0.46‑acre parcel; Bungalow duplex built in 1973; Month‑to‑month tenancy with many long‑term tenants
