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    Multi-Family Investment Near SIU Campus Title is generated by Realmo AI

    902 W MILL Street, Carbondale, IL 62901

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    For Sale
    $1,250,000

    MULTI_FAMILY - Other - Carbondale, IL

    Added:
    Oct 2, 2025
    Days on Market:
    245
    Last Refresh:
    Jun 3 at 5:06 pm

    Property Features for 902 W MILL Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    40
    Bathrooms
    18
    Rooms
    Bathroom 13, Bathroom 17, Bedroom 14, Bedroom 1, Bedroom 6, Bedroom 22, Bedroom 20, Bathroom 14, Bedroom 9, Bedroom 36, Bedroom 32, Bedroom 28, Bathroom 12, Bathroom 1, Bathroom 3, Bedroom 40, Bedroom 39, Bedroom 15, Bathroom 11, Bedroom 30, Bedroom 4, Bathroom 5, Bedroom 29, Bedroom 31, Bedroom 21, Bedroom 35, Bedroom 10, Bedroom 26, Bathroom 6, Bedroom 25, Bedroom 3, Bedroom 19, Bedroom 8, Bedroom 33, Bedroom 27, Bathroom 7, Bedroom 24, Bathroom 9, Bedroom 17, Bathroom 10, Bedroom 11, Bedroom 7, Bathroom 8, Bedroom 18, Bathroom 16, Bedroom 34, Bedroom 37, Bathroom 18, Bedroom 16, Bathroom 4, Bedroom 13, Bedroom 12, Bedroom 2, Bathroom 15, Bathroom 2, Bedroom 23, Bedroom 5, Bedroom 38
    Parking
    40
    Parking features
    Assigned, Owned
    Basement
    Crawl Space
    Standard status
    Active
    APN
    1521310015

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    27400

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating), Electric (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2003
    Building materials
    Vinyl Siding, Frame
    Architectural style
    Other

    We can help!

    Listing Contact
    Robert Davenport
    Robert Davenport

    Listing agent Robert Davenport License #471019751

    Listing office RE/MAX REALTY CENTRAL 1825 W MAIN ST, Carbondale, IL

    Listing date Oct 2, 2025

    MLS# EB459976 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Strong rental history & excellent returns: Proven income potential.
    • Prime location near SIU's West Campus: Highly desirable for student renters.
    • Multi‑family zoning: Allows for continued or expanded multi‑family use.
    • Four well‑maintained duplexes: Provides a substantial portfolio of properties.
    • High bedroom/bathroom count (40 bedrooms, 18 bathrooms): Ideal for group leasing.
    • Ample parking (40 spaces): Convenient for tenants.

    Overview

    This is an investment opportunity featuring four well-maintained duplexes, zoned multi-family and with a strong rental history. The properties include a total of 40 bedrooms and 18 bathrooms. A shared drive and a 40-space parking lot serve the buildings. The properties at 902, 904, and 906 each contain two units with 5 bedrooms and 2 bathrooms. The kitchens are fully equipped, and feature tiled counters and backsplashes. Ground-floor units have porcelain flooring and front porches. The upper units feature maple flooring in the bedrooms and great rooms, along with entry decks. The property at 908 is a two-story duplex with one unit facing the street and another with a private parking lot. Both units have 5 bedrooms, 3 Jack-and-Jill baths, a porch, and a private patio. Located steps from SIU's West Campus, this property is suitable for group leasing and offers returns for investors and convenience for renters.
    Property Profile Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Carbondale
    County
    Jackson
    State
    Illinois
    Longitude
    -89.225639
    Latitude
    37.719482

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    FAQs

    What type of property is this?
    Multifamily property - Four duplexes near SIU with strong rental history.
    Where is this multifamily property located?
    The property is located at 902 W MILL Street Carbondale, IL.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Strong rental history & excellent returns: Proven income potential.; Prime location near SIU's West Campus: Highly desirable for student renters.; Multi‑family zoning: Allows for continued or expanded multi‑family use.
    (618) 924-3644
    We can help!
    Listing Contact
    Robert Davenport
    Robert Davenport
    Real Estate License ID: 471019751
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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