Remodeled Bank Building with Drive-Up
For Sale
$549,900
601 E MAIN Street, Carbondale, IL 62901
Corner-lot property with offices, open areas, security systems, safes, and ADA restrooms.
Property Size3,010 SF
Days on Market877
Property Features for 601 E MAIN Street
General Information
Standard status
Active
Size
3,010 SF
Property subtype
Commercial
Zoning
SB
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,961
Amenities
offices
open areas
kitchenette
camera and security system
ADA bathrooms
walk-in safe
drive-up lanes
additional safes
Building Details
Building Size
3,010 SF
Buildings
1
Listing Agency:
COMMERCIAL REALTY ASSOCIATES
(618) 303-0701
Listed By:
Rolf Schilling · License #471012048
(618) 303-0701
Source:
Midwestrealestate
Added: Apr 4, 2024
Changed: Aug 27
Last Checked: Aug 27 at 10:35PM
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 COMMERCIAL REALTY ASSOCIATES
Investment Insights
Based on property information with market context.
Located at 601 E MAIN Street in Carbondale, this remodeled bank building offers a substantial mix of private and open interior space. The layout includes several offices, expansive open areas, a large kitchenette, two ADA bathrooms, an onsite camera and security system, and a functional walk-in safe with locking features and safety deposit boxes. Two additional safes remain in the building.
The corner-lot property has access from two major streets and includes three drive-up lanes. A full 3,000-square-foot basement with high ceilings provides significant storage capacity. The existing configuration may support continued banking use or repurposing as an office building, medical office, or cannabis distribution center, subject to applicable requirements.
The corner-lot property has access from two major streets and includes three drive-up lanes. A full 3,000-square-foot basement with high ceilings provides significant storage capacity. The existing configuration may support continued banking use or repurposing as an office building, medical office, or cannabis distribution center, subject to applicable requirements.
Key Highlights
- Remodeled bank building at 601 E MAIN Street, Carbondale, IL 62901
- Corner‑lot location with access from two major streets
- Three drive‑up lanes
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
$39,966
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
7.27%
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%
$799,320
$799.3K
Cap Rate 7%
$570,943
$570.9K
Cap Rate 9%
$444,067
$444.1K
Market Conditions
NOI Build-Up for 3,010 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
$55.6K $18.48/SF
− Vacancy
−$2.3K −$0.78/SF
EGI
$53.3K $17.70/SF
− OpEx
−$13.3K −$4.43/SF
NOI
$40.0K $13.28/SF
Area
Jackson County, IL
Vacancy
4.20%
Lease Rate
$18.48 /SF/Yr
Expense Ratio
25.00%
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%
$799,320
Cap Rate 7%
$570,943
Cap Rate 9%
$444,067
Alternative Uses
Best Use
Office B
$749.2K
$655.6K – $874.1K
NOI $52,446 @ 7.0% cap · market cap 9.54%
Second Best
Specialty Retail
$570.9K
$499.6K – $666.1K
NOI $39,966 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$820.4K
$717.9K – $957.2K
NOI $57,431 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
Explore this area
Business Placement
Demographics for 62901, IL
22,967
Population
12,498
Households
1.8
Avg Household Size
29
Median Age
48%
College-Educated
95%
High-School Grad
27.1 sq mi
ZIP Area
847
Density / Sq Mi
$32,960
Median Household Income
$23,962
Median Earnings
$732
Median Rent
$137,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Corner-lot property with offices, open areas, security systems, safes, and ADA restrooms.
Where is this bank located?
The property is located at 601 E MAIN Street Carbondale, IL.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Remodeled bank building at 601 E MAIN Street, Carbondale, IL 62901; Corner‑lot location with access from two major streets; Three drive‑up lanes
