Duplex with Separate
For Sale
$128,000
2280 South Illinois Avenue, Carbondale, IL 62903
Two-unit duplex with one vacant unit, plus hardwood floors, window A/C, and a metal roof.
Property Size1,474 SF
Price / SF$86.84
Days on Market113
Property Features for 2280 South Illinois Avenue
General Information
Standard status
Active
Size
1,474 SF
Total Parking Spaces
1
Property subtype
Two to Four Units / 1 Story Unit/S / Two to Four Units
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,498
Building Details
Year Built
1953
Tenancy
Multi
Listing Agency:
RE/MAX REALTY CENTRAL
(618) 924-3644
Listed By:
Robert Davenport · License #471019751
(618) 924-3644
Source:
Compass
Added: May 4
Changed: Aug 23
Last Checked: Aug 24 at 12:21PM
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 RE/MAX REALTY CENTRAL
Investment Insights
Based on property information with market context.
2280 S Illinois Avenue is a duplex offering two separate units. One unit is currently vacant, while the other is occupied. The home includes hardwood flooring, window A/C units, and an electric fireplace. A metal roof is in place, and a washer and dryer will remain with the property.
The property is located in Carbondale, IL at 2280 S Illinois Avenue. With two self-contained units, it supports flexible ownership arrangements, including an owner-occupant option where one side can be lived in while the other generates rental income.
For buyers, the layout provides clear separation between units and straightforward conveniences inside, including in-unit window cooling and a fireplace feature. The inclusion of washer and dryer equipment can reduce move-in friction for the occupied unit and helps support tenant readiness for the vacant unit when it is brought back to occupancy. This duplex may appeal to investors seeking a two-unit structure or owner-occupants looking for a live-and-rent setup within the same building.
The property is located in Carbondale, IL at 2280 S Illinois Avenue. With two self-contained units, it supports flexible ownership arrangements, including an owner-occupant option where one side can be lived in while the other generates rental income.
For buyers, the layout provides clear separation between units and straightforward conveniences inside, including in-unit window cooling and a fireplace feature. The inclusion of washer and dryer equipment can reduce move-in friction for the occupied unit and helps support tenant readiness for the vacant unit when it is brought back to occupancy. This duplex may appeal to investors seeking a two-unit structure or owner-occupants looking for a live-and-rent setup within the same building.
Key Highlights
- Two‑unit duplex built in 1953 with one unit currently vacant and the other unit occupied
- Occupied unit is rented for $600
- Hardwood flooring in the duplex
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
$11,444
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
8.94%
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%
$228,880
$228.9K
Cap Rate 7%
$163,486
$163.5K
Cap Rate 9%
$127,156
$127.2K
Market Conditions
NOI Build-Up for 1,474 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
$22.6K $15.36/SF
− Vacancy
−$1.8K −$1.24/SF
EGI
$20.8K $14.12/SF
− OpEx
−$9.4K −$6.35/SF
NOI
$11.4K $7.76/SF
Area
Jackson County, IL
Vacancy
8.10%
Lease Rate
$15.36 /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%
$228,880
Cap Rate 7%
$163,486
Cap Rate 9%
$127,156
Alternative Uses
Best Use
Multifamily LT 5
$187.8K
$164.3K – $219.1K
NOI $13,144 @ 7.0% cap · market cap 10.27%
Second Best
Apartment 5plus
$163.5K
$143.1K – $190.7K
NOI $11,444 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$401.8K
$351.6K – $468.7K
NOI $28,124 @ 7.0% cap · market cap 21.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
74
Businesses Nearby
Explore this area
Business Placement
Demographics for 62903, IL
2,473
Population
1,452
Households
1.7
Avg Household Size
35
Median Age
45%
College-Educated
92%
High-School Grad
20.2 sq mi
ZIP Area
122
Density / Sq Mi
$39,526
Median Household Income
$21,083
Median Earnings
$802
Median Rent
$164,000
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?
Duplex - Two-unit duplex with one vacant unit, plus hardwood floors, window A/C, and a metal roof.
Where is this duplex located?
The property is located at 2280 South Illinois Avenue Carbondale, IL.
What is the asking price?
The asking price for this property is $128,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1953 with one unit currently vacant and the other unit occupied; Occupied unit is rented for $600; Hardwood flooring in the duplex
