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    Carbondale Hotel with Renovation Potential Title is generated by Realmo AI

    2400 W Main St, Carbondale, IL 62901

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    For Sale
    $2,995,000

    University Inn – Carbondale, IL

    Property size:
    67,000 SF
    Lot size:
    6.25 Acres
    Price / SF:
    $44/SF
    Added:
    Jan 28, 2025
    Days on Market:
    479
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 2400 W Main St

    General Information

    Standard status
    Active
    Property type
    Hotels, Other hospitality properties, Other residential income properties, Hospitality properties, Residential income properties
    Size
    67,000 SF
    Elevators
    N/A
    Lot size
    6.25 Acres

    Building Details

    Year Built
    1970
    Buildings
    1
    Stories
    2
    Units
    127

    We can help!

    Listing Contact
    Ben Rohlfing

    Listing agent Ben

    Listing office

    Listing date Jan 28, 2025

    HighLights

    • Within 15 mins of Shawnee National Forest, Giant City State Park, and Pomona Natural Bridge
    • 3.9 miles to southern Illinois University
    • Historic hotel brought back to life
    • Opportunity for food and beverage onsite (restaurant/bar)
    • Priced at $23,582/key
    • 2022 revenue: $531,390
    • 2023 revenue: $494,091

    Overview

    The University Inn is a 127-unit hotel located in Carbondale, Illinois, approximately two miles from Southern Illinois University and adjacent to Highway 51. The property features 57 operational rooms, with an additional 70 rooms ready for renovation into extended-stay units. The property includes an 8,000 square foot restaurant and bar space available for lease, along with 1,000 square feet of meeting space and additional land for future development. The location is near SIH Memorial Hospital and the new MWA Airport, which offers direct flights to Chicago. The hotel's independent operation allows for flexibility and branding opportunities. Nearby attractions include Shawnee National Forest, Giant City State Park, and Pomona Natural Bridge, as well as the Shawnee Hills Wine Trail. The property sits on a 6.25-acre lot and boasts a total building size of 67,000 square feet. Financial records indicate 2022 revenue of $531,390 and 2023 revenue of $494,091.
    Property Profile Location Intelligence

    Current Use by Public Records

    University Inn of Carbondale Hotel & Motel Panda's Security Security Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Carbondale
    County
    Jackson
    State
    Illinois
    Longitude
    -89.24756
    Latitude
    37.733656

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    FAQs

    What type of property is this?
    Hotel - University Inn – Carbondale, IL
    Where is this hotel located?
    The property is located at 2400 W Main St Carbondale, IL.
    What is the asking price?
    The asking price for this property is $2,995,000.
    What are key features of this property?
    This property features: Within 15 mins of Shawnee National Forest, Giant City State Park, and Pomona Natural Bridge; 3.9 miles to southern Illinois University; Historic hotel brought back to life
    (217) 343-0147
    We can help!
    Listing Contact
    Ben Rohlfing
    Request Owner's contact information
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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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