Student Housing Multifamily
For Sale
$750,000
408 W Freeman Street, Carbondale, IL 62901
Commercially zoned residence with extensive shared areas, off-street parking, and established student-housing occupancy.
Property Size4,645 SF
Price / SF$161.46
Days on Market74
Property Features for 408 W Freeman Street
General Information
Standard status
Active
Size
4,645 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Gross Income
$50,400
Taxes and HOA fees
Annual Taxes
$8,987
Building Details
Building Size
4,645 SF
Year Built
1980
Buildings
1
Units
5
Listing Agency:
HOUSE 2 HOME REALTY
(618) 663-5342
Listed By:
Alexander Alec Childers
(618) 663-5342
Source:
Craggsrealtors
Added: Jun 18
Changed: Aug 29
Last Checked: Aug 29 at 9:30PM
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 HOUSE 2 HOME REALTY
Investment Insights
Based on property information with market context.
Located at 408 W Freeman Street in Carbondale, this 4,645-square-foot multifamily property was built in 1980 and is currently used for student housing. The layout includes 12 bedrooms, 4 full bathrooms, a large living room, dining area, spacious kitchen, and a separate gathering and bar room. The property is being offered in its present condition.
The building includes multiple HVAC components, two water heaters, and a Generac standby generator with automatic transfer equipment. Ample off-street parking is available, and tenants pay their own utilities while the owner handles trash service. The property is zoned Commercial and is located minutes from Southern Illinois University. Current occupancy is 10 students. Buyers should independently verify use, zoning, occupancy allowances, bedroom count, and other information material to their intended use.
The building includes multiple HVAC components, two water heaters, and a Generac standby generator with automatic transfer equipment. Ample off-street parking is available, and tenants pay their own utilities while the owner handles trash service. The property is zoned Commercial and is located minutes from Southern Illinois University. Current occupancy is 10 students. Buyers should independently verify use, zoning, occupancy allowances, bedroom count, and other information material to their intended use.
Key Highlights
- 4,645‑square‑foot multifamily property at 408 W Freeman Street, Carbondale, IL 62901
- 12 bedrooms and 4 full bathrooms
- Currently occupied by 10 students
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
$36,062
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
4.81%
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%
$721,240
$721.2K
Cap Rate 7%
$515,171
$515.2K
Cap Rate 9%
$400,689
$400.7K
Market Conditions
NOI Build-Up for 4,645 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
$71.3K $15.36/SF
− Vacancy
−$5.8K −$1.24/SF
EGI
$65.6K $14.12/SF
− OpEx
−$29.5K −$6.35/SF
NOI
$36.1K $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%
$721,240
Cap Rate 7%
$515,171
Cap Rate 9%
$400,689
Alternative Uses
Best Use
Apartment 5plus
$515.2K
$450.8K – $601.0K
NOI $36,062 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,627 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,568
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 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?
Multifamily property - Commercially zoned residence with extensive shared areas, off-street parking, and established student-housing occupancy.
Where is this multifamily property located?
The property is located at 408 W Freeman Street Carbondale, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 4,645‑square‑foot multifamily property at 408 W Freeman Street, Carbondale, IL 62901; 12 bedrooms and 4 full bathrooms; Currently occupied by 10 students
