Brick 8-Unit Apartment
For Sale
$289,900
410 W Freeman St, Carbondale, IL 62901
Three-story multifamily property with full rental occupancy in Carbondale near SIU.
Property Size2,400 SF
Price / SF$120.79
Days on Market279
Property Features for 410 W Freeman St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
8
Building Details
Year Built
1960
Buildings
1
Stories
3
Construction
brick
Listing Agency:
Southern Illinois Realty Experts - Carbondale
Listed By:
Nikki Rishel ()
(618) 529-3737
Source:
Searchillinoishomesforsale
Added: Nov 27, 2025
Changed: Sep 2
Last Checked: Sep 1 at 8:04PM
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 Southern Illinois Realty Experts - Carbondale
Investment Insights
Based on property information with market context.
This apartment building contains 8 units across three floors and features all-brick construction. Built in 1960, the property is fully rented and offers an established multifamily configuration.
The building is located at 410 W Freeman St in Carbondale, Illinois, near Southern Illinois University. Its location and existing occupancy provide a straightforward apartment-building profile for continued residential income use.
The building is located at 410 W Freeman St in Carbondale, Illinois, near Southern Illinois University. Its location and existing occupancy provide a straightforward apartment-building profile for continued residential income use.
Key Highlights
- 8‑unit apartment building
- Three‑floor configuration with all‑brick construction
- Fully rented property
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
$18,633
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
6.43%
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%
$372,660
$372.7K
Cap Rate 7%
$266,186
$266.2K
Cap Rate 9%
$207,033
$207.0K
Market Conditions
NOI Build-Up for 2,400 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
$36.9K $15.36/SF
− Vacancy
−$3.0K −$1.24/SF
EGI
$33.9K $14.12/SF
− OpEx
−$15.2K −$6.35/SF
NOI
$18.6K $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%
$372,660
Cap Rate 7%
$266,186
Cap Rate 9%
$207,033
Alternative Uses
Best Use
Apartment 5plus
$266.2K
$232.9K – $310.6K
NOI $18,633 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$654.2K
$572.4K – $763.2K
NOI $45,792 @ 7.0% cap · market cap 15.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story multifamily property with full rental occupancy in Carbondale near SIU.
Where is this apartment building located?
The property is located at 410 W Freeman St Carbondale, IL.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: 8‑unit apartment building; Three‑floor configuration with all‑brick construction; Fully rented property
