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 Market354
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: Oct 29, 2025
Changed: Oct 1
Last Checked: Oct 16 at 9:04AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$18,633
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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
