Well-Maintained Duplex
For Sale
$130,000
6997 Apple Ln, Carbondale, IL 62902
Very well maintained duplex with month-to-month occupancy and long-term tenants in a maintained complex.
Property Size929 SF
Price / SF$139.94
Days on Market119
Property Features for 6997 Apple Ln
General Information
Standard status
Active
Size
929 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$1,499
Listing Agency:
Worth Clark Realty
(573) 450-5149
Listed By:
Robin Bert · License #471.021195
(573) 450-5149
Source:
Exprealty
Added: Apr 28
Changed: Aug 23
Last Checked: Aug 24 at 9:56AM
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 Worth Clark Realty
Investment Insights
Based on property information with market context.
This offering includes a well-maintained duplex as part of a larger income property complex with multiple units described as four duplex units and one triplex available. The units are reported to remain rented on a month-to-month basis, with tenants described as largely long-term. The seller notes updates and improvements across the complex, and the property includes additional lots associated with the sale as described in the remarks.
The address is 6997 Apple Lane in Carbondale, Illinois. The seller indicates the property is not far from the Spillway and on the Shawnee Wine Trail, and it is in the Carterville School district. Qualified buyers can arrange a tour with a bank letter or preapproval.
The included land and lot information is stated as lots 859, 860, 861, and 862, with the potential for additional lots between 6929 and 6997 Apple Lane to be included in the sale per the owner.
The address is 6997 Apple Lane in Carbondale, Illinois. The seller indicates the property is not far from the Spillway and on the Shawnee Wine Trail, and it is in the Carterville School district. Qualified buyers can arrange a tour with a bank letter or preapproval.
The included land and lot information is stated as lots 859, 860, 861, and 862, with the potential for additional lots between 6929 and 6997 Apple Lane to be included in the sale per the owner.
Key Highlights
- Very well maintained 1973‑built duplex with month‑to‑month occupancy and long‑term tenants
- Complex includes 4 duplex units plus 1 triplex; you can buy one or all units
- Units remain rented month to month continually; vacancy triggers a long list of potential new tenants
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
$8,284
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
6.37%
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%
$165,680
$165.7K
Cap Rate 7%
$118,343
$118.3K
Cap Rate 9%
$92,044
$92.0K
Market Conditions
NOI Build-Up for 929 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
$12.8K $13.80/SF
− Vacancy
−$986 −$1.06/SF
EGI
$11.8K $12.74/SF
− OpEx
−$3.6K −$3.82/SF
NOI
$8.3K $8.92/SF
Area
Jackson County, IL
Vacancy
7.69%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$165,680
Cap Rate 7%
$118,343
Cap Rate 9%
$92,044
Alternative Uses
Best Use
Multifamily LT 5
$118.3K
$103.6K – $138.1K
NOI $8,284 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$103.0K
$90.2K – $120.2K
NOI $7,212 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$253.2K
$221.6K – $295.4K
NOI $17,725 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 62902, IL
4,344
Population
2,340
Households
1.9
Avg Household Size
42
Median Age
47%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
68
Density / Sq Mi
$75,313
Median Household Income
$30,218
Median Earnings
$899
Median Rent
$184,300
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 - Very well maintained duplex with month-to-month occupancy and long-term tenants in a maintained complex.
Where is this duplex located?
The property is located at 6997 Apple Ln Carbondale, IL.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: Very well maintained 1973‑built duplex with month‑to‑month occupancy and long‑term tenants; Complex includes 4 duplex units plus 1 triplex; you can buy one or all units; Units remain rented month to month continually; vacancy triggers a long list of potential new tenants
