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    Property profile & analytics

    406 S University Ave Carbondale, IL 62901

    • Residential income homes
    • 1,196 SF
    For Sale
    View listing
    $32,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2840340
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Residential income homes

    Property Details for 406 S University Ave

    Year built
    1943
    Property size
    1,196 SF
    Property type
    Residential income homes
    APN
    15-21-184-014

    Description

    This 1,196 square foot multifamily property, located at 406 S University Ave, Carbondale, IL 62901, presents a compelling investment opportunity. The property, built in 1943, features four units within a single, one-story building situated on a 1,196 square foot lot. The property boasts a Net Operating Income (NOI) of $3,092 and includes four parking spaces. The metal roof is a notable feature. This property is being sold AS-IS. The property is conveniently located near Southern Illinois University. While requiring some renovations ("TLC"), this investment offers significant upside potential. This is an individual ownership property with APN 15-21-184-014. Additional properties owned by the same investor are available for purchase as a package deal. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Carbondale
    County
    Jackson
    State
    Illinois
    Longitude
    -89.218155117698
    Latitude
    37.723650452949

    Comparable in this City

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      Carbondale Multifamily Investment Opportunity

      10-unit complex near Southern Illinois University with value-add potential.
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    • $795,000
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      Remodeled Retail and Residential Property

      Three-story building with retail space, apartments, and storage.
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    • $275,000

      Carbondale Multifamily Investment Opportunity

      Nine-unit multifamily property in Carbondale, Illinois, with value-add potential.
      1950 N Illinois Ave, Carbondale, IL 62901
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    • $560,000
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      Carbondale Multifamily Investment Opportunity

      Two buildings, 16 units near Southern Illinois University campus.
      512-514 S Beveridge St, Carbondale, IL 62901
      View Details
    • $215,000

      Spacious Student Housing Investment Property

      Move-in ready 6-bedroom, 5.5-bath home near campus.
      609 S Poplar St, Carbondale, IL 62901
      View Details

    Similar Nearby for Sale

    • $189,900
      1.29 Acres

      Carbondale Commercial Land Opportunity

      Over 1 acre available for development or rehab.
      409 E Walnut St, Carbondale, IL 62901
      View Details
    • $339,900
      Pending

      Carbondale Multifamily Investment Opportunity

      10-unit complex near Southern Illinois University with value-add potential.
      505 S Poplar St, Carbondale, IL 62901
      View Details
    • $795,000
      1.39 Acres

      Remodeled Retail and Residential Property

      Three-story building with retail space, apartments, and storage.
      1051 S Wall St, Carbondale, IL 62901
      View Details
    • $275,000

      Carbondale Multifamily Investment Opportunity

      Nine-unit multifamily property in Carbondale, Illinois, with value-add potential.
      1950 N Illinois Ave, Carbondale, IL 62901
      View Details
    • $560,000
      Pending

      Carbondale Multifamily Investment Opportunity

      Two buildings, 16 units near Southern Illinois University campus.
      512-514 S Beveridge St, Carbondale, IL 62901
      View Details
    • $215,000

      Spacious Student Housing Investment Property

      Move-in ready 6-bedroom, 5.5-bath home near campus.
      609 S Poplar St, Carbondale, IL 62901
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Carbondale Mall

      Single retail unit in Carbondale's commercial district for lease.
      1130 E Main St, Carbondale, IL 62901
      View Details
    • Contact for pricing
      74,052 SF

      Prime Retail Location on Highway

      Two commercial buildings available for lease on a state highway.
      1345 E Main St, Carbondale, IL 62901
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    • Contact for pricing
      2,300 SF

      Prime Carbondale Retail Space

      Freestanding building, 2300 sq ft
      1040 Walnut St, Carbondale, IL 62901
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    • $12 SF/Yr
      7,592 SF

      Retail Space on Main Street

      7,592 SF retail space with high visibility available for lease.
      1401 E Main St, Carbondale, IL 62901
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    • $13 SF/Yr
      3,700 SF

      Prime Carbondale Commercial Property

      3700 sq ft Office/Land, Single Tenant
      1001-2 Main St, Carbondale, IL 62901
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    • Contact for pricing
      49,658 SF

      Carbondale Commercial Space Available

      Lease space available in Carbondale with flexible options.
      1308 W Main St, Carbondale, IL 62901
      View Details
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    406 S University Ave
    Carbondale, IL 62901
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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.

    More about this property
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