704 Walnut St Carbondale, IL 62901

Property Details for 704 Walnut St

Year built

1965

Property size

1,479 SF

Property type

Residential income homes

APN

15-21-152-010

Description

This attractive investment opportunity presents a well-maintained, all-brick duplex situated on a corner lot in Carbondale, Illinois, boasting convenient proximity to Southern Illinois University (SIU). The property, featuring a total of 1,479 square feet, comprises two units within a single building, constructed in 1965 (though believed to have origins in the 1930s, remodeled to its current configuration in the 1960s). One unit is currently leased to a long-term tenant under a Section 8 agreement until early 2025, ensuring consistent rental income. The second unit has recently undergone significant updates, including refinished hardwood floors in the living room and bedrooms, a modernized bathroom, a new heating system, and fresh paint throughout. A new roof was installed in 2024, enhancing the property's longevity and reducing maintenance concerns. Ample off-street parking is available with space for four vehicles. The property offers a potential annual rental income of $15,000 when both units are occupied, presenting a compelling return on investment. The property's location near SIU, SIH, and downtown Carbondale makes it ideal for student rentals or short-term rentals (such as AirBnB). The asking price is $109,900, with a price per unit of $54,950 and a net operating income (NOI) of $902. The property is individually owned and is not subject to a ground lease. The APN is 15-21-152-010. The property features a basement with access via stairs located under a floor mat in the kitchen pantry of one unit; water heaters are located in the basement.