University Rentals

516 South Poplar Street, Carbondale, IL

15.58% return

SP: $2,399,900

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Building

Property Description

AMAZING OPPORTUNITY!!!!

75 units. 55 x 2bed/1bath that will rent at $750/month each and 20 x 1bed/1bath that will rent at $500/month each. Only $32k per door!!! Separate electric and water meters, tenants pay all utilities!!! City water and sewer!! Low maintenance units!! Will generate a 15%+ NET RETURN ON INVESTMENT!!! OVER $1MIL IN VALUE ADD!!!! Located in beautiful Carbondale, IL minutes away from Southern Illinois University.

Financing is available!!!

Property Information

Listing statusActive
Property typeMulti Family (7 properties)
Total units75
Total bedrooms130
Total bathrooms75
Building size47253 sq. ft.
Lot size2.0 acres
Year built1960 - 1998

CountyJackson County
Subdivision
ConstructionBrick/Frame, Brick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingWindow Unit
CoolingWindow A/C

Property Financial Summary

Sale price$2,399,900
Estimated rehab¹$300,000
Total investment$2,699,900

TypeProforma
After repair value$3,499,900
Potential profit$800,000

Gross income (annually)$582,000
Operating expenses (annually)$161,285
Net income (annually)$420,715
Gross return21.56%

Gross income (monthly)$48,500
Operating expenses (monthly)$13,440
Net income (monthly)$35,060
Net return15.58%

Property Income & ExpensesMonthlyAnnual

Income

313 East Mill Street,
Unit 1: 1 bed / 1 bath$500/month$6,000/year
Unit 2: 1 bed / 1 bath$500/month$6,000/year
Unit 3: 1 bed / 1 bath$500/month$6,000/year
Unit 4: 1 bed / 1 bath$500/month$6,000/year
Unit 5: 1 bed / 1 bath$500/month$6,000/year
Unit 6: 1 bed / 1 bath$500/month$6,000/year
Unit 7: 1 bed / 1 bath$500/month$6,000/year
Unit 8: 1 bed / 1 bath$500/month$6,000/year
509 South Wall Street,
Unit 1: 1 bed / 1 bath$500/month$6,000/year
Unit 2: 1 bed / 1 bath$500/month$6,000/year
Unit 3: 1 bed / 1 bath$500/month$6,000/year
Unit 4: 1 bed / 1 bath$500/month$6,000/year
Unit 5: 1 bed / 1 bath$500/month$6,000/year
Unit 6: 1 bed / 1 bath$500/month$6,000/year
Unit 7: 1 bed / 1 bath$500/month$6,000/year
Unit 8: 1 bed / 1 bath$500/month$6,000/year
Unit 9: 1 bed / 1 bath$500/month$6,000/year
Unit 10: 1 bed / 1 bath$500/month$6,000/year
Unit 11: 1 bed / 1 bath$500/month$6,000/year
Unit 12: 1 bed / 1 bath$500/month$6,000/year
512 South Wall Street,
Unit 1: 2 bed / 1 bath$700/month$8,400/year
Unit 2: 2 bed / 1 bath$700/month$8,400/year
Unit 3: 2 bed / 1 bath$700/month$8,400/year
514 South Wall Street,
Unit 1: 2 bed / 1 bath$700/month$8,400/year
Unit 2: 2 bed / 1 bath$700/month$8,400/year
Unit 3: 2 bed / 1 bath$700/month$8,400/year
Unit 4: 2 bed / 1 bath$700/month$8,400/year
Unit 5: 2 bed / 1 bath$700/month$8,400/year
Unit 6: 2 bed / 1 bath$700/month$8,400/year
Unit 7: 2 bed / 1 bath$700/month$8,400/year
Unit 8: 2 bed / 1 bath$700/month$8,400/year
Unit 9: 2 bed / 1 bath$700/month$8,400/year
Unit 10: 2 bed / 1 bath$700/month$8,400/year
Unit 11: 2 bed / 1 bath$700/month$8,400/year
Unit 12: 2 bed / 1 bath$700/month$8,400/year
516 South Poplar Street,
Unit 1: 2 bed / 1 bath$700/month$8,400/year
Unit 2: 2 bed / 1 bath$700/month$8,400/year
Unit 3: 2 bed / 1 bath$700/month$8,400/year
Unit 4: 2 bed / 1 bath$700/month$8,400/year
Unit 5: 2 bed / 1 bath$700/month$8,400/year
Unit 6: 2 bed / 1 bath$700/month$8,400/year
Unit 7: 2 bed / 1 bath$700/month$8,400/year
Unit 8: 2 bed / 1 bath$700/month$8,400/year
Unit 9: 2 bed / 1 bath$700/month$8,400/year
Unit 10: 2 bed / 1 bath$700/month$8,400/year
Unit 11: 2 bed / 1 bath$700/month$8,400/year
Unit 12: 2 bed / 1 bath$700/month$8,400/year
Unit 13: 2 bed / 1 bath$700/month$8,400/year
Unit 14: 2 bed / 1 bath$700/month$8,400/year
Unit 15: 2 bed / 1 bath$700/month$8,400/year
Unit 16: 2 bed / 1 bath$700/month$8,400/year
Unit 17: 2 bed / 1 bath$700/month$8,400/year
Unit 18: 2 bed / 1 bath$700/month$8,400/year
605 West College Street,
Unit 1: 2 bed / 1 bath$700/month$8,400/year
Unit 2: 2 bed / 1 bath$700/month$8,400/year
Unit 3: 2 bed / 1 bath$700/month$8,400/year
Unit 4: 2 bed / 1 bath$700/month$8,400/year
Unit 5: 2 bed / 1 bath$700/month$8,400/year
Unit 6: 2 bed / 1 bath$700/month$8,400/year
Unit 7: 2 bed / 1 bath$700/month$8,400/year
Unit 8: 2 bed / 1 bath$700/month$8,400/year
Unit 9: 2 bed / 1 bath$700/month$8,400/year
Unit 10: 2 bed / 1 bath$700/month$8,400/year
Unit 11: 2 bed / 1 bath$700/month$8,400/year
Unit 12: 2 bed / 1 bath$700/month$8,400/year
Unit 13: 2 bed / 1 bath$700/month$8,400/year
Unit 14: 2 bed / 1 bath$700/month$8,400/year
609 West College Street,
Unit 1: 2 bed / 1 bath$700/month$8,400/year
Unit 2: 2 bed / 1 bath$700/month$8,400/year
Unit 3: 2 bed / 1 bath$700/month$8,400/year
Unit 4: 2 bed / 1 bath$700/month$8,400/year
Unit 5: 2 bed / 1 bath$700/month$8,400/year
Unit 6: 2 bed / 1 bath$700/month$8,400/year
Unit 7: 2 bed / 1 bath$700/month$8,400/year
Unit 8: 2 bed / 1 bath$700/month$8,400/year
Total$48,500/month$582,000/year

Expenses

Property Taxes$6,322/month$75,861/year
Insurance$1,408/month$16,900/year
Maintenance reserve$4,233/month$50,800/year
Lawn care$800/month$9,600/year
Waste Collection$597/month$7,164/year
Security Lights$80/month$960/year
Total$13,440/month$161,285/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.