704 Walnut StCarbondale, IL 62901

Property Details for 704 Walnut St

Year built

1965

Property size (Sq ft)

1,479 SF

Property type

Residential income homes

Property subtype

Apartment buildings

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.

Location Insight

City

Carbondale

County

Jackson

State

Illinois

Latitude

37.7249

Longitude

-89.2254

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