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400 N Oakland Ave 42 Unit Apartment Building $2,400,000 ($57,143/Unit) Carbondale, IL 62901
Investment Highlights
- 42 units featuring two-bedroom, one-and-a-half-bath floor plans
- Significant capital improvements include updated unit interiors, updated fixtures and hardware, and enhanced exterior and common area finishes
- Prime Carbondale, IL location near Southern Illinois University, Memorial Hospital, and major retail
- Twenty-four units have been renovated with updated interior finishes, leaving value-add opportunity through continued interior renovations
- Residents benefit from private balconies or porches and on-site laundry
- Offered significantly below replacement cost
Executive Summary
CBRE is pleased to offer for sale Palomino Apartments (the “Property”), a 42-unit apartment community located in Carbondale, Illinois. Built in 1970, the Property consists entirely of two-bedroom apartment homes and offers investors a value-add opportunity through continued unit upgrades and rental growth.
Palomino Apartments features spacious two-bedroom, 1.5-bath units with fully-equipped kitchens, private balconies or porches, generous storage and closet space, and on-site laundry facilities. The Property also benefits from ample parking and select renovated interiors.
Ideally located in Carbondale, the Property is just minutes from Southern Illinois University, downtown Carbondale, major employers, shopping, dining, and healthcare services. Residents also enjoy convenient access to regional outdoor attractions, including Giant City State Park and Shawnee National Forest, supporting a strong and diverse renter base within Southern Illinois.
Palomino Apartments features spacious two-bedroom, 1.5-bath units with fully-equipped kitchens, private balconies or porches, generous storage and closet space, and on-site laundry facilities. The Property also benefits from ample parking and select renovated interiors.
Ideally located in Carbondale, the Property is just minutes from Southern Illinois University, downtown Carbondale, major employers, shopping, dining, and healthcare services. Residents also enjoy convenient access to regional outdoor attractions, including Giant City State Park and Shawnee National Forest, supporting a strong and diverse renter base within Southern Illinois.
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Property Facts
| Price | $2,400,000 | Building Class | B |
| Price Per Unit | $57,143 | Lot Size | 1.44 AC |
| Sale Type | Investment | Building Size | 47,254 SF |
| No. Units | 42 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1970 |
| Apartment Style | Garden | Parking Ratio | 1.1/1,000 SF |
| Price | $2,400,000 |
| Price Per Unit | $57,143 |
| Sale Type | Investment |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.44 AC |
| Building Size | 47,254 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1970 |
| Parking Ratio | 1.1/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 42 | - | - |
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Fairly walkable
50/100
Moderately drivable
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 15-20-228-030 | Improvements Assessment | $128,504 |
| Land Assessment | $58,748 | Total Assessment | $187,252 |
Property Taxes
Parcel Number
15-20-228-030
Land Assessment
$58,748
Improvements Assessment
$128,504
Total Assessment
$187,252
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400 N Oakland Ave