Listed by Triad Real Estate Partners
$2,800,000
The Hill
Details
APN 15-27-101-072
Property Type Multifamily
Sub Type Student Housing, Apartment Building
Square Footage 39,988
Units 46
Beds 89
Cap Rate 7.90%
NOI $209,972
Pro-Forma Cap Rate 8.00%
Year Built 1969
Year Renovated 2024
Buildings 2
Stories 3
Acreage 1.940
Multifamily | 46 Units | $60,870/unit
Marketing description
Founded in 1869 as Southern Illinois Normal School, SIU-Carbondale is the flagship campus of the Southern Illinois University system. While the name of the institution may have changed multiple times over the course of its almost 150 year history, its purpose - to provide quality, pertinent, affordable education to the residents of surrounding agriculturally driven communities - has not. Located in the charming community of Carbondale, the city once known as Little Egypt, Southern Illinois University has a proven track record of graduating top caliber students who are ready to engage and change their surroundings.
Total enrollment at SIU-Carbondale for the fall of 2023 was 11,359, an increase of around 2.30%, ending a nine year trend in the other direction. Freshman enrollment was encouraging again this fall, with an increase of 6.79% this year following a 6.75% increase in 2022. The incoming freshman class has increased for the fourth year in a row, a strong sign that this trend of enrollment growth will continue for years to come. The university feels optimistic that it will reach its goal of 15,000 students by 2030 with the implementation of its Imagine 2030 plan.
Investment highlights
- Founded in 1869, SIU is the oldest campus of the Southern Illinois School System
- SIU Athletic programs are known as the Salukis, competing as a member of the NCAA at the Division I level
- $500-million “Saluki Way” capital improvement and campus beautification project began in 2007
- 89-bed student housing opportunity
- 1 & 2 bedroom units with bed-bath parity
- Less than one mile east of SIU campus
- Offered free & clear of existing financing
- Short Term Lease
- Large Closets
- Off Street Parking
- Hardwood Floors
- On-Site Maintenance
- Efficient Appliances
- Laundry Facilities
- Electronic Thermostat
- Bike Storage
- Air Conditioner
- Wi-fi Included
- Cable Ready
- Patio/Balcony
- Water
Listing Contacts
Listed by Triad Real Estate Partners
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$209,972.00
$17,497.67/mo
Valuation Metrics
0
DSCR
7.5%
Cap Rate
7.5%
ROI
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