Palomino Apartments 400 North Oakland Avenue
Carbondale, IL 62901
For Sale
39,774 sqft
Sale Price
$2,400,000
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Multifamily For Sale - Available Immediately
42-Unit Value Add Multifamily Opportunity Near Southern Illinois University - Carbondale, IL
42-unit asset in Carbondale, Illinois
Value-add opportunity through continued interior renovations, with 24 units already renovated, and the ability to increase in-place rents as additional units are upgraded to meet market demand
Significant capital improvements include upgraded unit interiors with LVT flooring, painted cabinetry, updated fixtures and hardware, plus enhanced exterior and common area finishes
Historically strong occupancy demonstrates consistent resident demand and provides a stable foundation for future revenue growth
Comprised entirely of spacious two-bedroom, 1.5-bath apartment homes with private balconies or porches, fully-equipped kitchens, and on-site laundry facilities
Prime Carbondale location near Southern Illinois University, Memorial Hospital of Carbondale, and major retail and dining destinations, supporting strong renter demand
Convenient access to downtown Carbondale, Amtrak, major employers, and regional recreation amenities including Giant City State Park and Shawnee National Forest
Offered significantly below replacement cost
Get in touch
Matt Bukhshtaber
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.
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.
Total Space Available
39,774 sqft
Sale Price
$2,400,000
Get in touch
Matt Bukhshtaber