307 W College St 2,900 SF Specialty Building Offered at $397,934 CAD at a 14.11% Cap Rate in Carbondale, IL 62901

Discover a unique investment opportunity in the heart of Carbondale, Illinois. This bank-owned property at 307 W College Street offers exceptional potential for multifamily or rooming house use. Currently configured as a fraternity house, the residence features nine spacious bedrooms—two on the first floor and seven upstairs—along with two full bathrooms. The first floor boasts ceiling heights over nine feet, creating an open and airy feel, complemented by a mix of wood, tile, and carpet flooring. With a full unfinished basement accessible from both interior and exterior entrances, the property provides ample storage and future improvement options.
Strategically located just two blocks from downtown Carbondale and three blocks from Southern Illinois University, this asset promises strong demand from students and professionals seeking proximity to campus and city amenities. The corner lot setting enhances visibility and accessibility, while the level site with curbs and gutters ensures ease of maintenance. Public water and sewer services, along with electric and gas utilities, are already in place. Parking is convenient with eight slab spaces available on-site.
Priced at $295,000, this property delivers a gross annual income of $47,400 and a net operating income of $41,635, making it an attractive option for investors seeking steady returns. Offered “AS IS” with no warranties, this foreclosure represents a rare chance to acquire a well-located asset in a vibrant university town. Whether repositioned as a rooming house or maintained as a fraternity residence, 307 W College Street stands ready for its next chapter.