1007 S Locust Street, Champaign, IL 61820
sale
$6,400,000
|
Other
Courtesy Of Green Street Realty
The Castle on Locust presents a prime value-add multifamily investment opportunity in an unbeatable campus location. Fully leased with 29 units and 85 total beds, this property offers a diverse mix of 13 four-bedroom units, 2 three-bedroom units, 13 two-bedroom units, and 1 one-bedroom unit. Featuring in-unit laundry and dishwashers in all units, most with private balconies, the building also includes unique layouts such as 3-story deluxe units and 2-story townhomes with spiral staircases. Covered parking is available, and tenants pay water while electricity is included with a cap. An additional $35 per bed utility fee covers internet, trash, recycling, and UC sanitary services. Current leases run from August 18, 2025, through July 31, 2026, on a 12-installment schedule. With NOI consistently increasing and proforma projections showing income exceeding $400K for 2025-2026, this fully occupied property is a rare opportunity to acquire a well-maintained, high-demand student housing asset with strong cash flow and long-term upside.
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Property Features
- Age: 21-30 Years Old
- Architecture Style: Other
- Building Units: 29
- Cooling System: Central Air
- Legal Description: Lots 3, 4, 5 Block 26 Scott's, James R., Heir's Sub of Blks. 16, 24, 25, 26, 27, and Pt. Blk 17, Clark, Gardiner, and Sherfy's Add
- MLSID: 12463735
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