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24-26 S Galena Ave 14 Unit Apartment Building $799,900 ($57,136/Unit) 11.03% Cap Rate Freeport, IL 61032
Investment Highlights
- Rents could be raiser for higher return
- lots of charm and character
- Historic building
Executive Summary
Prime Downtown Freeport Investment Opportunity – 14 Residential Units + 1 Commercial Space | 11% Pro Forma Return Located in theheart of historic downtown Freeport, IL, this mixed-use building offers an outstanding opportunity for investors seeking strong, stable cashflow in a revitalizing urban core. The property includes 14 residential units—a mix of efficiencies and 1-bedroom apartments—plus 1street-level commercial space, providing diverse income streams and long-term value. Property Highlights: Total Units: 15 (14Residential + 1 Commercial) Location: Centrally located in downtown Freeport – close to dining, retail, and public amenities Unit Mix: Acombination of efficiency and 1-bedroom units – high demand among students, professionals, and downtown workers CommercialSpace: Ideal for retail, office, or service use – strong foot traffic and visibility Condition: Solid, well-maintained structure with updatedsystems and appealing curb appeal Pro Forma Return: 11% projected annual return based on current market rents and realistic expenseassumptions
Financial Summary (Pro Forma - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $799,900 | Apartment Style | Mid-Rise |
| Price Per Unit | $57,136 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.08 AC |
| Cap Rate | 11.03% | Building Size | 11,808 SF |
| No. Units | 14 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1888 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $799,900 |
| Price Per Unit | $57,136 |
| Sale Type | Investment |
| Cap Rate | 11.03% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.08 AC |
| Building Size | 11,808 SF |
| No. Stories | 4 |
| Year Built | 1888 |
| Opportunity Zone |
Yes |
1 1
Walk Score®
Very Walkable (87)
Property Taxes
| Parcel Number | 18-14-31-181-018 | Total Assessment | $44,346 (2024) |
| Land Assessment | $3,088 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $41,258 (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
18-14-31-181-018
Land Assessment
$3,088 (2024)
Improvements Assessment
$41,258 (2024)
Total Assessment
$44,346 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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24-26 S Galena Ave
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