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Locust Street Apartments 65 Locust St 24 Unit Apartment Building $1,300,000 ($54,167/Unit) 7.78% Cap Rate Galesburg, IL 61401
Investment Highlights
- Below Market Rents: $100/unit Mark-to-Market Opportunity
- Attractive Basis: $54,167 /unit
- Strong In-Place Yield: 7.78% Going-In Cap Rate
- Desirable Townhome Layouts: 50% 2 Bedroom | 50% Three Bedroom
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| 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 (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| 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 | $1,300,000 | Property Subtype | Apartment |
| Price Per Unit | $54,167 | Apartment Style | Garden |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.78% | Building Size | 28,706 SF |
| Gross Rent Multiplier | 5.75 | No. Stories | 2 |
| No. Units | 24 | Year Built | 1971 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Zoning | C - Commercial | ||
| Price | $1,300,000 |
| Price Per Unit | $54,167 |
| Sale Type | Investment |
| Cap Rate | 7.78% |
| Gross Rent Multiplier | 5.75 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Building Size | 28,706 SF |
| No. Stories | 2 |
| Year Built | 1971 |
| Opportunity Zone |
Yes |
| Zoning | C - Commercial |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Package Service
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 7 | $762.50 | 1,000 |
| 2+1.5 | 5 | $712.50 | 1,000 |
| 3+1 | 1 | $750.00 | 1,200 |
| 3+1.5 | 11 | $962.50 | 1,200 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 99-14-226-038 | Total Assessment | $219,290 (2024) |
| Land Assessment | $24,960 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $194,330 (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
99-14-226-038
Land Assessment
$24,960 (2024)
Improvements Assessment
$194,330 (2024)
Total Assessment
$219,290 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Locust Street Apartments | 65 Locust St
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