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Locust Street Apartments 65 Locust St 24 Unit Apartment Building $1,248,000 ($52,000/Unit) 8% Cap Rate Galesburg, IL 61401
Investment Highlights
- Below Market Rents: $186/unit Mark-to-Market Opportunity
- Attractive Basis: $52,000 /unit
- Strong In-Place Yield: 8% Going-In Cap Rate
- Desirable Townhome Layouts: 50% 2 Bedroom | 50% Three Bedroom
Executive Summary
VIEW OM & DEAL ROOM: https://www.?marcusmillichap.?com/properties/200159/galesburg-townhomes
Galesburg Townhomes, a 24-unit multifamily community located in Galesburg, Illinois.? Galesburg Townhomes offers investors the opportunity to acquire a 24-unit townhome community at a compelling basis of $52,000 per unit ($47.27 per square foot), positioning the asset favorably relative to recent comparable sales in the region.? The property is comprised of six buildings totaling 26,400 rentable square feet, with an even mix of spacious two- and three-bedroom units averaging 1,100 square feet.? This larger floorplan format continues to perform well in the Galesburg market, appealing to both families and long-term renters seeking additional living space.?
Current average rents are $840, and the seller has recently leased units for $1,100+ presenting a straightforward path to revenue growth through continued rent adjustments and operational efficiencies.? Investors are able to step into an asset generating an 8% going-in cap rate and 6.03% cash-on-cash return, with the opportunity to increase performance to a 10.13% pro forma cap rate and 15.43% cash-on-cash return as rents are brought to market levels.?
Galesburg Townhomes, a 24-unit multifamily community located in Galesburg, Illinois.? Galesburg Townhomes offers investors the opportunity to acquire a 24-unit townhome community at a compelling basis of $52,000 per unit ($47.27 per square foot), positioning the asset favorably relative to recent comparable sales in the region.? The property is comprised of six buildings totaling 26,400 rentable square feet, with an even mix of spacious two- and three-bedroom units averaging 1,100 square feet.? This larger floorplan format continues to perform well in the Galesburg market, appealing to both families and long-term renters seeking additional living space.?
Current average rents are $840, and the seller has recently leased units for $1,100+ presenting a straightforward path to revenue growth through continued rent adjustments and operational efficiencies.? Investors are able to step into an asset generating an 8% going-in cap rate and 6.03% cash-on-cash return, with the opportunity to increase performance to a 10.13% pro forma cap rate and 15.43% cash-on-cash return as rents are brought to market levels.?
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
| Price | $1,248,000 | Property Subtype | Apartment |
| Price Per Unit | $52,000 | Apartment Style | Garden |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 8% | 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 | $1,248,000 |
| Price Per Unit | $52,000 |
| Sale Type | Investment |
| Cap Rate | 8% |
| 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 | $232,250 |
| Land Assessment | $26,440 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $205,810 | Tax Year | 2025 |
Property Taxes
Parcel Number
99-14-226-038
Land Assessment
$26,440
Improvements Assessment
$205,810
Total Assessment
$232,250
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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