24-Unit Townhome Investment
For Sale
Contact for pricing
Pending
65 Locust St, Galesburg, IL 61401
24-unit townhome community with income growth potential in Galesburg, IL.
Property Size26,400 SF
Days on Market174
Property Features for 65 Locust St
General Information
Standard status
Pending
Size
26,400 SF
Class
C
Property subtype
Multifamily
Building Details
Year Built
1971
Buildings
6
Stories
2
Units
24
Listing Agency:
Marcus & Millichap - Chicago Oak Brook
Listed By:
Steven Weinstock · License #IL 471011175
Source:
Crexi
Added: Feb 25
Changed: Aug 17
Last Checked: Aug 16 at 11:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Chicago Oak Brook
Investment Insights
Based on property information with market context.
Galesburg Townhomes presents an opportunity to acquire a 24-unit townhome community. The property consists of six buildings, totaling 26,400 rentable square feet. The unit mix includes two- and three-bedroom townhomes, averaging 1,100 square feet. The current average rents are $814, which is approximately $100 below the projected average of $916. This presents a potential path to revenue growth through rent adjustments and operational efficiencies. The property is located in Galesburg, IL.
Key Highlights
- Opportunity to increase revenue by raising rents to market levels, projecting an increase to an 8.62% pro forma cap rate and 9.39% cash‑on‑cash return.
- Attractive going‑in cap rate of 7.78% and cash‑on‑cash return of 6.03%.
- Priced at a compelling $54,167 per unit ($49.24 per square foot), favorably positioned relative to comparable sales.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 61401, IL
31,169
Population
15,449
Households
2
Avg Household Size
43
Median Age
21%
College-Educated
89%
High-School Grad
122.9 sq mi
ZIP Area
254
Density / Sq Mi
$47,728
Median Household Income
$30,501
Median Earnings
$724
Median Rent
$94,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 24-unit townhome community with income growth potential in Galesburg, IL.
Where is this apartment building located?
The property is located at 65 Locust St Galesburg, IL.
What is the asking price?
The asking price for this property is $1,248,000.
What are key features of this property?
This property features: Opportunity to increase revenue by raising rents to market levels, projecting an increase to an 8.62% pro forma cap rate and 9.39% cash‑on‑cash return.; Attractive going‑in cap rate of 7.78% and cash‑on‑cash return of 6.03%.; Priced at a compelling $54,167 per unit ($49.24 per square foot), favorably positioned relative to comparable sales.
