24-Unit Townhome Investment
65 Locust St, Galesburg, IL 61401
24-unit townhome community with income growth potential in Galesburg, IL.
Type:Multifamily
Property size:
26,400 SFPrice / SF:
$49/SF- Added:
- Feb 25, 2026
- Days on Market:
- 82
- Last Refresh:
- Mar 17 at 1:16 pm
Property Features for 65 Locust St
General Information
- Standard status
- Active
- Size
- 26,400 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1971
Listing agent Steven Weinstock License #IL 471011175
Listing office Marcus & Millichap - Chicago Oak Brook
Listing date Feb 25, 2026
Source Crexi
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
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.
- 24‑unit townhome community comprised of six buildings totaling 26,400 rentable square feet.
- Spacious two- and three‑bedroom units averaging 1,100 square feet, appealing to families and long‑term renters.
- Straightforward path to revenue growth through rent adjustments and operational efficiencies.
Overview
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.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Locust Street Apartments
Apartment Complex
Location Insight
- Map
- Local Demand
- City
- Galesburg
- County
- Knox
- State
- Illinois
- Longitude
- -90.349316
- Latitude
- 40.94656
Nearby Similar for Sale
FAQs
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 $1,300,000.
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.
