IL > Champaign
Champaign, IL 61820,1007 S Locust ST
Champaign, IL 61820,1007 S Locust ST
Champaign, IL 61820,1007 S Locust ST
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$6,400,000
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28,960 SqFt
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1007 S Locust ST Champaign, IL 61820

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Dennis & Karen

Dennis & Karen

The Dennis Scherer Real Estate Team - Realty Executives Premier

+1(219) 213-3346

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Key Details

Property Type Multi-Family

Sub Type Multi Family 5+

Listing Status Active

Purchase Type For Sale

Square Footage 28,960 sqft

Price per Sqft $220

MLS Listing ID 12463735

Year Built 1997

Annual Tax Amount $138,900

Tax Year 2024

Lot Size 0.530 Acres

Lot Dimensions 58.5x58.5x58.5x132

Property Sub-Type Multi Family 5+

Property Description

The Castle on Locust presents a prime value-add multifamily investment opportunity in an unbeatable campus location. Fully leased with 29 units and 85 total beds, this property offers a diverse mix of 13 four-bedroom units, 2 three-bedroom units, 13 two-bedroom units, and 1 one-bedroom unit. Featuring in-unit laundry and dishwashers in all units, most with private balconies, the building also includes unique layouts such as 3-story deluxe units and 2-story townhomes with spiral staircases. Covered parking is available, and tenants pay water while electricity is included with a cap. An additional $35 per bed utility fee covers internet, trash, recycling, and UC sanitary services. Current leases run from August 18, 2025, through July 31, 2026, on a 12-installment schedule. With NOI consistently increasing and proforma projections showing income exceeding $400K for 2025-2026, this fully occupied property is a rare opportunity to acquire a well-maintained, high-demand student housing asset with strong cash flow and long-term upside.

Location

State IL

County Champaign

Area Champaign, Savoy

Zoning MULTI

Interior

Cooling Central Air

Fireplace N

Exterior

Utilities Available Sewer Connected

Building

Dwelling Type Multi Family 5+

Water Community Water

Structure Type Wood,Vinyl Siding,Brick Veneer

Midwest Real Estate Data (MRED) IDX
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Shannon Collins of  Green Street Realty 

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Dennis & Karen

Dennis & Karen

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+1(219) 213-3346

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1007 S Locust ST

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