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$6,400,000
Est. payment /mo
28,960 SqFt
UPDATED:
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
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© 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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CROSSTOWN REALTORS
Owner | License ID: 471019341