1007 South Locust Street, Champaign, IL

$6,400,000

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0.53

Acres

About 1007 South Locust Street

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.

Features of 1007 South Locust Street

MLS® # 12463735
Price $6,400,000
Bathrooms 0.00
Acres 0.53
Year Built 1997
Type Commercial Sale
Sub-Type Multi Family 5+
Status Active

Community Information

Address 1007 South Locust Street
Area Champaign, Savoy
City Champaign
County Champaign
State IL
Zip Code 61820

Amenities

Is Waterfront No
Has Pool No

Interior

Cooling Central Air
Fireplace No
Has Basement No

Exterior

Exterior Wood, Vinyl Siding, Brick Veneer
Foundation Concrete Perimeter

Additional Information

Days on Market 17
Zoning MULTI
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeGreen Street Realty

Listing Map

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