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 | 20 |
|---|---|
| Zoning | MULTI |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | Green Street Realty |
|---|