1007 S Locust Street, Champaign, IL 61820

• 28,960 sqft

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.

Listing Status:

Active

Listing Office:

Green Street Realty :

Listing Agent:

Shannon Collins : 217-493-3776

MLS ID:

12463735

Interior

• A/C: Central Air

Construction

• General: Concrete Perimeter

Location

• Road/Access: City Street
• Originating MLS: mred
• County: Champaign

Lot

• Zoning: MULTI432013284015

Utilities

• Utilities: Sewer Connected
• Water: Community Water

Financial

• Source: mred

This listing courtesy of Shannon Collins, Green Street Realty