1007 S Locust St Champaign, IL 61820
Estimated payment $45,506/month
Highlights
- Courtyard
- Forced Air Heating and Cooling System
- 5-minute walk to Washington Park
- Central High School Rated A
About This Home
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.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $138,900
Year Built
- Built in 1997
Lot Details
- 0.53 Acre Lot
- Lot Dimensions are 58.5x58.5x58.5x132
Home Design
- Concrete Perimeter Foundation
Interior Spaces
- 28,960 Sq Ft Home
- 3-Story Property
- Fire Sprinkler System
Additional Features
- Courtyard
- Forced Air Heating and Cooling System
Community Details
Overview
- 29 Units
Building Details
- Operating Expense $350,082
- Gross Income $754,290
- Net Operating Income $404,207
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $160,018 | $1,592,800 | $338,430 | $1,254,370 |
| 2023 | $160,018 | $1,774,450 | $308,220 | $1,466,230 |
| 2022 | $150,531 | $1,636,950 | $284,340 | $1,352,610 |
| 2021 | $138,600 | $1,514,010 | $262,980 | $1,251,030 |
| 2020 | $132,202 | $1,441,920 | $250,460 | $1,191,460 |
| 2019 | $127,955 | $1,412,260 | $245,310 | $1,166,950 |
| 2018 | $125,081 | $1,390,020 | $241,450 | $1,148,570 |
| 2017 | $125,602 | $1,390,020 | $241,450 | $1,148,570 |
| 2016 | $112,612 | $1,361,430 | $236,480 | $1,124,950 |
| 2015 | $103,598 | $1,337,360 | $232,300 | $1,105,060 |
| 2014 | $102,714 | $1,220,970 | $115,910 | $1,105,060 |
| 2013 | -- | $1,220,970 | $115,910 | $1,105,060 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 10/02/2025 10/02/25 | For Sale | $6,400,000 | +24.9% | $221 / Sq Ft | |
| 09/03/2015 09/03/15 | Sold | $5,125,000 | -10.1% | -- | View Prior Sale |
| 07/29/2015 07/29/15 | Pending | -- | -- | -- | |
| 03/12/2015 03/12/15 | For Sale | $5,699,000 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $5,882,000 | None Available | |
| Quit Claim Deed | -- | Attorney |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $6,620,000 | Commercial | |
| Previous Owner | $2,884,899 | Commercial |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12463735
APN: 43-20-13-284-015
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
Based on information submitted to the MLS GRID. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website.
The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the “DMCA”) provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked.
Notices must be sent in writing by email to DMCAnotice@MLSGrid.com.
The DMCA requires that your notice of alleged copyright infringement include the following information:
(1) description of the copyrighted work that is the subject of claimed infringement;
(2) description of the alleged infringing content and information sufficient to permit us to locate the content;
(3) contact information for you, including your address, telephone number and email address;
(4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law;
(5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and
(6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner’s behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.
- 703 S Randolph St
- 508 Haines Blvd
- 611 S Lynn St
- 305 W University Ave Unit 4
- 606 W Springfield Ave
- 617 W Springfield Ave
- 301 N Neil St Unit 808-809
- 301 N Neil St Unit 702
- 301 N Neil St Unit 606
- 301 N Neil St Unit 909
- 301 N Neil St Unit 609
- 812 Dodds Dr
- 603 W Clark St
- 402 E Park St
- 404 E Park St
- 811 Hamilton Dr
- 504 E Church St
- 305 N Prairie St Unit 7
- 21 Greencroft Dr
- 410 N State St Unit 15