$799,900

24 S Galena Ave Freeport, IL 61032

Estimated payment $4,605/month

Total Views 81,224
-- Bed
-- Bath
11,808 Sq Ft
$68 Price per Sq Ft

Highlights

  • Deck
  • Central Air
  • Hot Water Heating System
  • Brick or Stone Mason

About This Home

Prime Downtown Freeport Investment Opportunity – 14 Residential Units + 1 Commercial Space | 11% Pro Forma Return Located in the heart of historic downtown Freeport, IL, this mixed-use building offers an outstanding opportunity for investors seeking strong, stable cash flow in a revitalizing urban core. The property includes 14 residential units—a mix of efficiencies and 1-bedroom apartments—plus 1 street-level commercial space, providing diverse income streams and long-term value. Property Highlights: Total Units: 15 (14 Residential + 1 Commercial) Location: Centrally located in downtown Freeport – close to dining, retail, and public amenities Unit Mix: A combination of efficiency and 1-bedroom units – high demand among students, professionals, and downtown workers Commercial Space: Ideal for retail, office, or service use – strong foot traffic and visibility Condition: Solid, well-maintained structure with updated systems and appealing curb appeal Pro Forma Return: 11% projected annual return based on current market rents and realistic expense assumptions

Listing Agent

Brian Borchardt

A-1 AGENCY License #471004534 Listed on: 06/18/2025

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,966

Year Built

  • Built in 1869

Home Design

  • Brick or Stone Mason
  • Rubber Roof
  • Concrete Siding

Interior Spaces

  • 11,808 Sq Ft Home
  • 3-Story Property
  • Basement

Kitchen

  • Stove
  • Range

Outdoor Features

  • Deck

Schools

  • Freeport 145 Elementary And Middle School
  • Freeport 145 High School

Utilities

  • Central Air
  • Window Unit Cooling System
  • Hot Water Heating System
  • Heating System Uses Gas
  • Separate Meters
  • Gas Water Heater

Community Details

  • 15 Units
  • 4-Story Building

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,966

Year Built

Built in 1869

Lot Details

0

Listing Details

  • Electric: Circuit Breaker, Fuses
  • Appliances That Stay or Are Included: Refrigerator, Stove/Cooktop
  • Class: MULTIFAMILY
  • General Features: Deck
  • Legal Description: PT LOTS 4 & 5 BLK 49 ORIG TOWN FREEPORT
  • Lvt Date: 06/18/2025
  • Style: 3+ Story
  • Type: 5+ Units
  • Management Yr: 1760
  • Number Of Floors In Bldg: 4
  • Number Of Tenants In Bldg: 10
  • Number Of Units In Bldg: 15
  • Utilities Yr: 13200
  • Agent Only_ L A1 User Code: F_5
  • Elementary School: Freeport 145
  • Estimated Total Finished Sq Ft: 11808
  • Hold Earnest Money Y N: No
  • Pertinent Facts: Prime Downtown Freeport Investment Opportunity – 14 Residential Units + 1 Commercial Space | 11% Pro Forma Return Located in the heart of historic downtown Freeport, IL, this mixed-use building offers an outstanding opportunity for investors seeking strong, stable cash flow in a revitalizing urban core. The property includes 14 residential units—a mix of efficiencies and 1-bedroom apartments—plus 1 street-level commercial space, providing diverse income streams and long-term value. Property Highlights: Total Units: 15 (14 Residential + 1 Commercial) Location: Centrally located in downtown Freeport – close to dining, retail, and public amenities Unit Mix: A combination of efficiency and 1-bedroom units – high demand among students, professionals, and downtown workers Commercial Space: Ideal for retail, office, or service use – strong foot traffic and visibility Condition: Solid, well-maintained structure with updated systems and appealing curb appeal Pro Forma Return: 11% projected annual return based on current market rents and realistic expense assumptions
  • Designated Managing Broker Y N: Yes
  • Potential Annual Expenses: 25666
  • Separate Electric: Yes
  • Separate Heat: No
  • Separate Water Y N: No
  • Washer Dryer Coin Operated: No
  • Washer Dryer Hookups: No
  • Washer Dryer: No
  • Estimated Above Grade Sq Ft: 11808
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Yes

Exterior Features

  • Exterior: Brick/Stone, Concrete
  • Roof: Rubber

Utilities

  • Cooling: Central Air, Window Unit
  • Heating: Hot Water/Steam
  • Sewer: City
  • Water: City
  • Water Heater: Gas

Building Info

  • Year Built: 1869

Tax Info

  • Year: 2024
  • Taxes: 4966

MLS Schools

  • HighSchool: Freeport 145
  • School District: Freeport 145
  • Middle School: Freeport 145

Map

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
11/12/2025 11/12/25 For Sale $799,900 0.0% $68 / Sq Ft
10/10/2025 10/10/25 Pending -- -- --
06/18/2025 06/18/25 For Sale $799,900 -- $68 / Sq Ft
Source: NorthWest Illinois Alliance of REALTORS®

Source: NorthWest Illinois Alliance of REALTORS®

MLS Number: 202503314

NorthWest Illinois Alliance of REALTORS®
Illinois Stephenson County Freeport 61032

24 S Galena Ave, Freeport, IL

For Sale

MultiFamily

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Brian Borchardt
Listing Agent
Brian Borchardt
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A-1 AGENCY
(779) 237-3713