65 Locust St, Galesburg, IL 61401 For Sale

VIEW OM & DEAL ROOM: https://www.marcusmillichap.com/properties/200159/galesburg-townhomes

Galesburg Townhomes, a 24-unit multifamily community located in Galesburg, Illinois. Galesburg Townhomes offers investors the opportunity to acquire a 24-unit townhome community at a compelling basis of $52,000 per unit ($47.27 per square foot), positioning the asset favorably relative to recent comparable sales in the region. The property is comprised of six buildings totaling 26,400 rentable square feet, with an even mix of spacious two- and three-bedroom units averaging 1,100 square feet. This larger floorplan format continues to perform well in the Galesburg market, appealing to both families and long-term renters seeking additional living space.

Current average rents are $840, and the seller has recently leased units for $1,100+ presenting a straightforward path to revenue growth through continued rent adjustments and operational efficiencies. Investors are able to step into an asset generating an 8% going-in cap rate and 6.03% cash-on-cash return, with the opportunity to increase performance to a 10.13% pro forma cap rate and 15.43% cash-on-cash return as rents are brought to market levels.