422 Locust St

Elgin IL 60123

Multi-Family

Last sold for $375,500

Valeria Sanchez, last sold this property on 06 October 2025 after 1309 days on market.

Overview

Welcome to 422 Locust Street, a beautifully updated two-unit property located in the heart of Elgin. This turnkey building presents a rare opportunity for both owner-occupants and investors, offering thoughtful upgrades throughout and strong rental potential. Unit 1 features a spacious and unique two-story layout with a private entrance, giving the feel of a single-family home. It includes three oversized bedrooms, two updated bathrooms, a modern kitchen with brand new waterproof luxury vinyl plank flooring, and upgraded lighting throughout. Unit 2 is a fully remodeled studio with its own private entrance, showcasing quartz countertops, smart appliances, waterproof LVP flooring, and a contemporary bathroom-making it an ideal high-end rental. Both units will be delivered vacant at closing, providing maximum flexibility to rent at current market rates or to house hack. The property has been meticulously maintained and thoughtfully improved with major upgrades, including a new water heater (2024), a high-efficiency Carrier HVAC system with a two-stage gas furnace (2022), a Nest thermostat, Aprilaire humidifier, newer windows, and a freshly built and painted wraparound porch. The exterior features a freshly blacktopped driveway, a detached three-car garage, and an additional ten parking spaces-offering rare and valuable off-street parking for tenants or guests. The full basement includes laundry, extra storage, and a separate exterior entrance, creating a value-add opportunity for future living space or rental income. Rental comps in the area demonstrate strong upside potential. Unit one: MLS #12286435, a 3BD/1BA property, rented for $2,000 in just 22 days, while MLS #12281539, a 3BD/1BA with only a one-car garage, supports similar pricing. Unit 2: For the studio unit, MLS #12198381 rented at $995 with no garage, driveway, or privacy, and MLS #12065176 rented in just 26 days without parking. COMPETITIVE ADVANTAGE: the units at 422 Locust Street offer more modern finishes, private entrances, ample off-street parking, 3 CAR GARAGE with potential to be rented and overall better value-suggesting even higher rental potential. Located near downtown Elgin, Grand Victoria Casino, Metra, I-90, shops, and restaurants, this property offers both convenience and long-term value. With excellent projected rental income and flexible occupancy options, this is a prime opportunity to own a well-maintained, income-producing property in a desirable and growing market.

Features

3 bedrooms

3 bathrooms

3 carspaces

3 garage spaces

Multi-Family

Estimated Value

Based on this property and similar 3 bedroom multi families sold in Elgin over the last 12 months, the estimated median property value of 422 Locust St is $321.75k.

Median value

$321.75k

Estimated value range

$314.9k - $375.5k

Median days on market

Estimated value trend

decrease over the last 12 months

Average days on market is based on recent, comparable sales in Elgin. It is only an indication of the time a property is actively listed and should not be relied upon as an accurate representation of how soon a property will be sold.