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1004 Park Ave - The Mansion on Park Avenue 5,152 SF Specialty Building Offered at $1,245,894 CAD at a 7.82% Cap Rate in Galena, IL 61036
Investment Highlights
- Historic brick estate built circa 1846 with preserved architectural details
- Transferable City of Galena Small Inn License in place
- Walkable location near downtown Galena and overlooking the Galena River
- Original Greek columns and handcrafted architectural details remain intact
Executive Summary
1004 Park Avenue presents a rare opportunity to acquire a historic brick estate in one of Illinois' most recognized tourism destinations. Originally constructed circa 1846 and once home to a Galena mayor, the property combines preserved architectural character with extensive modern upgrades and multiple revenue-generating possibilities. Positioned along the Galena River and within walking distance of downtown Galena's restaurants, boutiques, galleries, and visitor attractions, the property benefits from year-round tourism activity and strong appeal to both leisure travelers and private homeowners.
The residence features an expansive eleven-room layout highlighted by original woodwork, soaring ceilings, hand-carved marble fireplace surrounds, twin first-floor parlors with original Greek columns, a formal dining room, media room, and multiple ensuite bedrooms. Renovations have modernized the property while maintaining its historic integrity, including updated kitchens with granite countertops, remodeled bathrooms, central air conditioning, upgraded electrical service, refinished wood flooring, and EV charging capability.
Additional accommodations include a separate three-room suite with full kitchen and bath as well as two fireplace studio suites, creating flexibility for multigenerational living, guest lodging, executive retreats, or hospitality operations. A solar energy system with battery backup and utility net-metering enhances operational efficiency.
The property is currently operated as a hospitality asset and reportedly generates approximately $70,000 annually in Airbnb and VRBO income. A transferable City of Galena Small Inn License further supports continued lodging use. The combination of historic significance, established income, modern infrastructure, and a walkable location overlooking the Galena River creates a distinctive investment and lifestyle opportunity in one of the Midwest's premier historic communities.
The residence features an expansive eleven-room layout highlighted by original woodwork, soaring ceilings, hand-carved marble fireplace surrounds, twin first-floor parlors with original Greek columns, a formal dining room, media room, and multiple ensuite bedrooms. Renovations have modernized the property while maintaining its historic integrity, including updated kitchens with granite countertops, remodeled bathrooms, central air conditioning, upgraded electrical service, refinished wood flooring, and EV charging capability.
Additional accommodations include a separate three-room suite with full kitchen and bath as well as two fireplace studio suites, creating flexibility for multigenerational living, guest lodging, executive retreats, or hospitality operations. A solar energy system with battery backup and utility net-metering enhances operational efficiency.
The property is currently operated as a hospitality asset and reportedly generates approximately $70,000 annually in Airbnb and VRBO income. A transferable City of Galena Small Inn License further supports continued lodging use. The combination of historic significance, established income, modern infrastructure, and a walkable location overlooking the Galena River creates a distinctive investment and lifestyle opportunity in one of the Midwest's premier historic communities.
Property Facts
| Price | $1,245,894 CAD | Building Class | C |
| Price Per SF | $241.83 CAD | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 5,152 SF |
| Cap Rate | 7.82% | No. Stories | 2 |
| Property Type | Specialty | Year Built | 1846 |
| Property Subtype | Residential Income | ||
| Zoning | LDR - Low Density Residential | ||
| Price | $1,245,894 CAD |
| Price Per SF | $241.83 CAD |
| Sale Type | Investment |
| Cap Rate | 7.82% |
| Property Type | Specialty |
| Property Subtype | Residential Income |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 5,152 SF |
| No. Stories | 2 |
| Year Built | 1846 |
| Zoning | LDR - Low Density Residential |
Somewhat walkable
30/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 06-500-144-00 | Improvements Assessment | $262,034 CAD |
| Land Assessment | $4,375 CAD | Total Assessment | $266,410 CAD |
Property Taxes
Parcel Number
06-500-144-00
Land Assessment
$4,375 CAD
Improvements Assessment
$262,034 CAD
Total Assessment
$266,410 CAD
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1004 Park Ave - The Mansion on Park Avenue
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