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Redevelopment Opportunity In Enterprise Zone 239 S Cherry St 139,192 SF Healthcare Building Online Auction Sale Galesburg, IL 61401
INVESTMENT HIGHLIGHTS
- 239 S Cherry Street is a vacant, former senior living facility originally constructed for 168 beds, covering 139,192 square feet on five floors.
- While the building was designed and utilized as a skilled nursing facility, it is prime for significant redevelopment as a multifamily property.
- Just outside of Downtown, Cherry Street is convenient to the retail corridors' national tenants and shopping centers.
- About an hour’s drive to Peoria via Interstate 74, Galesburg is the county seat of Knox County, home to many large employers.
- Situated across the street from Knox College, a private liberal arts college with an 11:1 faculty-to-student ratio.
- Burlington Northern Santa Fe (BNSF) is the largest employer in Galesburg, Illinois.
EXECUTIVE SUMMARY
Welcome to a commercial investment opportunity primed for flexible conversion at 239 S Cherry Street in Galesburg, Illinois. The subject property, formerly St. Mary’s Square Living Center, a 168-bed senior living and rehab center, is now presented vacant to the market with flexible zoning for commercial, multifamily, retail, or mixed-use. Previous plans have been considered to repurpose the building to feature office space, residential units, and a rooftop restaurant to add to the downtown liveliness. With 2.7 acres and approximately 139,192 square feet of space, this property presents a unique value-add opportunity.
Located in an Enterprise Zone, this property offers tax benefits and incentives for future investors. 239 S Cherry Street’s close to Downtown location ensures a desirable living experience for future residents. Close points of interest include Central Park, Lake Storey Park, The Old City Hall (a historical landmark), and the Galesburg Railroad Museum. Knox College's campus is just a few blocks south, with a college bookstore, library, classrooms, and faculty buildings.
239 S Cherry Street’s 10-mile radius is home to a local population of 40,500 with an average household income of just shy of $60,000. A reported 66% of the rental population occupies a one-unit layout, and 7% occupies a two- to four-unit layout, signifying the local demand for smaller units.
Don’t miss the chance to transform this historic property into a thriving multifamily or mixed-use development.
Property tours are available by appointment only. Please contact the broker to schedule.
Located in an Enterprise Zone, this property offers tax benefits and incentives for future investors. 239 S Cherry Street’s close to Downtown location ensures a desirable living experience for future residents. Close points of interest include Central Park, Lake Storey Park, The Old City Hall (a historical landmark), and the Galesburg Railroad Museum. Knox College's campus is just a few blocks south, with a college bookstore, library, classrooms, and faculty buildings.
239 S Cherry Street’s 10-mile radius is home to a local population of 40,500 with an average household income of just shy of $60,000. A reported 66% of the rental population occupies a one-unit layout, and 7% occupies a two- to four-unit layout, signifying the local demand for smaller units.
Don’t miss the chance to transform this historic property into a thriving multifamily or mixed-use development.
Property tours are available by appointment only. Please contact the broker to schedule.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Market Information
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
PROPERTY FACTS
ROOM MIX INFORMATION
| DESCRIPTION | NO. BEDS |
|---|---|
| - | 168 |
1 1
Walk Score®
Very Walkable (71)
SALE ADVISORS
SALE ADVISORS
Ubaldo Diaz,
Broker
Ubaldo Diaz is a seasoned real estate professional with over 18 years of experience in residential and commercial properties. Known for delivering exceptional results, Ubaldo combines deep industry knowledge with a client-focused approach, helping individuals and businesses achieve their real estate goals with confidence.
In addition to his extensive real estate experience, Ubaldo holds degrees in Computer Information Systems and Business with an emphasis in Logistics. This unique combination allows him to bring a data-driven, technology-forward approach to every transaction, streamlining processes and maximizing efficiency for his clients.
As a trusted advisor, Ubaldo excels in guiding clients through transactions involving buying, selling, leasing, and investing. He is committed to delivering exceptional service, fostering lasting relationships, and utilizing his expertise to develop strategic solutions tailored to each client’s specific needs.
Whether you are a first-time buyer, seasoned investor, or business seeking commercial space, Ubaldo Diaz is the professional partner you can rely on to achieve your real estate goals.
In addition to his extensive real estate experience, Ubaldo holds degrees in Computer Information Systems and Business with an emphasis in Logistics. This unique combination allows him to bring a data-driven, technology-forward approach to every transaction, streamlining processes and maximizing efficiency for his clients.
As a trusted advisor, Ubaldo excels in guiding clients through transactions involving buying, selling, leasing, and investing. He is committed to delivering exceptional service, fostering lasting relationships, and utilizing his expertise to develop strategic solutions tailored to each client’s specific needs.
Whether you are a first-time buyer, seasoned investor, or business seeking commercial space, Ubaldo Diaz is the professional partner you can rely on to achieve your real estate goals.
ABOUT THE AUCTION TECHNOLOGY
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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AUCTION CONTACT
Taylor Cunningham
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 478027045
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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Redevelopment Opportunity In Enterprise Zone | 239 S Cherry St
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Redevelopment Opportunity In Enterprise Zone | 239 S Cherry St
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