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DESCRIPTION

401 E University Avenue is a 64 unit, 5 story building with all 1 bedroom apartments. Constructed in 2017, this property is in new condition. Each unit ranges in size from 648 SF to 745 SF, offering very spacious apartments for individuals or couples. Includes upgraded finishes with granite counter tops and stainless appliances. These units are partially furnished, and could easily be fully furnished for improved rental rates. This building is just 3 blocks from the University of Illinois' Department of Electrical and Computer Engineering. Grocery stores, restaurants, and entertainment are all in close proximity to this property. Current rental rates range from $855 to $1,000, not including the parking and furniture rental income. Property is 100% rented for 2020-21 school year, and the demand is strong for one-bedroom units in today's student housing market. The electric service is paid by the tenants, and the internet service is provided by the owner. Additionally, the water has been paid by the owner and could easily be sub-metered and billed to tenants for improved NOI. The parking garage is enclosed at ground level with 42 spaces that are rented to tenants at $55 each per month. One elevator and 2 stairwells provide access to the 5 levels, and each unit has a balcony or rooftop terrace. Schedule your tour of this prime investment property today!

KEY DETAILS
  • Price:
  • $6,400,000
  • Bedrooms:
  • 0
  • Full Baths:
  • 0
  • Square Footage:
  • n/a
  • Acreage:
  • 0.45
  • Year Built:
  • 2017
  • MLS #:
  • 10772534
  • Street Address:
  • 401 E University Ave
  • City:
  • Champaign
  • State:
  • IL
  • Postal Code:
  • 61820
  • County:
  • Champaign
  • Area:
  • Champaign/ Savoy
  • Listing Status:
  • For Sale - Active

Building

  • Age Of Dwelling:
  • 1-6 Years
  • Exterior Description:
  • Vinyl Siding
  • Number Of Units:
  • 64
  • Stories:
  • 5
  • Unit1 Bedrooms:
  • 1
  • Unit1 Total Rooms:
  • 3
  • Year Built:
  • 2017

Business

  • Annual Insurance Expenses:
  • 12700
  • Annual Trash Expenses:
  • 3000

Land

  • Existing Land Use:
  • Residential-Multi-Family
  • Lot Square Footage:
  • 19600

Money

  • Property Taxes:
  • $153,406
  • Tax Year:
  • 2019
  • Tenant Pays:
  • Electric

Structures

  • Parking Spaces:
  • 42

Systems

  • Cooling System:
  • Window Unit/S

Source

  • Listing Provided By Keller Williams-Trec

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SCHOOL RATINGS

No school information available.

NOTES

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