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DESCRIPTION

505 W Springfield Ave, Urbana, is a 3 story plus garden level 16 unit apartment building located in the heart of Urbana, minutes from the University of Illinois campus. This building consists of 15 two-bedroom, one-bath units and 1 one bedroom studio unit. This all-brick building is metered separately for electric and cold water. Landlord pays for both domestic and heating hot water. The opportunity for increased rental income exists by bringing rents up to current market rates. Rarely do buildings of this size in this location become available for sale. Hurry!

KEY DETAILS
  • Price:
  • $1,100,000
  • Bedrooms:
  • 0
  • Full Baths:
  • 0
  • Square Footage:
  • n/a
  • Acreage:
  • 0.27
  • Year Built:
  • 1976
  • MLS #:
  • MRD11417831
  • Street Address:
  • 505 W Springfield Ave
  • City:
  • Urbana
  • State:
  • IL
  • Postal Code:
  • 61801
  • County:
  • Champaign
  • Area:
  • Urbana
  • Listing Status:
  • For Sale - Pending

Building

  • Exterior Description:
  • Brick
  • Stories:
  • 4
  • Year Built:
  • 1976

Business

  • Annual Insurance Expenses:
  • 1200
  • Annual Trash Expenses:
  • 1290
  • Annual Water/Sewer Expenses:
  • 3822
  • Estimated Potential Income:
  • 12180
  • Gross Income:
  • 146160
  • Net Operating Income:
  • 52745
  • Operating Expense:
  • 14468

Land

  • Existing Land Use:
  • Multi-Family
  • Lot Square Footage:
  • 11974

Listing

  • Days On Market:
  • 56
  • Originating Mls:
  • Mred
  • Previous Listing Price:
  • 1400000

Money

  • Property Taxes:
  • $78,947
  • Tax Year:
  • 2021
  • Tenant Pays:
  • Electricity, Water

Structures

  • Parking Spaces:
  • 15

Systems

  • Cooling System:
  • Central Air

Source

  • Listing Provided By Keller Williams-Trec

    ILMRED
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SCHOOL RATINGS

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NOTES

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