Eco Friendly
Address
407 E University Avenue Champaign, IL
Price
$ 4,300,000
Property Attributes
  • MLS#10776848
  • TypeMulti-Family
  • CountyCHAMPAIGN
  • CityChampaign
  • AreaChampaign - Savoy
  • NeighborhoodWilbur Heights
  • Zip61820
  • StyleMulti-Family
  • Year Built2002
  • Taxes119558
  • Price$ 4,300,000
  • Bedrooms1
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage35583
  • Lot Size0.4 Acres
Listing Provided Courtesy Of:
KELLER WILLIAMS-TREC
Property Description

407 E University Avenue is a 48 unit, 4 story building constructed in 2002 with all 1 bedroom apartments. The ground floor offers 5 office units comprising almost 6,000 SF. The apartment units are partially furnished, and could easily be fully furnished to improve the rental rates. The parking garage is below grade with 52 spaces that are rented to tenants for $55 each per month, and an additional 25 parking spaces are grade level and used for the commercial office spaces. One elevator and 2 stairwells provide access to the 4 levels, and each unit has a balcony or terrace. The electric service and water are both paid by the tenants, and the internet service is provided by the owner. This property is approximately 2 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. This Value-Add Opportunity will require some cosmetic updates to most units. Additionally, the partially rented office space on the ground floor could be converted to amenities such as a fitness center, study lounge, and game room and would help the property compete better in today's market. By investing a relatively small amount on these upgrades, a new owner will create instant equity and strong positive cash flow.

Price History
7/10/2020 Listed $4,300,000

General Features

Property Type Multi Family 5+
Property Type Commercial Sale
Standard Status Active
Zoning MULTI

Exterior Features

Building Area Total 35583
Exterior Vinyl Siding, Block
Lot Dimensions 132X132

Room Details

Room Dimensions Level Flooring Details
Dining Room
Family Room
Living Room
Master Bedroom

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 61820

Price
AVG $990K
$4.3M
Taxes
AVG $25,426
$119,558
Visits
AVG 83
280
Year Built
AVG 1937
2002
Walkscore
AVG 76
88
Data Provided by Walkscore ® not using MLS data

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