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    401 E University Avenue

    Champaign, IL 61820
    • $6,400,000
    • STATUS: Pending
    • ON SITE: 202 days
    • MLS #: 10772534
    Pending
    UPDATED: 28 min ago
    $6,400,000
    • 0
      BEDS
    • 0.45
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 48,195
      SQFT
    • $133
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    2017
    County:

    School Ratings & Info

    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!

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    © 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or BNRealty | RE/MAX Rising. Based on information submitted to the MRED as of 2021-01-26T15:53:41.99 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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    401 E University Avenue Champaign, IL 61820

    • Price: $6,400,000
    • Status: Pending
    • Updated: 28 min ago
    • MLS #: 10772534
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.45
    Acres
    48,195
    SQFT
    $133
    $/SQFT
    2017
    Built
    Neighborhood:
    Champaign, Savoy
    County:
    Champaign
    Area:
    Champaign, Savoy
    Property 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!
    Exterior Features

    Parking Total 42

    Interior Features

    Cooling Window Unit(S) Electric 101-200 Amps Fire Protection Sprinklers Heat Ventilation Baseboard Indoor Parking 31-50 Spaces Miscellaneous Inside Elevator/S PassengerInside Corridor/SFurnished Units Available Number Of Bedrooms Type5 0 Number Of Bedrooms Type6 0 Number Of Bedrooms Unit1 1 Number Of Bedrooms Unit2 0 Number Of Bedrooms Unit3 0 Number Of Bedrooms Unit4 0 Number Of Dishwashers 64 Number Of Dryers 64 Number Of Full Bathrooms Type1 1 Number Of Ranges 64 Number Of Refrigs 64 Number Of Rooms Unit Five 0 Number Of Rooms Unit Four 0 Number Of Rooms Unit Six 0 Number Of Rooms Unit1 3 Number Of Rooms Unit2 0 Number Of Rooms Unit3 0 Number Of Rooms Unit7 0 Number Of Units Apt Type1 64 Number Of Units Apt Type2 0 Number Of Units Apt Type3 0 Number Of Units Apt Type4 0 Number Of Units Apt Type5 0 Number Of Units Apt Type6 0 Number Of Units Apt Type7 0 Number Of Washers 64

    Property Features

    Additional Parcels YN Yes Built Before1978 YN No Cap Rate 6.9 Current Use Multi-Family Electric Expense 17000 Exterior Building Type Vinyl Siding Fuel Expense 0 Gross Income 711360 Gross Scheduled Income 711360 Insurance Expense 12700 Janitor Expense 2000 Lot Size Dimensions 148X132 Maintenance Expense 35000 Monthly Income Max1 1000 Operating Expense 265106 Other Expense 5000 Tax Annual Amount 153406 Tax Year 2019 Tenant Pays Electricity Total Monthly Income 59280 Trash Expense 3000 Type Multi Family Other Utilities Sanitary SewerWater-Municipal Water Sewer Expense 2000 Zoning Multi

    Listing information © 2021 Midwest Real Estate Data LLC.
    Listing provided courtesy of Keller Williams-Trec.


    © 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or BNRealty | RE/MAX Rising. Based on information submitted to the MRED as of 2021-01-26T15:53:41.99 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

    Digital Millennium Copyright Act
     
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