Skip To Content
    Return to Previous Page

    407 E University Avenue

    Champaign, IL 61820
    • $4,300,000
    • STATUS: Pending
    • ON SITE: 200 days
    • MLS #: 10776848
    Pending
    UPDATED: 16 min ago
    $4,300,000
    • 0
      BEDS
    • 0.4
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 35,583
      SQFT
    • $121
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    2002
    County:

    School Ratings & Info

    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.

    Monthly Payment Calculator



    © 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 2021-01-27T21:52:24.213 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
    www.bnrealty.com/homes/107705663
    Print Image

    407 E University Avenue Champaign, IL 61820

    • Price: $4,300,000
    • Status: Pending
    • Updated: 16 min ago
    • MLS #: 10776848
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.4
    Acres
    35,583
    SQFT
    $121
    $/SQFT
    2002
    Built
    Neighborhood:
    Champaign, Savoy
    County:
    Champaign
    Area:
    Champaign, Savoy
    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.
    Exterior Features

    Outdoor Parking 19-30 Spaces Parking Total 77

    Interior Features

    Cooling Window Unit(S) Electric 101-200 Amps Fire Protection Sprinklers Heat Ventilation Baseboard Indoor Parking 51-100 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 48 Number Of Dryers 48 Number Of Full Bathrooms Type1 1 Number Of Ranges 48 Number Of Refrigs 48 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 48 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 48

    Property Features

    Additional Parcels YN No Built Before1978 YN No Cap Rate 7.4 Current Use Multi-Family Electric Expense 17000 Exterior Building Type Vinyl SidingBlock Fuel Expense 0 Gross Income 533520 Gross Scheduled Income 533520 Insurance Expense 8854 Janitor Expense 2000 Lot Size Dimensions 132X132 Maintenance Expense 30000 Monthly Income Max1 785 Operating Expense 217412 Other Expense 5000 Tax Annual Amount 119558 Tax Year 2019 Tenant Pays ElectricitySewer Total Monthly Income 44460 Trash Expense 3000 Type Multi Family Corridor-Interior Entrance 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 2021-01-27T21:52:24.213 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
     
    https://bt-photos.global.ssl.fastly.net/mred/orig_boomver_1_10776848-2.jpg https://bt-photos.global.ssl.fastly.net/mred/orig_boomver_1_10776848-2.jpg https://bt-photos.global.ssl.fastly.net/mred/orig_boomver_1_10776848-2.jpg
    Logo
    BNRealty | RE/MAX Rising
    501 S Towanda Barnes, Suite 2
    Bloomington IL, 61705