Address
1601 N Willow Road, Urbana, IL
Price
$ 3,825,000
Property Attributes
  • MLS#12056636
  • TypeMulti-Family
  • CountyCHAMPAIGN
  • CityUrbana
  • AreaUrbana
  • Zip61801
  • Style
  • Year Built1974
  • Taxes$ 68603
  • Price$ 3,825,000
  • Bedrooms3
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage51046
  • Lot Size2 Acres
Data Source:
Midwest Real Estate Data (MRED)
Property Description

Offering two building multi-family complex in Urbana, IL one block west of Cunningham Avenue and just south of the Interstate 74 interchange. Property is situated on the northwest corner of Country Club Road and Willow Road in Urbana. The property boasts 51 apartments comprised of 22 one-bedroom units and 29 two-bedroom units Most of the units have been renovated and refreshed with 15 units undergoing renovations currently. Current ownership has invested over $1,200,000 in renovations/repairs since 2022. Each building has a shared laundry facilities on the second floor for one-bedroom units to utilize, while two-bedroom units have washer/dryer within the units. Apartments are very spacious, and upgrades include new flooring, painting, kitchen upgrades, new appliances. The entire exterior of this property has been improved including new roof, siding, windows, painting and much more. A large courtyard is situated between the two buildings providing an area for tenants to relax and creates a sense of community. The on-site parking lot accommodates 82 vehicles. The property is located near Crystal Lake Park, Busey Woods, Anita Pervis Nature Center and Urbana Country Club. These outdoor facilities are within walking distance and provides recreational opportunities for tenants.

Price History
5/15/2024 Listed $3,825,000

General Features

Roof Composition
Zoning MULTI
Year Built 1974
Tenant Pays Air Conditioning,Electricity,Heat
Stories 2
Tax Year 2023
Gross Income 306296
County Champaign
Net Operating Income 67359
Operating Expense 238936
Insurance Expense 15358
Property Type Commercial Sale
Status Active
Directions South on Cunningham. Right on Perkins Rd. Buildings on the right side of the road.
City Urbana
NumberOfUnitsTotal 51
MLS Area Urbana
Lot Size Square Feet 87120
Street Name Willow
Tax Annual Amount 68603
Electric Expense 23049
Trash Expense 14856
Water Sewer Expense 17316
Additional Parcels Y/N No
Days on Market 8
Standard Status Active
Property Type Multi Family 5+

Interior Features

Street Suffix Road

Exterior Features

Building Area Total 51046
Lot Dimensions 233.5 X 330.45
Lot Size Acres 2
Exterior Vinyl Siding

Amenities

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

Property vs Multi-Family Average in 61801

Price
AVG $1.05M
$3.83M
Taxes
AVG $23,142
$68,603
Visits
AVG 126
213
Data Provided by Inside Real Estate®
Year Built
AVG 1929
1974

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