1601 N Willow Road new Save Request In-Person Tour Request Virtual Tour
Urbana,IL 61801
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 51,046 sqft
Price per Sqft $74
MLS Listing ID 12417457
Year Built 1974
Annual Tax Amount $67,948
Tax Year 2024
Lot Size 2.000 Acres
Lot Dimensions 233.5 X 330.45
Property Sub-Type Multi Family 5+
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. 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. Highlights: Renovated Interior and Exterior: Over past two years, both the exterior and the interior of this property has been renovated, refreshed and upgraded. Current ownership has made significant investment into the property which has resulted in improved tenancy and increased rents. One- and Two-Bedroom Apartments: Apartments have received upgrades from new flooring, painting, remodeled bathrooms and kitchens, and new appliances. The extent of upgrades depended on the condition of the apartment. Fifteen apartments are currently in renovation. Strong Market Fundamentals: Champaign - Urbana boasts robust rental demand, a growing population, and a diverse economy, making it an attractive location for real estate investment. With favorable market conditions and a strategic value-add strategy, investors can capitalize on the area's growth potential. Proven Investment Potential: With a solid foundation and the right investment strategy, this property has the potential to generate strong cash flow and long-term appreciation, delivering attractive returns for investors seeking value-add opportunities. Value-Add Potential: This property offers the ideal canvas for additional value enhancement. With strategic renovations and upgrades, investors have the opportunity to increase rental rates, attract higher-quality tenants, and boost overall property value.
Location
State IL
County Champaign
Zoning MULTI
Interior
Cooling Window Unit(s)
Fireplace N
Exterior
View Y/N true
Roof Type Composition
Building
Structure Type Vinyl Siding