1601 N Willow Rd Urbana, IL 61801
Crystal Lake NeighborhoodEstimated payment $26,463/month
Highlights
- 2 Acre Lot
- Courtyard
- Forced Air Heating System
About This Home
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.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $67,948
Year Built
- Built in 1974
Lot Details
- 2 Acre Lot
- Lot Dimensions are 233.5 x 330.45
Home Design
- Gable Roof Shape
- Composition Roof
Interior Spaces
- 51,046 Sq Ft Home
- 3-Story Property
Outdoor Features
- Courtyard
Utilities
- Window Unit Cooling System
- Forced Air Heating System
Community Details
Overview
- 51 Units
Building Details
- Electric Expense $16,000
- Insurance Expense $20,600
- Trash Expense $13,000
- Water Sewer Expense $15,000
- Operating Expense $238,844
- Gross Income $441,848
- Net Operating Income $203,003
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $68,604 | $658,400 | $104,260 | $554,140 |
| 2023 | $68,604 | $644,580 | $95,130 | $549,450 |
| 2022 | $64,285 | $593,540 | $87,600 | $505,940 |
| 2021 | $65,879 | $610,000 | $85,940 | $524,060 |
| 2020 | $67,690 | $628,960 | $83,440 | $545,520 |
| 2019 | $62,750 | $600,000 | $83,440 | $516,560 |
| 2018 | $70,395 | $681,060 | $70,610 | $610,450 |
| 2017 | $60,693 | $567,550 | $58,840 | $508,710 |
| 2016 | $60,361 | $567,550 | $58,840 | $508,710 |
| 2015 | $58,088 | $567,550 | $58,840 | $508,710 |
| 2014 | $57,302 | $540,530 | $56,040 | $484,490 |
| 2013 | $56,550 | $540,530 | $56,040 | $484,490 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/06/2025 08/06/25 | Pending | -- | -- | -- |
| 07/15/2025 07/15/25 | For Sale | $3,825,000 | -- | $75 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Special Warranty Deed | $2,200,000 | Attorney | |
| Warranty Deed | -- | None Available |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $425,000 | New Conventional | |
| Closed | $50,000 | Commercial | |
| Open | $1,750,000 | Commercial | |
| Closed | $1,750,000 | Commercial | |
| Previous Owner | $5,200,000 | Commercial | |
| Previous Owner | $0 | Commercial | |
| Previous Owner | $2,300,000 | Commercial |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12417457
APN: 91-21-05-477-028
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
Based on information submitted to the MLS GRID. All data is obtained from various sources and may not have been verified by broker or MLS GRID. 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 IDX listings have been excluded from this website.
The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the “DMCA”) provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked.
Notices must be sent in writing by email to DMCAnotice@MLSGrid.com.
The DMCA requires that your notice of alleged copyright infringement include the following information:
(1) description of the copyrighted work that is the subject of claimed infringement;
(2) description of the alleged infringing content and information sufficient to permit us to locate the content;
(3) contact information for you, including your address, telephone number and email address;
(4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law;
(5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and
(6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner’s behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.
- 407 G H Baker Dr
- 1211 Brad Dr
- 1201 Clifford Dr Unit 4
- 1901 Beck Dr Unit 1
- 1303 Christopher Cir Unit 8
- 1905 Christopher Cir Unit 4
- 1403 Dawn Rd
- 1254 Marshall Cir
- 27 Fern St
- 111 W Park St
- 1796 Independence Ave
- 2032 Constitution Ave
- 908 E Water St
- 1009 N Busey Ave
- 708 Pecan Tree St
- 1901 N Lincoln Ave Unit 316
- 1901 N Lincoln Ave Unit 201
- 1903 N Lincoln Ave Unit 116
- 305 W Griggs St
- 1301 N Lincoln Ave