2017 Philo Rd Urbana, IL 61802
Southeast Urbana NeighborhoodEstimated payment $7,444/month
About This Home
This 24-unit apartment building in Urbana, Illinois, offers a rare and highly sought-after opportunity for investors seeking a true value-add project. All units are currently vacant and in need of renovation, presenting significant upside through capital improvements and repositioning. Each unit is a 1-bedroom, 1-bath layout similar to stabilized properties nearby, with market rents ranging from 850 dollars per month after rehab. The property is located near the intersection of Silver Street and Philo Road - a central Urbana neighborhood with strong rental demand from students, professionals, and Section 8 tenants. Whether you're a seasoned investor or new to multifamily repositioning, this asset is ideal for increasing long-term equity and generating strong returns in a proven rental market.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $26,360
Year Built
- Built in 1969
Additional Features
- 3-Story Property
- Lot Dimensions are 115x104
Community Details
- 24 Units
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 | $25,408 | $261,790 | $53,540 | $208,250 |
| 2023 | $25,408 | $238,860 | $48,850 | $190,010 |
| 2022 | $23,806 | $219,940 | $44,980 | $174,960 |
| 2021 | $23,292 | $215,770 | $44,130 | $171,640 |
| 2020 | $25,037 | $232,760 | $47,600 | $185,160 |
| 2019 | $24,256 | $232,110 | $47,600 | $184,510 |
| 2018 | $20,291 | $196,410 | $40,280 | $156,130 |
| 2017 | $20,992 | $196,410 | $40,280 | $156,130 |
| 2016 | $20,876 | $196,410 | $40,280 | $156,130 |
| 2015 | $21,107 | $196,410 | $40,280 | $156,130 |
| 2014 | $20,822 | $196,410 | $40,280 | $156,130 |
| 2013 | $20,548 | $196,410 | $40,280 | $156,130 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 04/23/2025 04/23/25 | For Sale | $950,000 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Special Warranty Deed | $1,800,000 | None Listed On Document | |
| Quit Claim Deed | -- | None Available | |
| Warranty Deed | $1,596,000 | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Closed | $1,120,000 | Construction | |
| Previous Owner | $260,525 | Commercial | |
| Previous Owner | $2,060,000 | Commercial |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12345809
APN: 93-21-21-183-004
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