NOT LISTED FOR SALE

309 W Springfield Ave Urbana, IL 61801

Estimated Value: $522,000 - $2,451,000

-- Bed
-- Bath
-- Sq Ft
6,621 Sq Ft Lot

Last Sold April 25, 2024

Last sale price $504,000

Est. 133% increase in value since last sale

Current estimated payment $7,485/month

48 Days on Market

About This Home

As of April 2024

Welcome to this prime investment opportunity in the heart of Urbana! This well-maintained 6-unit building, with a new roof, gutters & siding and outside stairway in '22, offers an excellent blend of modern convenience and strategic location. The building is thoughtfully designed with three units on each floor, providing a consistent and efficient layout for all residents. Each unit in the building features a well-designed floor plan with two bedrooms and one bathroom, ensuring a comfortable and functional living space. Unit 3 and unit 5 have recently been remodeled. The property boasts strong rental potential, making it an ideal choice for investors seeking a reliable income stream. Its strategic location between the UIUC campus and downtown Urbana offers residents convenient access to both academic and recreational pursuits.

Last Agent to Sell the Property

Nick Taylor

Taylor Realty Associates License #471001633 Listed on: 02/07/2024

Last Buyer's Agent

Hazem Jaber

Coldwell Banker R.E. Group License #475115467

Coldwell Banker R.E. Group

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $12,356

Year Built

  • Built in 1977

Lot Details

  • Lot Dimensions are 57x115
  • Additional Parcels

Parking

  • 6 Open Parking Spaces

Interior Spaces

  • 2-Story Property

Utilities

  • Window Unit Cooling System
  • Baseboard Heating

Listing and Financial Details

  • Tenant pays for electricity, sewer

Community Details

Overview

  • 6 Units

Building Details

  • Insurance Expense $4,316
  • Operating Expense $22,686
  • Gross Income $55,980
  • Net Operating Income $16,622

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$12,356

Year Built

Built in 1977

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Property Sub-Type: Condo/Townhouse
  • Stories: 2
  • Year Built: 1977
  • Built Before 1978 (Y/N): Yes
  • Legal Description: LOT 7 ROE'S 2ND ADD
  • Information: 24-Hr Notice Required
  • Estimated Age: 16-25 Years
  • ResoPropertyType: CommercialSale
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Dishwashers: 0

Exterior Features

  • List Price: 549900

Garage/Parking

  • OpenParkingSpaces: 6

Utilities

  • Cooling: Window Unit(s)
  • Heat/Ventilation: Baseboard

Fee Information

  • Janitor Expense: 0

Lot Info

  • Additional Parcels: Yes
  • Lot Dimensions: 57X115

Rental Info

  • Tenant Pays: Electricity, Sewer
  • Board Number: 22

Multi Family

  • Net Operating Income: 16622
  • Insurance Expense: 4316
  • GrossIncome: 55980
  • NumberOfUnitsTotal: 6
  • OperatingExpense: 22686
  • Expense Year: 2023
  • Type Multi-Family: Condo/Townhouse

Tax Info

  • Tax Annual Amount: 12356
  • Tax Year: 2022

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Feb 7, 2024
Closed on
Apr 17, 2024
Sold by
Tjrc Llc
Bought by
Bayt Real Estate Llc
Seller's Agent
Nick Taylor
Taylor Realty Associates
Buyer's Agent
Hazem Jaber
Coldwell Banker R.E. Group
List Price
$549,900
Sold Price
$504,000
Premium/Discount to List
-$45,900
-8.35%
Views
70
Current Estimated Value
$1,172,134

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$668,134
Avg. Annual Appreciation
88.62%

Purchase Details

Listed on
Jun 17, 2022
Closed on
Aug 15, 2022
Sold by
Domus Properties Llc
Bought by
Tjrc Llc
Seller's Agent
Mark Panno
KELLER WILLIAMS-TREC
Buyer's Agent
Nick Taylor
Taylor Realty Associates
List Price
$550,000
Sold Price
$505,000
Premium/Discount to List
-$45,000
-8.18%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-0.12%
Original Mortgage
$200,000
Interest Rate
5.3%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jun 25, 2018
Sold by
Jmrw Llc 309 Springfield Urb
Bought by
Domus Properties Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$264,000
Interest Rate
4.6%
Mortgage Type
Unknown

Purchase Details

Closed on
Jul 27, 2011
Sold by
Pfeifer Patrick W and Pfeifer Katherine D
Bought by
Jmrw Llc 309 Springfield Urb

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$165,000
Interest Rate
5.5%
Mortgage Type
Commercial

Purchase Details

Closed on
Mar 26, 2004
Sold by
Hartke Ronald S and Hartke Pamela A
Bought by
Pfeifer Patrick W and Pfeifer Katherine D

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$298,000
Interest Rate
5.65%
Mortgage Type
Commercial
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Bayt Real Estate Llc $504,000 None Listed On Document
Tjrc Llc $34,666 None Listed On Document
Domus Properties Llc $330,000 Attorney
Jmrw Llc 309 Springfield Urb $330,000 None Available
Pfeifer Patrick W $298,000 Chicago Title Insurance Co
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Tjrc Llc $200,000
Previous Owner Domus Properties Llc $264,000
Previous Owner Jmrw Llc 309 Springfield Urb $165,000
Previous Owner Pfeifer Patrick W $248,000
Previous Owner Pfeifer Patrick W $298,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/25/2024 04/25/24 Sold $504,000 -8.3% --
03/27/2024 03/27/24 Pending -- -- --
02/07/2024 02/07/24 For Sale $549,900 +8.9% --
08/15/2022 08/15/22 Sold $505,000 -8.2% --
07/12/2022 07/12/22 Pending -- -- --
06/17/2022 06/17/22 For Sale $550,000 -- --
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

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 $13,187 $135,870 $28,980 $106,890
2023 $13,187 $123,970 $26,440 $97,530
2022 $12,357 $114,160 $24,350 $89,810
2021 $11,485 $106,390 $22,690 $83,700
2020 $10,682 $99,310 $21,180 $78,130
2019 $10,378 $99,310 $21,180 $78,130
2018 $8,681 $84,030 $17,920 $66,110
2017 $8,981 $84,030 $17,920 $66,110
2016 $8,931 $84,030 $17,920 $66,110
2015 $8,600 $84,030 $17,920 $66,110
2014 $8,484 $80,030 $17,070 $62,960
2013 $8,373 $80,030 $17,070 $62,960
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11969828

Midwest Real Estate Data (MRED)

APN: 92-21-17-135-003