$285,000
SOLD OCT 25, 2024
5 Beds
5 Baths
-- Sq Ft
8,276 Sq Ft Lot

Recently Sold

22% Below List Price

26 Days on Market

About This Home

As of October 2024

Looking for a gem to add to your investment portfolio or perhaps looking for your first investment. This unique five-unit apartment building in the Champaign-Urbana area is an excellent investment opportunity. Each unit features 1 bedroom and 1 bathroom, with tenants responsible for their own utilities, while the landlord only handles landscaping and trash services. The units include carpet and vinyl flooring, with one dedicated parking space per unit and plenty of street parking available. Conveniently located just a few blocks from downtown Urbana, Lincoln Square Mall, and shopping options, this property is also close to the University of Illinois at Urbana-Champaign (UIUC). With solid bones and new development in the area, this building offers great potential for increasing ROI through continued improvements and rent increases. Don't miss out on this prime location, perfect for attracting tenants! Call you favorite Realtor today to schedule your private showing.

Last Agent to Sell the Property

Carol Meinhart

The Real Estate Group,Inc License #475127814 Listed on: 09/06/2024

The Real Estate Group,Inc

Co-Listed By

Tim Turner

The Real Estate Group,Inc License #475192035

Last Buyer's Agent

Carol Meinhart

The Real Estate Group,Inc License #475127814 Listed on: 09/06/2024

The Real Estate Group,Inc

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $9,526

Year Built

  • Built in 1989

Lot Details

  • 8,276 Sq Ft Lot
  • Lot Dimensions are 65 x 125

Interior Spaces

  • 1-Story Property

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 5 Bathrooms

Utilities

  • Window Unit Cooling System
  • Forced Air Heating System

Community Details

Overview

  • 5 Units

Building Details

  • Insurance Expense $5,199
  • Manager Expense $3,348
  • Other Expense $960
  • Trash Expense $1,200
  • Operating Expense $20,233
  • Gross Income $33,480
  • Net Operating Income $10,568

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$9,526

Year Built

Built in 1989

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Property Sub-Type: Flats
  • Stories: 1
  • Year Built: 1989
  • Built Before 1978 (Y/N): No
  • Legal Description: LOT 1 BLOCK 3 THORPE'S, JAMES, ADD - AKA - THORPE PLACE
  • Information: 24-Hr Notice Required
  • Estimated Age: 26-35 Years
  • ResoPropertyType: CommercialSale
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 5
  • Total Bedrooms: 5
  • Room: 4
  • Room: 4
  • Room: 0

Exterior Features

  • List Price: 365000

Utilities

  • Cooling: Window Unit(s)
  • Heat/Ventilation: Forced Air

Condo/Co-op/Association

  • Manager Expense: 3348

Fee Information

  • Trash Expense: 1200
  • Janitor Expense: 0
  • Operating Expense Includes: Insurance,Professional Management,Trash,Real Estate Tax

Lot Info

  • Additional Parcels: No
  • Lot Size Acres: 0.19
  • Lot Dimensions: 65 X 125
  • Zoning: MULTI

Rental Info

  • Board Number: 22

Multi Family

  • Net Operating Income: 10568
  • Insurance Expense: 5199
  • GrossIncome: 33480
  • NumberOfUnitsTotal: 5
  • OperatingExpense: 20233
  • Type Multi-Family: Flats

Tax Info

  • Tax Annual Amount: 9526
  • Tax Year: 2023

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Sep 6, 2024
Closed on
Oct 22, 2024
Sold by
Sutton Jerry and Sutton Doniel
Bought by
Latham Solutions Llc
Seller's Agent
Carol Meinhart
The Real Estate Group,Inc
Buyer's Agent
Carol Meinhart
The Real Estate Group,Inc
List Price
$365,000
Sold Price
$285,000
Premium/Discount to List
-$80,000
-21.92%
Views
40
Current Estimated Value
$294,109

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$9,109
Avg. Annual Appreciation
3.30%
Original Mortgage
$228,000
Outstanding Balance
$224,315
Interest Rate
6.09%
Mortgage Type
New Conventional
Estimated Equity
$69,794

Purchase Details

Closed on
Mar 28, 2024
Sold by
Hd Real Estate Llc
Bought by
Sutton Jerry and Sutton Doniel

Purchase Details

Closed on
Apr 17, 2018
Sold by
Map Investments Llc
Bought by
Hd Real Estate Group Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,356,000
Interest Rate
4.95%
Mortgage Type
Commercial

Purchase Details

Closed on
Apr 27, 2005
Sold by
Zerck Holdings Inc
Bought by
Map Investments Ii Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$205,000
Interest Rate
7.5%
Mortgage Type
Commercial

Purchase Details

Closed on
Jul 13, 2004
Sold by
Sterling Management Llc
Bought by
Zerck Holdings Inc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$164,800
Interest Rate
7%
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 Type Sale Price Title Company
Warranty Deed $285,000 Chicago Title
Warranty Deed $240,000 None Listed On Document
Warranty Deed $1,800,000 Attorney
Warranty Deed $210,000 --
Warranty Deed $206,000 --
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Open $228,000 New Conventional
Previous Owner $1,356,000 Commercial
Previous Owner $205,000 Commercial
Previous Owner $164,800 Commercial
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
10/25/2024 10/25/24 Sold $285,000 -21.9% --
09/23/2024 09/23/24 Pending -- -- --
09/06/2024 09/06/24 Price Changed $365,000 0.0% --
08/27/2024 08/27/24 For Sale $365,000 -- --
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 $9,182 $94,610 $25,320 $69,290
2023 $9,182 $86,320 $23,100 $63,220
2022 $8,603 $79,480 $21,270 $58,210
2021 $7,996 $74,070 $19,820 $54,250
2020 $7,437 $69,140 $18,500 $50,640
2019 $7,225 $69,140 $18,500 $50,640
2018 $6,045 $58,510 $15,650 $42,860
2017 $6,253 $58,510 $15,650 $42,860
2016 $6,219 $58,510 $15,650 $42,860
2015 $5,988 $58,510 $15,650 $42,860
2014 $5,907 $55,720 $14,900 $40,820
2013 $5,829 $55,720 $14,900 $40,820
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 12149160

Midwest Real Estate Data (MRED)

APN: 92-21-17-234-005