D
Seller's Agent in 2021
Darin Bowers
KELLER WILLIAMS-TREC
407 E University Ave Champaign, IL 61820
Estimated Value: $6,664,000
48
Beds
48
Baths
--
Sq Ft
0.4
Acres
About This Home
As of March 2021407 E University Avenue is a 48 unit, 4 story building constructed in 2002 with all 1 bedroom apartments. The ground floor offers 5 office units comprising almost 6,000 SF. The apartment units are partially furnished, and could easily be fully furnished to improve the rental rates. The parking garage is below grade with 52 spaces that are rented to tenants for $55 each per month, and an additional 25 parking spaces are grade level and used for the commercial office spaces. One elevator and 2 stairwells provide access to the 4 levels, and each unit has a balcony or terrace. The electric service and water are both paid by the tenants, and the internet service is provided by the owner. This property is approximately 2 blocks from the University of Illinois' Department of Electrical and Computer Engineering. Grocery stores, restaurants, and entertainment are all in close proximity to this property. This Value-Add Opportunity will require some cosmetic updates to most units. Additionally, the partially rented office space on the ground floor could be converted to amenities such as a fitness center, study lounge, and game room and would help the property compete better in today's market. By investing a relatively small amount on these upgrades, a new owner will create instant equity and strong positive cash flow.
Last Agent to Sell the Property
Darin Bowers
KELLER WILLIAMS-TREC License #475172942 Listed on: 07/09/2020
Co-Listed By
Kevin Block
KELLER WILLIAMS-TREC License #471009872
Last Buyer's Agent
Non Member
NON MEMBER
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $149,517
Year Built
- 2002
Lot Details
- 0.4
Home Design
- Block Exterior
- Vinyl Siding
Utilities
- Window Unit Cooling System
Community Details
- Insurance Expense $8,854
- Manager Expense $30,000
Listing and Financial Details
- Tenant pays for electric, water/sewer
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Jul 9, 2020
Closed on
Mar 5, 2021
Sold by
Hardwick Gene Thomas and Hardwick T G
Bought by
Uggt Llc-407 E University
Seller's Agent
Darin Bowers
KELLER WILLIAMS-TREC
Buyer's Agent
Non Member
NON MEMBER
List Price
$4,300,000
Sold Price
$3,200,000
Premium/Discount to List
-$1,100,000
-25.58%
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$3,464,000
Original Mortgage
$3,544,200
Interest Rate
2.7%
Mortgage Type
New Conventional
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Uggt Llc-407 E University | $2,950,000 | None Listed On Document |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Uggt Llc-407 E University | $3,544,200 | |
| Open | Uggt Llc-407 E University | $7,680,000 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 03/05/2021 03/05/21 | Sold | $3,200,000 | -25.6% | -- |
| 01/20/2021 01/20/21 | Pending | -- | -- | -- |
| 07/09/2020 07/09/20 | For Sale | $4,300,000 | -- | -- |
Source: Midwest Real Estate Data (MRED)
Tax History Compared to Growth
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 | $149,517 | $1,820,480 | $253,800 | $1,566,680 |
| 2023 | $149,517 | $1,658,000 | $231,150 | $1,426,850 |
| 2022 | $140,652 | $1,529,520 | $213,240 | $1,316,280 |
| 2021 | $129,504 | $1,414,650 | $197,230 | $1,217,420 |
| 2020 | $123,526 | $1,347,290 | $187,840 | $1,159,450 |
| 2019 | $119,558 | $1,319,580 | $183,980 | $1,135,600 |
Source: Public Records
Agents Affiliated with this Home
-
-
K
Seller Co-Listing Agent in 2021
Kevin Block
KELLER WILLIAMS-TREC
-
N
Buyer's Agent in 2021
Non Member
NON MEMBER
Map
Source: Midwest Real Estate Data (MRED)
MLS Number: MRD10776848
APN: 462107376016
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