503-505 E Elm Street
Urbana, IL 61801

Status: Sold
Multi Family
7 beds
0 baths
0 sq.ft
Listing Price: $395,000
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About this home

Two contiguous homes both with R-5 Zoning allowing Medium Density Multi-Family. Approximately 17, 250 square feet of zoning allowing building heights up to 35 feet as per the City of Urbana. Combined the units rent for $25, 320 per year currently and are locally third party managed. Earn rent until you are ready to build! Consult local zoning and perform due diligence before making an offer. Listing agent believes that the units are currently under-rented and thus there exists potential for value add.

Property details

Virtual Tour, Parking / Garage, Exterior Features, Multi-Unit Information
Age Unknown
3 Bedroom Unit in Building Yes
Parking Total 5
Exterior Building Type Aluminum Siding, Vinyl Siding
Parking On-Site Yes
Garage Ownership Owned
Garage Type Detached
Parking Spaces Count 1
Garage On-Site Yes
Parking Ownership Owned
Parking Garage,Space/s
MRD Virtual Tour None
School / Neighborhood, Utilities, Financing, Location Details
Area Major Urbana
Zoning Type MULTI
Corporate Limits Urbana
Directions N Vine to E Elm or E Main to Maple to Elm
Elementary School Leal Elementary School
Elementary Sch Dist 116
Heat/Fuel Natural Gas
High Sch Urbana High School
High Sch Dist 116
Sewer Public Sewer
Water Public
Jr High/Middle School Urbana Middle School
Jr High/Middle Dist 116
Township Cunningham
Interior Features
Basement Description Unfinished
Basement Full
Bedrooms Count 7
Bedrooms Possible 7
Baths Count 3
Full Baths in Building Count 3
Total Rooms 15
Units
unit 1
Beds Total 3
Baths Total 1
Actual Rent 1010
Appliances And Features Stove, Refrigerator, Window Air Conditioner, Laundry Hook-Up
Full Baths Total 1
Lease Expiration Date 09/24
Rooms Total 7
Security Deposit 995
Tenant Pays Electric, Gas, Heat, Water
Floor Number 2
Square Feet 1250
unit 2
Beds Total 4
Baths Total 2
Actual Rent 1100
Appliances And Features Stove, Refrigerator, Central Air Conditioner
Full Baths Total 2
Lease Expiration Date 09/24
Rooms Total 8
Security Deposit 1080
Tenant Pays Electric, Gas, Heat, Water
Floor Number 2
Square Feet 1500
Property / Lot Details
Lot Dimensions 138X125
Legal Description LOTS 2 & 3 BLOCK 4 THORPE'S, JAMES, ADD - AKA - THORPE PLACE
Lot Size .25-.49 Acre
Ownership Fee Simple
Type Unit 2 Story Unit/s
Number Of Units in Building 2
Property Type Two to Four Units

Financials

Financing Cash
Investment Profile Residential Income

Tax/Assessments/Liens

Multiple Pin Numbers Yes
PIN 922117235005
Special Assessments N
Taxes $4,742
Tax Exemptions Homeowner
Tax Year 2022
$395,000 Listing Price:
MLS # 11911199
Investment Profile Residential Income
Listing Market Time 84 days
Basement Full
Type Unit 2 Story Unit/s
Number of Units in Building 2
Parking Garage,Space/s
List Date 10/17/2023
Year Built
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