705 East Colorado Avenue

Urbana, IL 61801

$2,500,000
Price
48
Beds
28
Baths
16
1/2 Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Don't miss your chance to own this well-situated apartment complex! It is perfectly placed in a quiet Urbana neighborhood, but still close to everything Champaign-Urbana has to offer! This building features 1, 2 and 3 bedroom apartments and townhouses. Secured entry and free off-street parking. It is a half block to the Red line and 2 blocks to the Green St, both take you to the central terminal downtown and to the University of Illinois campus. Grocery and convenience shopping nearby and there is...Don't miss your chance to own this well-situated apartment complex! It is perfectly placed in a quiet Urbana neighborhood, but still close to everything Champaign-Urbana has to offer! This building features 1, 2 and 3 bedroom apartments and townhouses. Secured entry and free off-street parking. It is a half block to the Red line and 2 blocks to the Green St, both take you to the central terminal downtown and to the University of Illinois campus. Grocery and convenience shopping nearby and there is fiberoptic internet access to every apartment. This is a great investment opportunity!
  1. Listed by Shannon Collins • Green Street Realty
  2. Listed by Katie Meints • Green Street Realty

Property Details for 705 East Colorado Avenue

Area
Urbana
Township
Cunningham
Zoning
MULTI
LISTING UPDATED: 08/17/2024 03:32 AM

Property Details for 705 East Colorado Avenue

StatusActive
MLS #12043161
Days on Market228
Taxes$65,168 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Corridor-Interior Entrance
Year Built1977
Lot Size0.87 AC / 37,897 SF
CountyChampaign County

Building Information for 705 East Colorado Avenue

Stories3Residences26Year Built1977Building Size-Lot Size0.87 AC / 37,897 SF

Property Information for 705 East Colorado Avenue

General Information
Addtl Parking Information
  • Outdoor Parking: 19-30 Spaces
Location and General Information
  • Information: Show-Call Listing Office,Show-Special Instructions,48-Hr Notice Required
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Air Conditioning: Central Air
  • Grid: 67
  • Heat/Ventilation: Central Heat/Indiv Controls,Forced Air
  • Num of Baths: 28.16
Property/Lot Information
  • Owners Association: No
  • Tenant Pays: Varies by Tenant
  • Built Before 1978: Yes
  • Approximate Age: 36-50 Years
  • Multi-Family Type: Corridor-Interior Entrance,Flats,Condo/Townhouse
  • Lot Dimensions: 145.5 X 260.15
  • Stories: 3
  • Construction: Wood Frame
  • Building Area Total: 31602
Property and Assessments
  • Possible Use: Multi-Family
  • Public Document Count: 3
  • Document Date: 2024-05-01T22:22:59
  • Photos Count: 14
Miscellaneous
  • Current Use: Multi-Family
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 26
Income & Expenses
  • Electric Expense: $.00
  • Fuel Expense: $.00
  • Gross Income: $325,000.00
  • Gross Scheduled Income: $275,357.00
  • Insurance Expense: $.00
  • Maintenance Expense: $.00
  • Janitor Expense: 0
  • Total Monthly Income: 27000
  • Net Operating Income: $190,000.00
  • Operating Expense: $134,000.00
  • Other Expense: $.00
  • Trash Expense: $.00
  • Water Sewer Expense: $.00
Unit 1
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 6
Unit 2
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 4
Unit 3
  • Unit Type Baths Total: 2
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 2
Unit 4
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 4
  • Unit Type Units Total: 14
Unit 5
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 5
  • Unit Type Units Total: 0
Unit 6
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 6
  • Unit Type Units Total: 0
Unit 7
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 7
  • Unit Type Units Total: 0

Property History for 705 East Colorado Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 705 East Colorado Avenue

Taxable ValueLand$76,690Additions$534,010Total$610,700
Tax Record2023$65,168 ($5,431 / month)
Home Facts
StyleMulti-Family Dwelling (2-4)CountyCHAMPAIGNAPN932121152042

Schools near 705 East Colorado Avenue

This home is within Urbana School District 116.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - K to 12
Rating
School
Distance
Yankee Ridge Elementary School
PublicK to 5

Urbana Middle School
Public6 to 8

Urbana High School
Public9 to 12

Urbana Gerber School
PublicK to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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705 East Colorado Avenue is a multi-family home for sale in Urbana, IL 61801. This property was listed for sale on May 6, 2024 by Green Street Realty, it's currently listed at $2,500,000. It has been on the market for a total of 228 days and was last sold on May 20, 2022. This listing's school district is Urbana School District 116. Nearby schools include Yankee Ridge Elementary School, Urbana Middle School and Urbana High School. 705 East Colorado Avenue is a 48-bed, 36-bath, multi-family home built in 1977.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Green Street Realty

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Based on information submitted to the MLS GRID as of 08/17/2024 03:32 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.