202 Grove StUrbana, IL 61802

Property Details for 202 Grove St

Year built

1913

Lot size

0.23 AC

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a well-maintained five-unit building situated at 202 S Grove Street in Urbana, Illinois. The property sits on a 0.23-acre lot and offers immediate rental income potential. Each unit is a one-bedroom apartment, complete with its own kitchen and bathroom, providing convenience and privacy for tenants. Two units have undergone recent renovations, ensuring modern appeal and potentially higher rental rates. The remaining three units are currently occupied by long-term tenants, providing stable income. Tenants are responsible for their own electricity and gas, billed individually through metered services. The building owner covers water, sewer, and heat costs through a monthly utility credit to tenants. Significant recent upgrades enhance the property's value and efficiency. These include a new, energy-efficient hot water radiant heat boiler, ensuring lower operating costs and increased tenant comfort. Furthermore, a brand new roof was installed in December 2024, eliminating immediate roof replacement concerns. The property is zoned R-4, opening doors to future development or renovation possibilities, allowing for potential expansion or value enhancement. This property is an ideal addition to any rental portfolio, offering a blend of immediate returns and long-term growth potential in a desirable Urbana location. The asking price is $210,000.

Location Insight

City

Urbana

County

Champaign

State

Illinois

Latitude

40.1116

Longitude

-88.2012

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