803 Nevada StUrbana, IL 61801

Property Details for 803 Nevada St

Year built

1916

Lot size

0.14 AC

Property size (Sq ft)

1,430 SF

Property type

Residential income homes

Property subtype

Serviced apartments

APN

922117154005

APU

922117154005

Description

This exceptional 2,700 square foot commercial property, situated on a 0.2-acre lot at 803 W Nevada Street in Urbana, Illinois, presents a unique investment opportunity. Its prime location, just half a block from the University of Illinois on Lincoln Avenue, ensures high demand and consistent rental income. The property's proximity to key campus destinations, including Cafe Paradiso, the Department of Social Work, the Department of Dance, and the Early Childhood Lab, makes it highly attractive to students and faculty. Furthermore, its location just two blocks from Krannert Center for the Performing Arts and three blocks from the Quad enhances its desirability. Currently leased, providing a steady income stream until July, this multi-unit building offers exceptional potential for future growth and profitability. The property's strategic location within the heart of the university campus guarantees a strong tenant base and a high return on investment. This is a rare chance to acquire a well-situated commercial property in a thriving university town, offering both immediate income and long-term appreciation potential. The asking price is $319,900. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $569,856

  6.5%

  $526,021

  7%

  $488,448

• Comparable approach

  Method

  Valuation

  Relative Method

  $288,699

  Geo Method

  $288,699

• Alternative Use

  Use

  Valuation

  Residential

  $526,021

  Hospitality

  $481,832

  Educational

  $400,879

  Medical

  $414,666

  Retail

  $623,589

Location Insight

City

Urbana

County

Champaign

State

Illinois

Latitude

40.1062

Longitude

-88.2181

CBSA code

16580

CBSA name

CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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