206 S Grove St 8 Unit Apartment Building $949,000 ($118,625/Unit) 5.98% Cap Rate Urbana, IL 61802

206 S. Grove Street presents the opportunity to acquire a wel lmaintained and recently updated 8-unit multifamily property located in one of Urbana’s most desirable rental corridors. Situated just two blocks west of Vine Street and within walking distance of Lincoln Square Mall, downtown Urbana, the Urbana Farmers Market, and Urbana municipal offices, the Property benefits from a highly convenient location with close proximity to shopping, dining, employment centers, healthcare, and the University of Illinois.
Located just over one mile from the University of Illinois and its enrollment of approximately 59,000 students, the Property is strategically positioned to attract a diverse tenant base including students, healthcare workers, university employees, young professionals, and workforce renters seeking quality housing in a centrally located neighborhood setting.
The Property consists of eight spacious two-bedroom / onebathroom apartment units that are believed to average approximately 880 square feet per unit. Each unit features a full kitchen, living room, dining area, in-unit stackable laundry, and a rear sliding glass door providing access to a patio or balcony area. The unit layouts offer a more residential-style living experience than many competing apartment properties within the surrounding market.
Current ownership has completed substantial interior and exterior improvements during their approximately five-year ownership period. Interior upgrades include updated viny l flooring, bathroom improvements, and general cosmetic renovations throughout the units. More recently, ownership completed exterior repairs and a full exterior repainting, significantly enhancing the Property’s curb appeal and overall presentation. The mature tree coverage and low-density garden-style layout further contribute to the Property’s attractive residential feel.
Ownership believes the roof has been replaced within approximately the past ten years, although the exact age is unknown. Additionally, various mechanical components throughout the Property have been updated and maintained as needed during ownership.
As a result of the recent renovations and improved appearance of the Property, the next owner should be well-positioned to continue increasing rents toward market levels. The Listing Agent believes there is potential to increase rental rates by approximately $50-$100 per unit per month based upon the recent improvements, strong unit sizes, in-unit laundry, patio/balcony features, and the Property’s highly desirable location near the University of Illinois, Carle Foundation Hospital, downtown Urbana, and major employment centers throughout Champaign-Urbana.
Additional amenities include surface parking, mature landscaping, exterior stair access, and a quiet neighborhood atmosphere that continues to appeal to long-term tenants seeking a balance between convenience and residential character.
With its combination of strong location fundamentals, recent capital improvements, spacious unit layouts, and continued rental upside potential, 206 S. Grove Street represents an attractive opportunity to acquire a stabilized multifamily asset within one of Central Illinois’ strongest rental markets.