Closed

$250,000

503-505 E Elm St, Urbana, IL 61801

7beds

--sqft

Multi Family

Built in ----

-- sqft lot

$291,500 Zestimate^®

$--/sqft

$1,674 Estimated rent

Home value

$291,500

$265,000 - $321,000

$1,674/mo

Zestimate^® history

Owner options

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$1,674/mo

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$1,674/mo

Rent Zestimate^®

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$1,899/mo

Est. payment

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$1,899/mo

Est. payment

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What's special

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.

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 7
Bathrooms: 3
Full bathrooms: 3

Heating

Natural Gas

Features

Basement: Unfinished,Full

Property

Parking

Total spaces: 5
Parking features: On Site, Garage Owned, Detached, Owned, Garage
Garage spaces: 1

Lot

Size: 0.4 Acres
Dimensions: 138X125

Details

Additional parcels included: 922117235006
Parcel number: 922117235005
Zoning: MULTI
Special conditions: None

Construction

Type & style

Home type: MultiFamily
Property subtype: Multi Family

Materials

Aluminum Siding, Vinyl Siding

Condition

New construction: No

Utilities & green energy

Sewer: Public Sewer
Water: Public

Community & HOA

Location

Region: Urbana

Financial & listing details

Annual tax amount: $4,742
Date on market: 10/18/2023
Listing terms: Cash
Ownership: Fee Simple

Price history

Date	Event	Price
1/9/2024	Sold	$250,000-36.7%
Source: MRED as distributed by MLS GRID #11911199 Report a problem
12/1/2023	Pending sale	$395,000
Source: MRED as distributed by MLS GRID #11911199 Report a problem
10/26/2023	Price change	$395,000-20.2%
Source: MRED as distributed by MLS GRID #11911199 Report a problem
10/18/2023	Listed for sale	$495,000
Source: MRED as distributed by MLS GRID #11911199 Report a problem

Public tax history

Tax history is unavailable.

Neighborhood: 61801

Nearby homes

Nearby schools

GreatSchools rating

5/10
Leal Elementary School
Grades: K-5Distance: 0.4 mi
3/10
Urbana Middle School
Grades: 6-8Distance: 0.6 mi
2/10
Urbana High School
Grades: 9-12Distance: 0.5 mi

Schools provided by the listing agent

Elementary: Leal Elementary School
Middle: Urbana Middle School
High: Urbana High School
District: 116

Source: MRED as distributed by MLS GRID. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.