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    202 S Grove St Urbana, IL 61802

    For Sale
    $275,000

    Commercial Sale - Urbana, IL

    Lot size:
    0.23 Acres
    Days on Market:
    62
    Last Refresh:
    Dec 5 at 4:06 am

    Property Features for 202 S Grove St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MULTI
    APN
    922117236001
    Lot size
    0.23 Acres

    Utilities

    Cooling system
    Multi Units, Window Unit(s)

    Building Details

    Year built
    1913
    Number of units
    5
    Architectural style
    Other

    Keller Williams The Real Estate Center of Illinois, LLC (217) 356-6100 [email protected]

    Listing agent Joe Zalabak (217) 356-6100 License #475151471

    Listing date Oct 5, 2025

    MLS# 12488685 Listing URL

    Copyright © 2025 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Fully Leased Urbana Multifamily Property

    Located near downtown Urbana, this fully leased 5-unit building at 202 S Grove offers an opportunity to expand your rental portfolio. Each unit features one bedroom and one bathroom, complete with its own kitchen. The property sits on a large corner lot with R-4 zoning, presenting potential for future development or continued value-add projects. Three of the units have been recently remodeled, while the remaining two are occupied by long-term tenants. Tenants are responsible for individually metered electric and gas, while water, sewer, and heat expenses are covered by a monthly utility credit. The seller has invested over $60,000 in capital improvements, including a new high-efficiency hot water radiant heat boiler, a new roof, exterior painting, and complete remodels of three units, ensuring immediate income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Urbana
    County
    Champaign
    State
    Illinois
    Longitude
    -88.201014
    Latitude
    40.111584

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    FAQs

    What type of property is this?
    Apartment building - Five-unit building near downtown Urbana, fully leased with remodeling.
    Where is this apartment building located?
    The property is located at 202 S Grove St Urbana, IL.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: - Fully leased 5-unit building provides immediate income.; - Three units recently remodeled.; - Over $60,000 in capital improvements completed, including a new roof and high-efficiency boiler.
    (217) 356-6100
    Request Owner's contact information
    202 S Grove St Urbana, IL 61802
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    Urbana, IL 61802
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    202 S Grove St Urbana, IL 61802
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