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    1008 Busey Ave Urbana, IL 61801

    For Sale
    $479,000

    Charming Urbana apartment building, excellent location.

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    307
    This well-maintained multi-family property at 1008 S Busey Avenue in Urbana, Illinois, presents a compelling investment opportunity. The building boasts a prime location, just one block from Lincoln Avenue and six blocks north of Florida Avenue, offering convenient access to local amenities and the University of Illinois. The property comprises four spacious two-bedroom units, one bright two-bedroom garden unit, and a studio unit, ensuring consistent occupancy. Each unit benefits from ample off-street parking, including dedicated bike racks, a significant advantage for student tenants. The building's classic charm is evident in its hardwood doors, floors, and trim, creating a desirable living environment. A shared washer and dryer in the basement adds to tenant convenience. The property also features a secondary exterior back staircase leading to attic storage, offering potential for future expansion or owner use. The apartments are in excellent condition and have a history of strong tenant occupancy, ensuring a reliable income stream. This property is an ideal investment for those seeking a well-located, income-producing multi-family asset with significant potential. The asking price is $479,000. The lot size is 0 acres. The property is classified as General Commercial.

    Property Features for 1008 Busey Ave

    General Information

    Property type
    Other commercial real estate

    Building Details

    Year Built
    1900
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Urbana
    County
    Champaign
    State
    Illinois
    Longitude
    -88.21735
    Latitude
    40.10403

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    FAQs

    What type of property is this?
    Commercial real estate - Charming Urbana apartment building, excellent location.
    Where is this commercial real estate located?
    The property is located at 1008 Busey Ave Urbana, IL.
    What is the asking price?
    The asking price for this property is $479,000.
    (217) 607-2634
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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
    1008 Busey Ave Urbana, IL 61801
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