118-Unit Apartment
For Sale
Contact for pricing
502 W Main St, Urbana, IL 61801
Built in 1962, this 118-unit community offers studio through three-bedroom floorplans near UIUC.
Property SizeContact for details
Days on Market50
Property Features for 502 W Main St
General Information
Standard status
Active
Property subtype
Multifamily
Additional Details
Multifamily Units
118
Building Details
Year Built
1962
Tenancy
Multi
Listing Agency:
Chicago - Downtown
Listed By:
Lauren Stoliar · License #475177222
(312) 612-5944
Source:
Colliers
Added: Jul 24
Changed: Aug 31
Last Checked: Sep 8 at 3:28AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Chicago - Downtown
Investment Insights
Based on property information with market context.
Element on Main is a 118-unit multifamily apartment community built in 1962. The property offers studio, one-, two-, and three-bedroom floorplans, and the current unit interiors are described as in classic condition. The remarks also indicate a value-add renovation approach with targeted interior updates, including updated cabinetry, stainless-steel appliances, and wood-style flooring.
Located at 502 W Main St in Urbana, Illinois, the community is approximately 0.7 miles from the University of Illinois Urbana-Champaign (UIUC). The property is presented as having walkable access to major employers, retail, dining, and lifestyle amenities within the Champaign-Urbana North submarket.
For buyers looking for a renovation strategy, all units are described as available in classic condition, with the opportunity to renovate units to any desired scope.
Located at 502 W Main St in Urbana, Illinois, the community is approximately 0.7 miles from the University of Illinois Urbana-Champaign (UIUC). The property is presented as having walkable access to major employers, retail, dining, and lifestyle amenities within the Champaign-Urbana North submarket.
For buyers looking for a renovation strategy, all units are described as available in classic condition, with the opportunity to renovate units to any desired scope.
Key Highlights
- 118‑unit multifamily community at 502 West Main Street in Urbana, IL
- Built in 1962 and offers studio through three‑bedroom floorplans
- Located 0.7 miles from the University of Illinois Urbana‑Champaign (UIUC)
Property Analytics
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Current Use
Lease Details
118
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,318
Businesses Nearby
Explore this area
Business Placement
Demographics for 61801, IL
27,658
Population
13,468
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
98%
High-School Grad
5.4 sq mi
ZIP Area
5,122
Density / Sq Mi
$37,948
Median Household Income
$26,394
Median Earnings
$950
Median Rent
$184,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1962, this 118-unit community offers studio through three-bedroom floorplans near UIUC.
Where is this apartment building located?
The property is located at 502 W Main St Urbana, IL.
What are key features of this property?
This property features: 118‑unit multifamily community at 502 West Main Street in Urbana, IL; Built in 1962 and offers studio through three‑bedroom floorplans; Located 0.7 miles from the University of Illinois Urbana‑Champaign (UIUC)
