8-Unit Apartment
New
For Sale
$899,000
206 Grove St, Urbana, IL 61802
Each residence has in-unit laundry, a private patio or balcony, and access to surface parking.
Property Size7,200 SF
Price / SF$124.86
Days on Market6
Property Features for 206 Grove St
General Information
Standard status
Active
Size
7,200 SF
Property subtype
Multi-Family
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Amenities
full kitchen
dining area
in-unit stackable laundry
private patio or balcony access
surface parking
mature landscaping
quiet residential setting
Building Details
Year Built
1976
Listing Agency:
MR. LANDMAN
Listed By:
Jon Fisher · License #B68919000
(217) 202-0924
Source:
Thegallivangroup
Added: Sep 30
Last Checked: Oct 4 at 2:30PM
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 MR. LANDMAN
Investment Insights
Based on property information with market context.
Built in 1976, this 7,200-square-foot apartment property contains eight two-bedroom, one-bathroom residences. Each apartment has a full kitchen, dining area, stackable in-unit laundry, and private patio or balcony access. Improvements include flooring updates, bathroom work, cosmetic interior changes, exterior repairs, and a full exterior repaint. The grounds also feature mature landscaping and surface parking.
The property is at 206 Grove St in Urbana, just over one mile from the University of Illinois. Downtown Urbana, Lincoln Square Mall, the Urbana Farmers Market, Carle Foundation Hospital, and major employment centers are also nearby.
The property is at 206 Grove St in Urbana, just over one mile from the University of Illinois. Downtown Urbana, Lincoln Square Mall, the Urbana Farmers Market, Carle Foundation Hospital, and major employment centers are also nearby.
Key Highlights
- Eight apartments, each with two bedrooms and one bathroom
- 7,200 square feet; built in 1976
- Full kitchens, dining areas, and stackable laundry in each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$55,527
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,110,540
$1.1M
Cap Rate 7%
$793,243
$793.2K
Cap Rate 9%
$616,967
$617.0K
Market Conditions
NOI Build-Up for 7,200 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$106.3K $14.76/SF
− Vacancy
−$5.3K −$0.74/SF
EGI
$101.0K $14.02/SF
− OpEx
−$45.4K −$6.31/SF
NOI
$55.5K $7.71/SF
Area
Champaign County, IL
Vacancy
5.00%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,110,540
Cap Rate 7%
$793,243
Cap Rate 9%
$616,967
Alternative Uses
Best Use
Apartment 5plus
$793.2K
$694.1K – $925.5K
NOI $55,527 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,855 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,118
Businesses Nearby
Explore this area
Business Placement
Demographics for 61802, IL
19,460
Population
10,066
Households
1.9
Avg Household Size
39
Median Age
38%
College-Educated
92%
High-School Grad
82.1 sq mi
ZIP Area
237
Density / Sq Mi
$58,588
Median Household Income
$40,600
Median Earnings
$996
Median Rent
$158,300
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 - Each residence has in-unit laundry, a private patio or balcony, and access to surface parking.
Where is this apartment building located?
The property is located at 206 Grove St Urbana, IL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Eight apartments, each with two bedrooms and one bathroom; 7,200 square feet; built in 1976; Full kitchens, dining areas, and stackable laundry in each apartment
