Garden-Style Eight-Unit
206 S GROVE ST, Urbana, IL 61802
Call to check price and availability
Updated eight-unit property with in-unit laundry and private patio or balcony access for each two-bedroom home.
Type:Multifamily
Property size:
7,200 SFPrice / SF:
$131/SF- Added:
- Jun 10, 2026
- Days on Market:
- 16
- Last Refresh:
- Jun 20 at 4:31 am
Property Features for 206 S GROVE ST
General Information
- Standard status
- Active
- Size
- 7,200 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1976
Listing office Mr. Landman (217) 202-0924
Listing date Jun 10, 2026
Source Crexi
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
HighLights
- 8‑unit multifamily built in 1976 with eight 2‑bedroom/1‑bath units
- Believed average unit size of approximately 880 SF per unit with full kitchen, living room, and dining area
- Each unit includes in‑unit stackable laundry and a rear sliding glass door to a patio or balcony area
- Ownership completed recent interior and exterior upgrades during approximately 5 years, including updated vinyl flooring, bathroom improvements, and cosmetic renovations
- Exterior repairs and a full exterior repainting completed more recently
- Property features surface parking, mature landscaping, and exterior stair access
Overview
This well-maintained eight-unit multifamily property offers spacious two-bedroom, one-bath layouts across all units. Each apartment includes a full kitchen, living room, and dining area, along with in-unit stackable laundry. A rear sliding glass door provides access to a patio or balcony area, supporting a more residential feel than many nearby options. Recent ownership updates include interior renovations such as updated vinyl flooring, bathroom improvements, and general cosmetic refreshes throughout the units, along with exterior repairs and a full exterior repainting. The property also features a low-density garden-style layout with mature tree coverage, surface parking, and exterior stair access.
The building is located at 206 S. Grove Street in Urbana, within walking distance of Lincoln Square Mall, downtown Urbana, the Urbana Farmers Market, and Urbana municipal offices. It is also positioned close to healthcare and employment centers and is just over one mile from the University of Illinois.
For buyers, this configuration can appeal to investors and owner-operators seeking a stabilized, updated rental property with practical unit amenities such as in-unit laundry and private outdoor access for every home. The combination of recent interior and exterior improvements, along with the garden-style presentation and on-site parking, provides a solid foundation for continued property upkeep and tenant-ready leasing.
The building is located at 206 S. Grove Street in Urbana, within walking distance of Lincoln Square Mall, downtown Urbana, the Urbana Farmers Market, and Urbana municipal offices. It is also positioned close to healthcare and employment centers and is just over one mile from the University of Illinois.
For buyers, this configuration can appeal to investors and owner-operators seeking a stabilized, updated rental property with practical unit amenities such as in-unit laundry and private outdoor access for every home. The combination of recent interior and exterior improvements, along with the garden-style presentation and on-site parking, provides a solid foundation for continued property upkeep and tenant-ready leasing.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $106.3k | $14.76 |
| − Vacancy | −$5.3k | −$0.74 |
| EGI | $101.0k | $14.02 |
| − OpEx | −$45.4k | −$6.31 |
| NOI | $55.5k | $7.71 |
7,200 SF · lease $14.76/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$793.2K
$694.1K – $925.5K
NOI $55,527 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,855 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Urbana
- County
- Champaign
- State
- Illinois
- Longitude
- -88.201059
- Latitude
- 40.11118
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Updated eight-unit property with in-unit laundry and private patio or balcony access for each two-bedroom home.
Where is this apartment building located?
The property is located at 206 S GROVE ST Urbana, IL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 8‑unit multifamily built in 1976 with eight 2‑bedroom/1‑bath units; Believed average unit size of approximately 880 SF per unit with full kitchen, living room, and dining area; Each unit includes in‑unit stackable laundry and a rear sliding glass door to a patio or balcony area
