Garden-Style Eight-Unit
For Sale
Contact for pricing
206 S GROVE ST, Urbana, IL 61802
Updated eight-unit property with in-unit laundry and private patio or balcony access for each two-bedroom home.
Property Size7,200 SF
Price / SF$131.81
Days on Market65
Property Features for 206 S GROVE ST
General Information
Standard status
Active
Size
7,200 SF
Class
B
Property subtype
Multifamily
Zoning
0060
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$63,648
Additional Details
Multifamily Units
8
Building Details
Year Built
1976
Year Renovated
2026
Buildings
1
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Mr. Landman
(217) 202-0924
Listed By:
Jon Fisher · License #IL 471.020503
Source:
Crexi
Added: Jun 10
Changed: Aug 11
Last Checked: Aug 12 at 7:37AM
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.
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.
Key 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
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
5.85%
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 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 authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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
