Corner Apartment Building with
For Sale
$410,000
212 High Street, Urbana, IL 61801
Fully leased corner apartment building with five one-bedroom units, covered parking, and coin-operated basement laundry.
Property Size2,204 SF
Price / SF$186.03
Days on Market267
Property Features for 212 High Street
General Information
Standard status
Active
Size
2,204 SF
Property subtype
General Commercial
Occupancy
100%
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$8,842
Amenities
coin-operated laundry
wrap around front porch
green space
Window Air Conditioning
3
86.625 X 115.5
Building Details
Year Built
1893
Tenancy
Multi
Listing Agency:
RE/MAX REALTY ASSOCIATES-CHA
(217) 417-6745
Listed By:
Kimberly Krisman-Quigg · License #475132428
(217) 417-6745
Source:
Xome
Added: Nov 19, 2025
Changed: Aug 12
Last Checked: Aug 13 at 4:07AM
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 RE/MAX REALTY ASSOCIATES-CHA
Investment Insights
Based on property information with market context.
212 W High Street in Urbana, IL presents a fully leased, corner-lot multifamily building featuring five one-bedroom, one-bath units. The property includes a wrap-around front porch and four covered parking spaces, with additional space described for a fifth tenant and guests.
Laundry is available via coin-operated facilities located in the basement. The owner’s responsibilities are stated as heat, water, garbage, lawn care, and sewer, while tenants pay their own electric.
A basement unit has been noted as having new flooring throughout and recently painted finishes. The building is reported as leased through July 2026.
Laundry is available via coin-operated facilities located in the basement. The owner’s responsibilities are stated as heat, water, garbage, lawn care, and sewer, while tenants pay their own electric.
A basement unit has been noted as having new flooring throughout and recently painted finishes. The building is reported as leased through July 2026.
Key Highlights
- Fully leased corner apartment building with five 1‑bedroom, 1‑bath units (212 W High).
- Coin‑operated laundry in the basement.
- Tenants pay electric; owner covers heat, water, garbage, lawncare, and sewer.
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
$16,997
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
4.15%
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%
$339,940
$339.9K
Cap Rate 7%
$242,814
$242.8K
Cap Rate 9%
$188,856
$188.9K
Market Conditions
NOI Build-Up for 2,204 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
$32.5K $14.76/SF
− Vacancy
−$1.6K −$0.74/SF
EGI
$30.9K $14.02/SF
− OpEx
−$13.9K −$6.31/SF
NOI
$17.0K $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%
$339,940
Cap Rate 7%
$242,814
Cap Rate 9%
$188,856
Alternative Uses
Best Use
Apartment 5plus
$242.8K
$212.5K – $283.3K
NOI $16,997 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$458.5K
$401.2K – $535.0K
NOI $32,097 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,393
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased corner apartment building with five one-bedroom units, covered parking, and coin-operated basement laundry.
Where is this apartment building located?
The property is located at 212 High Street Urbana, IL.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Fully leased corner apartment building with five 1‑bedroom, 1‑bath units (212 W High).; Coin‑operated laundry in the basement.; Tenants pay electric; owner covers heat, water, garbage, lawncare, and sewer.
