Third-Floor Residential Income
For Sale
$89,900
408 N State Street #12, Champaign, IL 61820
Light-filled third-floor unit with basement laundry, storage, and a full suite of household appliances.
Property Size705 SF
Days on Market95
Property Features for 408 N State Street #12
General Information
Standard status
Active
Size
705 SF
Property subtype
Apartment
Amenities
Wall Unit(s)
Steam
Range
Microwave
Dishwasher
Refrigerator
Building Details
Building Size
705 SF
Year Built
1922
Listing Agency:
Trautman Real Estate Agency & Appraisal LLC
Listed By:
Wanli Zhang · License #475192146
(217) 979-6379
Source:
Kw
Added: Jul 17
Changed: Oct 1
Last Checked: Oct 19 at 6:04AM
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 Trautman Real Estate Agency & Appraisal LLC
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Investment Insights
Based on property information with market context.
Located at 408 N State Street #12 in Champaign, this third-floor residential unit was built in 1922 and receives abundant natural light. Interior features include wall unit(s), steam heat, a range, microwave, dishwasher, and refrigerator, providing a practical residential setup.
Laundry and storage are located in the basement. The monthly fee includes taxes, insurance, heat, water, exterior upkeep, lawn care, snow removal, trash service, and planned building improvements. The property is positioned in downtown Champaign for convenient access to the surrounding urban setting.
Laundry and storage are located in the basement. The monthly fee includes taxes, insurance, heat, water, exterior upkeep, lawn care, snow removal, trash service, and planned building improvements. The property is positioned in downtown Champaign for convenient access to the surrounding urban setting.
Key Highlights
- Third‑floor unit at 408 N State Street #12 in Champaign
- Built in 1922 with abundant natural light
- Basement laundry and storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$5,437
Cap Rate
6.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$108,740
$108.7K
Cap Rate 7%
$77,671
$77.7K
Cap Rate 9%
$60,411
$60.4K
Market Conditions
NOI Build-Up for 705 SF
Gross rent
$10.4K $14.76/SF
− Vacancy
−$520 −$0.74/SF
EGI
$9.9K $14.02/SF
− OpEx
−$4.4K −$6.31/SF
NOI
$5.4K $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 Rate 5%
$108,740
Cap Rate 7%
$77,671
Cap Rate 9%
$60,411
Alternative Uses
Best Use
Apartment 5plus
$77.7K
$68.0K – $90.6K
NOI $5,437 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$146.7K
$128.3K – $171.1K
NOI $10,267 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
2,327
Businesses Nearby
Explore this area
Business Placement
Demographics for 61820, IL
40,822
Population
18,672
Households
2.2
Avg Household Size
25
Median Age
55%
College-Educated
93%
High-School Grad
5.9 sq mi
ZIP Area
6,919
Density / Sq Mi
$31,031
Median Household Income
$14,828
Median Earnings
$1,077
Median Rent
$175,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Light-filled third-floor unit with basement laundry, storage, and a full suite of household appliances.
Where is this residential income property located?
The property is located at 408 N State Street #12 Champaign, IL.
What is the asking price?
The asking price for this property is $89,900.
What are key features of this property?
This property features: Third‑floor unit at 408 N State Street #12 in Champaign; Built in 1922 with abundant natural light; Basement laundry and storage
