Triplex Redevelopment Opportunity with
For Sale
Contact for pricing
501 W California Ave, Urbana, IL 61801
Three-unit apartment building redevelopment with permits through 12/23/26 and a 1,300-square-foot basement with direct exterior access.
Property Size3,100 SF
Price / SF$161.29
Days on Market64
Property Features for 501 W California Ave
General Information
Standard status
Active
Size
3,100 SF
Class
B
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
R-2, Single-Family Residential District (Legal Nonconforming three-unit use (1987 CO))
Investment Type
Value Add
Building Details
Buildings
1
Units
3
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
Listed By:
AJ Thoma III, CCIM, SIOR · License #IL475.135026
(217) 403-3425
Source:
Crexi
Added: Jul 23
Changed: Sep 18
Last Checked: Sep 24 at 7:22AM
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 Coldwell Banker Commercial Devonshire Realty
Investment Insights
Based on property information with market context.
This three-unit apartment building is set up for redevelopment, with an active building permit through 12/23/26 included in the sale along with architectural plans. Major infrastructure improvements are already completed, and a significant portion of construction materials and fixtures are onsite to help support an efficient continuation of the project.
The property has been extensively prepared for the three-unit layout, including a new roof, interior demolition, new framing, updated rough-in plumbing, and new electrical. The plans call for in-unit washers and dryers with separated utilities for each apartment. An additional 1,300 square foot basement with direct exterior access provides supplementary storage.
Planned remaining work includes window replacement, insulation, drywall, flooring, appliance installation, kitchen and bath cabinetry, HVAC, plumbing and electrical finishing, interior finishes, and final inspection. The location supports strong tenant appeal with onsite parking, walkability, and convenient access to public transportation, with close proximity to the University of Illinois campus and downtown Urbana.
The property has been extensively prepared for the three-unit layout, including a new roof, interior demolition, new framing, updated rough-in plumbing, and new electrical. The plans call for in-unit washers and dryers with separated utilities for each apartment. An additional 1,300 square foot basement with direct exterior access provides supplementary storage.
Planned remaining work includes window replacement, insulation, drywall, flooring, appliance installation, kitchen and bath cabinetry, HVAC, plumbing and electrical finishing, interior finishes, and final inspection. The location supports strong tenant appeal with onsite parking, walkability, and convenient access to public transportation, with close proximity to the University of Illinois campus and downtown Urbana.
Key Highlights
- Three‑unit apartment building redevelopment with active building permit through 12/23/26
- 1,300‑square‑foot basement with direct exterior access for storage
- New roof, interior demolition, and new framing for the three‑unit layout
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
$25,838
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
5.17%
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%
$516,760
$516.8K
Cap Rate 7%
$369,114
$369.1K
Cap Rate 9%
$287,089
$287.1K
Market Conditions
NOI Build-Up for 3,100 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
$39.1K $12.60/SF
− Vacancy
−$2.1K −$0.69/SF
EGI
$36.9K $11.91/SF
− OpEx
−$11.1K −$3.57/SF
NOI
$25.8K $8.33/SF
Area
Champaign County, IL
Vacancy
5.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
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%
$516,760
Cap Rate 7%
$369,114
Cap Rate 9%
$287,089
Alternative Uses
Best Use
Multifamily LT 5
$369.1K
$323.0K – $430.6K
NOI $25,838 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$341.5K
$298.9K – $398.5K
NOI $23,908 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$644.9K
$564.3K – $752.4K
NOI $45,146 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
986
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
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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?
Triplex - Three-unit apartment building redevelopment with permits through 12/23/26 and a 1,300-square-foot basement with direct exterior access.
Where is this triplex located?
The property is located at 501 W California Ave Urbana, IL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Three‑unit apartment building redevelopment with active building permit through 12/23/26; 1,300‑square‑foot basement with direct exterior access for storage; New roof, interior demolition, and new framing for the three‑unit layout
