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 Market10
Property Features for 501 W California Ave
General Information
Standard status
Active
Size
3,100 SF
Property subtype
Multifamily
Building Details
Buildings
1
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
(217) 403-3425
Listed By:
AJ Thoma III, CCIM, SIOR · License #IL475.135026
Source:
Crexi
Added: Jul 23
Changed: Jul 30
Last Checked: Jul 31 at 4:15AM
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 For Multifamily LT 5
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 | $39.1k | $12.60 |
| − Vacancy | −$2.1k | −$0.69 |
| EGI | $36.9k | $11.91 |
| − OpEx | −$11.1k | −$3.57 |
| NOI | $25.8k | $8.33 |
3,100 SF · lease $12.60/SF/yr · vacancy 5.50% · expense 30.00%
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
Current Use
Location Intelligence
Trade Area within ½ mile
1,238
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?
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
