Triplex Redevelopment Opportunity with
501 W California Ave, Urbana, IL 61801
For Sale
Contact for pricing
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$145.16
Days on Market110
Property Features for 501 W California Ave
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Zoning
Investment Type
Building Details
Buildings
Units
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: Nov 3
Last Checked: Nov 8 at 8:24AM
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
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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 / Yr
$25,838
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
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
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 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 5.74%
Second Best
Apartment 5plus
$341.5K
$298.9K – $398.5K
NOI $23,908 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$644.9K
$564.3K – $752.4K
NOI $45,146 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
986
Businesses Nearby
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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
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 $450,000.
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
