Duplex with Basement and
For Sale
Contact for pricing
Pending
506 W William Street, Champaign, IL 61820
Two-unit duplex with basement, covered porches, central air, and detached garage plus off-street parking.
Property Size1,282 SF
Days on Market70
Property Features for 506 W William Street
General Information
Standard status
Pending
Size
1,282 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1923
Stories
2
Tenancy
Multi
Listing Agency:
Trautman Real Estate Agency & Appraisal, LLC
(217) 352-1234
Listed By:
PJ Trautman · License #471.018644
Source:
Crexi
Added: Jun 13
Changed: Aug 8
Last Checked: Jul 24 at 6:14PM
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
Investment Insights
Based on property information with market context.
This duplex offers two separate living units with a full basement, covered porches, and central air conditioning. The main level is a two-bedroom, one-bath unit, while the upper level is a studio apartment. A detached one-car garage supports convenient resident parking, and the property also includes additional off-street parking.
The property is located in an established Champaign neighborhood near downtown and the University of Illinois, placing it within a reasonable distance to both employment and campus-area demand.
As presented in the listing, current rents are below market, which may appeal to buyers looking to align income with expectations through future ownership decisions. The layout also allows an owner-occupant option, with the possibility of living in one unit while renting the other, depending on how the duplex is configured for daily use. Overall, it’s a straightforward income-property format with practical indoor comfort features and resident parking.
The property is located in an established Champaign neighborhood near downtown and the University of Illinois, placing it within a reasonable distance to both employment and campus-area demand.
As presented in the listing, current rents are below market, which may appeal to buyers looking to align income with expectations through future ownership decisions. The layout also allows an owner-occupant option, with the possibility of living in one unit while renting the other, depending on how the duplex is configured for daily use. Overall, it’s a straightforward income-property format with practical indoor comfort features and resident parking.
Key Highlights
- Two‑unit duplex built in 1923 with main‑level 2‑bedroom, 1‑bath unit and an upper‑level studio apartment
- Approx. 1,282 sq ft of living space with a full basement
- Central air conditioning plus covered porches
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
$10,685
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
4.75%
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%
$213,700
$213.7K
Cap Rate 7%
$152,643
$152.6K
Cap Rate 9%
$118,722
$118.7K
Market Conditions
NOI Build-Up for 1,282 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
$16.2K $12.60/SF
− Vacancy
−$888 −$0.69/SF
EGI
$15.3K $11.91/SF
− OpEx
−$4.6K −$3.57/SF
NOI
$10.7K $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%
$213,700
Cap Rate 7%
$152,643
Cap Rate 9%
$118,722
Alternative Uses
Best Use
Multifamily LT 5
$152.6K
$133.6K – $178.1K
NOI $10,685 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$141.2K
$123.6K – $164.8K
NOI $9,887 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$266.7K
$233.4K – $311.2K
NOI $18,670 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,168
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex with basement, covered porches, central air, and detached garage plus off-street parking.
Where is this duplex located?
The property is located at 506 W William Street Champaign, IL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1923 with main‑level 2‑bedroom, 1‑bath unit and an upper‑level studio apartment; Approx. 1,282 sq ft of living space with a full basement; Central air conditioning plus covered porches
