Updated Multifamily
722 South Broadway Avenue Urbana, IL 61801
For Sale
$325,000
Well-maintained income property with updated bathrooms, new roof, and replaced PTAC units.
Property Size1,952 SF
Price / SF$166.50
Days on Market9
Property Features for 722 South Broadway Avenue
General Information
- Standard status
- Active
- Size
- 1,952 SF
- Property subtype
- Two to Four Units / 2 Story Unit/S
Building Details
- Year Built
- 1947
Listing Agency:
Nate Evans Group
(217) 239-7113
Listed By:
Nate Evans · License #475124281
(217) 239-7113
Source:
Compass
Added: Jul 15
Changed: Jul 22
Last Checked: Jul 23 at 8:40AM
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 Nate Evans Group
Investment Insights
Based on property information with market context.
This well-maintained multifamily investment property features updated bathrooms throughout. Recent upgrades include three new windows per unit, a roof installation in 2021, and the replacement of all PTAC heating and cooling units in 2025.
Located in Urbana, the property is positioned for move-in-ready occupancy with several major improvements already completed.
The existing unit configuration and upgrades support a turnkey ownership experience, with mechanical and building-envelope updates designed to improve comfort and efficiency.
Located in Urbana, the property is positioned for move-in-ready occupancy with several major improvements already completed.
The existing unit configuration and upgrades support a turnkey ownership experience, with mechanical and building-envelope updates designed to improve comfort and efficiency.
Key Highlights
- Income property built in 1947 with updated bathrooms throughout
- New roof installed in 2021
- All PTAC heating and cooling units replaced in 2025
Financial Insights For Apartment 5plus
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 | $28.8k | $14.76 |
| − Vacancy | −$1.4k | −$0.74 |
| EGI | $27.4k | $14.02 |
| − OpEx | −$12.3k | −$6.31 |
| NOI | $15.1k | $7.71 |
1,952 SF · lease $14.76/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$215.1K
$188.2K – $250.9K
NOI $15,054 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$406.1K
$355.3K – $473.8K
NOI $28,427 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Multifamily properties
FAQs
What type of property is this?
Multifamily property - Well-maintained income property with updated bathrooms, new roof, and replaced PTAC units.
Where is this multifamily property located?
The property is located at 722 South Broadway Avenue Urbana, IL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Income property built in 1947 with updated bathrooms throughout; New roof installed in 2021; All PTAC heating and cooling units replaced in 2025
