105 Armory Ave Champaign, IL 61820-6614

Property Details for 105 Armory Ave

Property type

Residential income homes

Property subtype

Serviced apartments

APN

462118301004

APU

462118301004

Description

Exceptional opportunity to acquire a 13,378 square foot development site located at 105 E Armory Ave, Champaign, IL 61820. This rectangular parcel (approximately 138' x 96') is ideally situated on the University of Illinois at Urbana-Champaign campus, just 0.55 miles southwest of the Main Quad, 0.35 miles north of Memorial Stadium, and four blocks south of Green Street. The property benefits from a highly favorable MFUniv zoning designation, permitting building heights up to 75 feet with minimal setbacks (10' front, 5' side/rear). Parking requirements are minimal for multifamily buildings (one space per four residents for fraternity/sorority uses), and there are no requirements for open space reserves or floor-to-area ratio. This presents a unique opportunity for student housing developers or fraternity/sorority organizations. Furthermore, this location is within a Qualified Opportunity Zone (QOZ), offering potential tax advantages under the 2017 Tax Cuts and Jobs Act. The University of Illinois boasts a student population of 56,403, ensuring high demand for student housing in this vibrant area. The corner lot location at the southwest corner of Armory Avenue and Second Street provides excellent visibility and accessibility. This is a rare development opportunity in a highly sought-after location. The APN is 46-21-18-301-004. The asking price is $2,000,000.

Location Insight

City

Champaign

County

Champaign

State

Illinois

Longitude

-88.2379

Latitude

40.1051

CBSA code

16580

CBSA name

CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments