Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    508 Elm St Urbana, IL 61801-3134
    Back to Search
    Property profile & analytics

    508 Elm St Urbana, IL 61801-3134

    View on Map
    • Residential income homes
    • 1,655 SF
    • 0.16 lot acres
    Off-Market
    Last Sale Oct 15, 2020
    $1,480,000
    Property ID
    US28-0499470
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $1,580,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Roundtable House / Housing Cooperative
    • Roundtable House RT1 / Student Housing Center

    Property Details for 508 Elm St

    Year built
    1898
    Lot size
    0.16 lot acres
    Property size
    1,655 SF
    Property type
    Residential income homes
    Property subtype
    Serviced apartments
    APN
    922117110025
    APU
    922117110025

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,655,000
      ML approach
      $1,700,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Urbana
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2142
    Latitude
    40.1118
    CBSA code
    16580
    CBSA name
    CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $11,216
    $47,360
    $58,080
    $105,440
    -
    $142,080
    $174,240
    $316,320

    Comparable in this City

    • Value Estimation by Request

      807 Nevada St

      BOARDING/ROOMING HOUSE
      807 Nevada St, Urbana, IL 61801-3808
      View Details
    • Value Estimation by Request

      1002 Lincoln Ave

      BOARDING/ROOMING HOUSE
      1002 Lincoln Ave, Urbana, IL 61801-3807
      View Details
    • Value Estimation by Request

      1404 Lincoln Ave

      BOARDING/ROOMING HOUSE
      1404 Lincoln Ave, Urbana, IL 61801-4706
      View Details
    • Value Estimation by Request

      1102 Lincoln Ave

      BOARDING/ROOMING HOUSE
      1102 Lincoln Ave, Urbana, IL 61801-4709
      View Details
    • Value Estimation by Request

      715 Michigan Ave

      BOARDING/ROOMING HOUSE
      715 Michigan Ave, Urbana, IL 61801-4841
      View Details
    • Value Estimation by Request

      706 Ohio St

      BOARDING/ROOMING HOUSE
      706 Ohio St, Urbana, IL 61801-4848
      View Details

    Similar Nearby for Sale

    • $5,800,000

      Urbana Multifamily Portfolio

      Six-building, 77-unit multifamily portfolio in Urbana, Illinois.
      2008 Vawter Ave, Urbana, IL 61801
      View Details
    • New
      $259,000

      Urbana Duplex Near Campus

      Duplex near campus with strong rental history, fully leased.
      703 W High St, Urbana, IL 61801
      View Details
    • $599,000
      0.18 Acres

      Well-Maintained 5-Unit Near Campus

      Prime location near University of Illinois with on-site parking.
      709 W Nevada St, Urbana, IL 61801
      View Details
    • New
      $274,000

      Updated Duplex with Fenced Yards

      Well-maintained Urbana duplex featuring private yards and updated amenities.
      1105 E Florida Ave, Urbana, IL 61801
      View Details
    • $410,000
      0.24 Acres

      Urbana Multifamily Investment Opportunity

      Fully leased 5-unit building with parking and coin laundry.
      212 W High St, Urbana, IL 61801
      View Details
    • $149,900
      0.22 Acres

      Urbana Duplex Near U of I

      Well-located Urbana duplex with strong rental potential near U of I.
      1207 N Linview Ave, Urbana, IL 61801
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      73,285 SF

      Urbana Commercial Property For Rent

      High-visibility commercial building with fueling stations near University of Illinois.
      1501 N Lincoln Ave, Urbana, IL 61801
      View Details
    • $14 SF/Yr

      Urbana Office Space For Rent

      906 SF office space near University of Illinois campus.
      312 W Springfield Ave, Urbana, IL 61801
      View Details
    • $16 SF/Yr
      10,842 SF

      Third Floor Office Suite

      Office suite featuring private offices, conference room, and restrooms.
      901 W University Ave, Urbana, IL 61801
      View Details
    • $17 SF/Yr

      Urbana Medical/Dental Office Space

      Premier medical/dental office space in Urbana, approximately 2,200 sq ft.
      1209 E Colorado Ave, Urbana, IL 61801
      View Details
    • $12 SF/Yr
      1,690 SF

      Retail Space on University Avenue

      Retail space available in May 2025.
      110 E University Ave, Urbana, IL 61801
      View Details
    • $12 SF/Yr
      17,146 SF

      Downtown Urbana Office Space For Lease

      Prime Urbana Office: 6,840 SF, Great Views
      115 Main St, Urbana, IL 61801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    508 Elm St
    Urbana, IL 61801-3134
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    508 Elm St, Urbana, IL, 61801
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!