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$199,900
⋅ V. Patrick Hamilton
First time on the market in many years, this well-maintained double located on the corner of East Lawn Avenue and East Ward Street in Urbana. This property has been a well-kept part of the neighborhood for many years, and if you've driven by and admired its appearance, now is your opportunity to own it. Both units are currently occupied by long term tenants, making this a great opportunity for an investor looking to add a solid property to their rental portfolio or for someone looking to start building their investment portfolio. Each unit offers 2 bedrooms and 1 bathroom, providing a comfortable and practical layout for tenants. Both units also feature washer and dryer hookups, while the existing appliances belong to the tenants. The property is heated by gas and does not have central air conditioning. Tenants are responsible for their own electric and gas, while the owner pays the water and sewer, which averages approximately $60-$80 per month. There are 2 off Street parking spaces. Several important updates have already been completed, helping provide peace of mind for the next owner. The metal roof was replaced in 2018, the water heater in Unit 402 was replaced in 2023 and a new water/sewer line was installed from the curb in 2024. The property has been cared for over the years and offers the benefit of having both units occupied. The tenants have also demonstrated long term stability, with the tenant in Unit 402 having been there for approximately 5 years and the tenant in Unit 404 for approximately 6 years. Current rents have not been increased since the tenants moved in and are considered to be on the low side for the community, offering a potential opportunity for future rental income growth for the new owner. Whether you're an experienced investor looking to expand your rental holdings or someone ready to take the first step into real estate investing, this 2-unit apartment offers an excellent opportunity.

402-404 East Lawn Avenue, Urbana

Listing Courtesy of : V. Patrick Hamilton ---- REMAX Alliance Realty
$809,900
⋅ V. Patrick Hamilton
This income-producing multi-family investment property offers 12 rental units across five separate buildings on a combined 1.19 acres and is being sold with three parcels. Whether you're purchasing your first multi-unit property or expanding an existing investment portfolio, this property allows an additional upside through future rental increases. The property includes four duplex buildings located at 652-656 Hagenbuch Street, 660-664 Hagenbuch Street, 668-672 Hagenbuch Street, and 807-809 Concord Street. Each duplex contains two 2 bedrooms, 1 bath apartments. The fifth building, located at 620-644 Hagenbuch Street, is a four-unit building featuring two 2 bedrooms, 1 bath apartments and two 1 bedroom, 1 bath apartments. Combined, the five buildings offer approximately 7,232 square feet of living space and generates a rental income of $8,675 per month. Some units have been remodeled, while others present opportunities for value-added improvements. Current rents range from $425 to $900 per month, offering potential for increased income as leases renew. The property also benefits from a stable tenant base, with several long-term residents who have occupied their units for 11, 15, and more than 20 years. The sale includes 12 refrigerators and 12 ranges, allowing for a smooth transition to new ownership. The owner currently pays for water, sewer and trash service, with water/sewer expenses averaging approximately $360 per month, while tenants are responsible for all other utilities. Current annual property insurance is approximately $6,100. With a diverse unit mix, established occupancy, and opportunity to increase rental income, this well-located multi-family property presents an excellent investment opportunity for both new and experienced investors.

620-672 Hagenbuch Street, Urbana

Listing Courtesy of : V. Patrick Hamilton ---- REMAX Alliance Realty