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501 W California Ave
Urbana, IL 61801
CONTRACTOR SPECIAL APARTMENT REDEVELOPMENT · Multifamily Property For Sale
·
3 Units
Investment Highlights
- Active building permit remains in place through December 23, 2026.
- New roof, framing, plumbing rough-ins, and electrical work have been completed.
- Located near the University of Illinois and Downtown Urbana.
- Architectural plans and redevelopment approvals are included in the sale.
- Construction materials, appliances, fixtures, and laundry equipment transfer with ownership.
- Three-unit apartment redevelopment plan includes separate utilities and onsite parking.
Executive Summary
oldwell Banker Commercial Devonshire Realty (CBCDR) is pleased to exclusively offer for sale 501 W. California Avenue, a value-add multifamily redevelopment opportunity ideally located just minutes from the University of Illinois and Downtown Urbana. The sale includes the active building permit (through 12/23/26), architectural plans, major infrastructure improvements already completed, and a significant portion of the construction materials and fixtures already onsite. The property presents an exceptional opportunity for an investor or contractor to complete a three-unit apartment building while substantially reducing both the development timeline and upfront capital costs. With permits secured, major infrastructure completed, and key materials already onsite, the project is positioned for a buyer to immediately resume construction and move efficiently toward completion.
The building has been extensively prepared for redevelopment, including new roof, interior demolition, new framing for the three-unit layout, updated rough-in plumbing, new electrical, and all apartments are designed to accommodate in-unit washers and dryers with separated utilities. An additional 1,300 square foot basement with direct exterior access provides the owner or tenants with supplementary storage.
A substantial inventory of construction materials has been purchased and will transfer with the sale, including sheetrock, kitchen appliances & fixtures, and washers and dryers, allowing the next owner to immediately continue construction without delays. Remaining work includes, but not limited to, window replacement, insulation, drywall, flooring, appliance installation, kitchen & bath cabinetry, HVAC, plumbing and electrical finishing, interior finishes and final inspection.
Area Description
Located in one of Urbana’s most desirable rental corridors, the property benefits from onsite parking, walkability, close proximity to the University of Illinois campus, downtown Urbana, and convenient access to public transportation, making the property appealing to a broad tenant base.
For investors seeking to create value through redevelopment rather than ground-up construction, opportunities of this caliber are exceptionally uncommon in the Champaign-Urbana market. With much of the entitlement, infrastructure, and early-stage construction already complete, 501 W. California Avenue offers a compelling opportunity to accelerate project delivery, reduce development risk, and capitalize on one of Central Illinois’ strongest multifamily markets.
The building has been extensively prepared for redevelopment, including new roof, interior demolition, new framing for the three-unit layout, updated rough-in plumbing, new electrical, and all apartments are designed to accommodate in-unit washers and dryers with separated utilities. An additional 1,300 square foot basement with direct exterior access provides the owner or tenants with supplementary storage.
A substantial inventory of construction materials has been purchased and will transfer with the sale, including sheetrock, kitchen appliances & fixtures, and washers and dryers, allowing the next owner to immediately continue construction without delays. Remaining work includes, but not limited to, window replacement, insulation, drywall, flooring, appliance installation, kitchen & bath cabinetry, HVAC, plumbing and electrical finishing, interior finishes and final inspection.
Area Description
Located in one of Urbana’s most desirable rental corridors, the property benefits from onsite parking, walkability, close proximity to the University of Illinois campus, downtown Urbana, and convenient access to public transportation, making the property appealing to a broad tenant base.
For investors seeking to create value through redevelopment rather than ground-up construction, opportunities of this caliber are exceptionally uncommon in the Champaign-Urbana market. With much of the entitlement, infrastructure, and early-stage construction already complete, 501 W. California Avenue offers a compelling opportunity to accelerate project delivery, reduce development risk, and capitalize on one of Central Illinois’ strongest multifamily markets.
Property Facts
| Price Per Unit | $234,748 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Sale Condition | Redevelopment Project | Building Size | 3,100 SF |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1987 |
| Property Subtype | Apartment | ||
| Zoning | R-2 - Single-Family Residential District (Legal Nonconforming three-unit use (1987 CO)) | ||
| Price Per Unit | $234,748 CAD |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,100 SF |
| No. Stories | 2 |
| Year Built | 1987 |
| Zoning | R-2 - Single-Family Residential District (Legal Nonconforming three-unit use (1987 CO)) |
Property Taxes
| Parcel Number | 92-21-17-177-006 | Improvements Assessment | $83,002 CAD |
| Land Assessment | $33,677 CAD | Total Assessment | $116,679 CAD |
Property Taxes
Parcel Number
92-21-17-177-006
Land Assessment
$33,677 CAD
Improvements Assessment
$83,002 CAD
Total Assessment
$116,679 CAD
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