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2008 Vawter Ave, 1301 Mitchem Dr, 1303 Mitchem Dr, 2006 Vawter Ave, 2004 Vawter Ave, 2017 Vawter Ave
- Unit Variety: 1–4 bedroom mix across 77 units in 6 buildings.
- Value-Add Upside: 14 units under rehab, 22 awaiting final inspection.
- Leasing Momentum: 22 units occupied, 19 fully rehabbed and ready to lease.
- Tenant-Paid Utilities: Separately metered; tenants pay electric and water.
- Strong Market Fundamentals: Surrounded by major employers and healthcare networks.
- Scalable Investment: Rare opportunity to acquire six buildings in one transaction.
- Investor Ready: Ideal for buyers looking to stabilize and grow cash flow.
Property Description
The Proano Commercial Group is proud to present a 6-building, 77-unit multifamily portfolio in Urbana, IL, offering a compelling value-add opportunity in a stable and growing rental market. Located along Mitchem Drive and Vawter Avenue, the portfolio features a diverse unit mix, including sixteen 1-bed/1-bath units, forty-two 2-bed/1-bath units, eleven 3-bed/1-bath units, and eight 4-bed/2-bath units. Each building is separately metered, with tenants responsible for their own water and electric utilities—supported by electric furnaces and electric stoves in every unit. The current ownership has completed significant renovations, with 22 units currently occupied, 19 fully rehabbed and available for lease, 14 undergoing active renovation, and 22 awaiting final inspection before becoming rent-ready. The portfolio is in the process of being stabilized with a target occupancy of 90%+, consistent with market averages. This opportunity is ideal for an investor capable of backfilling the remaining units and capitalizing on a portfolio positioned for long-term stability and strong returns in one of Central Illinois’ most resilient rental markets
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $5,850,000 |
| No. of Units: | 77 |
| Lot Size: | 0.85 Acres |
| Opportunity Zone: | No |
| Price per unit: | $75,974 |
| Property Website | Click Here |
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