1306 Silver St Urbana, IL 61801
Southeast Urbana NeighborhoodEstimated payment $1,723/month
About This Home
1306 Silver Street presents a fully renovated, value-add multifamily opportunity in the heart of Urbana, Illinois. The 12,086 square foot property features a highly desirable unit mix dominated by spacious 2BR/1BA apartments, a format that continues to experience strong and consistent demand throughout the Champaign-Urbana rental market. The building has undergone a complete rehabilitation, significantly reducing near- and long-term capital expenditure risk. Improvements include a new roof, all new windows and exterior doors, new furnaces and air conditioning units, freshly tuckpointed brick exterior, and fully renovated kitchens and bathrooms throughout. All units feature new appliances, creating a modern, move-in-ready offering for tenants. Current rents remain below market, providing immediate upside through rent stabilization while still delivering solid in-place cash flow from day one. At the asking price, the property supports an advertised pro forma cap rate near 8.0 rate, with additional NOI growth achievable as rents are brought to market levels. This offering is well-suited for both first-time multifamily investors and experienced operators seeking a turnkey asset with strong fundamentals, limited deferred maintenance, and clear income growth potential in a stable, institutionally supported market.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1966
Home Design
- Garden Apartment
Utilities
- Window Unit Cooling System
- Forced Air Heating System
- Separate Meters
Additional Features
- 3-Story Property
- Lot Dimensions are 106x105
Community Details
Overview
- 12 Units
Building Details
- Electric Expense $3,300
- Insurance Expense $7,032
- Other Expense $2,400
- Trash Expense $2,000
- Water Sewer Expense $6,000
- Operating Expense $41,000
- Gross Income $122,400
- Net Operating Income $59,100
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $21,910 | $185,640 | $32,540 | $153,100 |
| 2023 | $21,910 | $205,980 | $29,690 | $176,290 |
| 2022 | $20,530 | $189,670 | $27,340 | $162,330 |
| 2021 | $13,571 | $125,720 | $25,480 | $100,240 |
| 2020 | $39,389 | $366,180 | $24,740 | $341,440 |
| 2019 | $12,755 | $122,060 | $24,740 | $97,320 |
| 2018 | $10,670 | $103,280 | $20,930 | $82,350 |
| 2017 | $11,038 | $103,280 | $20,930 | $82,350 |
| 2016 | $10,977 | $103,280 | $20,930 | $82,350 |
| 2015 | $11,099 | $103,280 | $20,930 | $82,350 |
| 2014 | $10,949 | $103,280 | $20,930 | $82,350 |
| 2013 | $10,805 | $103,280 | $20,930 | $82,350 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 04/27/2026 04/27/26 | Pending | -- | -- | -- | |
| 04/27/2026 04/27/26 | For Sale | $275,000 | -63.8% | -- | |
| 11/30/2021 11/30/21 | Sold | $760,000 | -13.6% | $80 / Sq Ft | View Prior Sale |
| 10/14/2021 10/14/21 | Pending | -- | -- | -- | |
| 07/02/2021 07/02/21 | For Sale | $879,900 | -- | $93 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Special Warranty Deed | $760,000 | None Available | |
| Executors Deed | -- | None Available | |
| Executors Deed | -- | None Available | |
| Warranty Deed | $400,000 | None Available |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $608,000 | Seller Take Back | |
| Previous Owner | $360,000 | Commercial |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12630587
APN: 93-21-21-181-020
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Listings courtesy of Midwest Real Estate Data (MRED) as distributed by MLS GRID.
Based on information submitted to the MLS GRID
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