2008 Vawter Ave, 1301 Mitchem Dr, 1303 Mitchem Dr, 2006 Vawter Ave, 2004 Vawter Ave, 2017 Vawter Ave

Highlights:

• Average Occupancy Rate: 30.0
• Gross Income: $ 893400.0
• Age: 41-50 Years Old
• Lot Size: 1-2 Acres
• Sewer: City
• Water: City Water

Description:

Urbana, part of the fast-growing Champaign-Urbana region in central Illinois, offers a compelling mix of economic drivers, regional accessibility, and strong quality of life. Positioned roughly 135 miles south of Chicago, 120 miles west of Indianapolis, and 180 miles northeast of St. Louis, Urbana combines small-city ease with proximity to major Midwest markets.
At the core of the local economy is the University of Illinois Urbana-Champaign, the state’s flagship public research university, consistently ranked among the top 15 public universities nationally. As of 2025, the university serves over 56,000 students and employs more than 14,000 faculty and staff. Nearby Parkland College adds to the educational infrastructure, enrolling more than 18,000 students.
Healthcare is another key pillar of the area, with major systems like Carle Health—employing over 7,000 people and operating a 345-bed hospital—alongside OSF Heart of Mary Medical Center and Christie Clinic, both critical regional providers with hundreds of medical professionals and support staff.
Urbana also sits at the forefront of tech innovation, supported by the University of Illinois Research Park. The 700,000+ square foot campus houses over 120 companies and employs more than 2,100 professionals in sectors ranging from AI to biotech, with tenants including NVIDIA, Yahoo!, Capital One, and AbbVie.
Residents enjoy access to more than 600 acres of parks and green space, a nationally recognized public library, and a lively cultural scene marked by events such as the Pygmalion Festival and the Boneyard Arts Festival.
With its mix of educational excellence, healthcare infrastructure, and technology growth, Urbana presents a strong foundation for multifamily investment in 2025 and beyond.

The Proano Commercial Group is pleased to present an exceptional investment opportunity: a six-building, 77-unit multifamily portfolio located in the heart of Urbana, Illinois. Strategically situated along Mitchem Drive and Vawter Avenue, the portfolio offers immediate scale in a stable and steadily growing rental market. The asset features a well-balanced and highly desirable unit mix, including sixteen one-bedroom/one-bath units, forty-two two-bedroom/one-bath units, eleven three-bedroom/one-bath units, and eight four-bedroom/two-bath units. Each building is separately metered, with residents responsible for their own water and electric usage. All units are outfitted with electric furnaces and stoves, streamlining operations and reducing landlord utility expenses.

The current ownership has invested significantly in capital improvements, resulting in 65 fully renovated, rent-ready units. An additional 12 units—located on the third floor of 2008 Vawter Avenue—are undergoing final renovations and pending final approval for occupancy, offering near-term lease-up potential. The portfolio is being actively stabilized with a target occupancy rate of 90% or higher, in line with local market averages. This offering presents a compelling opportunity for a multifamily investor to complete stabilization, enhance cash flow, and benefit from long-term appreciation in one of Central Illinois’ most resilient and under-supplied rental submarkets. Additionally, the seller is open to offering seller financing, providing increased flexibility and accessibility for qualified buyers.

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