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707 W Elm Street, Urbana, IL

$575,000

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About 707 W Elm Street

Great opportunity to own a 5-unit multifamily property located in the Enterprise Zone and just minutes from the University of Illinois and downtown Urbana. The property features five furnished apartments, including a unique two-story townhouse with 4 bedrooms and 2 full baths, two 3-bedroom apartments with attractive cathedral ceilings, and two 2-bedroom apartments and over $6,000 in Gross Monthly Income. Each unit offers a gas fireplace, refrigerator, stove, dishwasher, microwave, and either a private balcony or patio. Residents also have access to on-site laundry facilities for an additional charge, along with assigned off-street parking. Rent includes fiber-optic internet and common-area fees, while electricity and water are separately metered and billed directly to tenants. The property has a newer roof, numerous recent updates, and a strong rental history. All five units are currently rented for the 2026-2027 school year, providing an excellent opportunity for an investor looking for immediate rental income. The location is hard to beat-approximately 11/2 blocks east of Lincoln Avenue and just one block north of Green Street, providing easy access to the University of Illinois, downtown Urbana, restaurants, shopping, and other area amenities. A solid investment opportunity in a convenient and highly desirable rental location. Seller would like to sell 707 Elm with 705 Elm (Adjacent 10 unit). Financials are attached.

Features of 707 W Elm Street

MLS® # 12759922
Price $575,000
Bathrooms 0.00
Type Commercial Sale
Sub-Type Multi Family 5+
Status Active

Community Information

Address 707 W Elm Street
Area Urbana
City Urbana
County Champaign
State IL
Zip Code 61801

Amenities

Is Waterfront No
Has Pool No

Interior

Cooling Central Air
Fireplace No
Has Basement No

Additional Information

Days on Market 24
Zoning MULTI
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeeXp Realty-Champaign

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Listing information last updated on October 12th, 2026 at 4:07am CDT.