2008 Vawter Ave, 1301 Mitchem Dr, 1303 Mitchem Dr, 2006 Vawter Ave, 2004 Vawter Ave, 2017 Vawter Ave Urbana, IL 61801
The Proano Commercial Group is pleased to offer a 6-building, 77-unit multifamily portfolio in Urbana, IL — a value-add opportunity in a stable and growing rental market. Located along Mitchem Drive and Vawter Avenue, the portfolio includes a diverse mix of 1- to 4-bedroom units. All buildings are separately metered, with tenants paying their own electric and water. Seller financing is available with attractive interest-only terms.
Renovations are largely complete: 65 units are fully rehabbed and ready for occupancy, while 12 units at 2008 Vawter Avenue are undergoing final improvements. The portfolio is targeting 90%+ occupancy. Buyers may purchase the full portfolio or acquire five of the six properties, excluding 2008 Vawter Ave, which can be sold separately.
Seller financing offers an 8.5% interest-only rate, 23–36 month term, no prepayment penalty, and a $1M minimum financed amount — providing flexibility and strong upside for qualified investors.
Urbana is part of the Champaign-Urbana metro area, a resilient Midwestern market driven by the University of Illinois, Carle Foundation Hospital, and a growing tech and research presence. The metro remains attractive for both workforce and student housing demand, with solid absorption trends and long-term rental stability fueled by the area's institutional and employment anchors.
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.
8.77%
$512,762
77
1970
42
2025