$3,175,000
( $170.92Per Sq Foot )
 $17,044 est/mo Sourced by Back At You

112 W Hill Street , Champaign, IL 61820

Champaign, IL 61820

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Description

Excellent investment opportunity in downtown Champaign, located across from the Hill Street Parking Deck and just steps away from downtown restaurants and night-life. This historic turn of the century, architecturally significant Richardsonian building features residential multi-family and commercial tenant spaces. The building, once owned by Senator McKinley, began life as "The Women's Town Club" hotel, and now is home to Buzard Pipe Organ Builders, LLC. There are currently 6 unique luxury 2-bedroom residential apartments ranging from 980 to 1400 sqft which are 100% leased. The commercial space is currently occupied by the owner/business. Updates include zoned HVAC, 800 Amp electrical service, all new plumbing, 2 elevators (1 recently added freight and 1 historic passenger), new roof, thermopane windows, brick tuck-pointing, restored vintage and reproduction light fixtures, doors and windows, preserved tile flooring and original woodworking throughout. The entire building is fire-protected by a sprinkler system, and the ceiling separating the commercial space from the residential apartments above has a 2-hour fire rating. The first and second floor commercial space could be leased as a whole or split into multiple spaces. The existing apartments on the 3rd and 4th floors have room for significant monthly rent increases, and additional residential units could be added. They have cherry cabinets and high-end finishes, with some including tin ceilings and 100+-year-old pine floors. New windows were recently installed, and each unit features a washer and dryer. Unit 302 is multi-story in design, with the second bedroom accessible via a spiral staircase. The commercial space features a three story tall back loft which was opened from the first floor to the top of the 3rd floor. This building has endless opportunities including a potential event center space with ample parking in the parking deck. Because this building has been labeled a Historic Landmark, both federal and state historical tax credits are available for future renovation and construction expenses. Contact the listing agent for additional details on the potential hundreds of thousands of dollars (up to 45% of your improvements costs) available depending upon the project scope.

Details

MLS#12264247
Listing TypeFor Sale
StyleMixed Use
Sub-TypeResale
StatusActive
Year1897
Days On Site9
Listing Provided ByColdwell Banker R.E. Group | Jeremy Brandow

Features

SQ Feet18,576
Story(s)4
Units7
ZoningCOMMR

Market Activity 61820

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Learn More About This Property

StateIL
CountyChampaign
CityChampaign
Zip Code61820
AreaChampaign | Savoy
Listing VS Median (in 61820)
Price:
$3,175,000
low | high
Med:
$167,500
100% of Average
SqFt:
18,576
low | high
Med:
1,449
100% of Average
$ / SqFt:
$171
low | high
Med:
$116
82.074629606175% of Average
On Site:
9
low | high
Med:
11.500000
78.260869565217% of Average
Sourced by Back At You
Listing Updated: February 3, 2025 at 1:02:59 AM PST