Greek/Student Housing Investment

InvestmentSaleMulti-Family 10,000 SF
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606 W Ohio St
Urbana, IL 61801
Price: $827,640.00
Building Size: 10,000 SF
Lot Size (sqft): 14,866 SF
Lot Size (acre): 0.34 AC
Zoning: R-7 University Residential District
Tax PIN: 93-21-17-306-023
Cap Rate: 10.01%
NOI: $82,809
Gross Income: $127,200
Year Built: 1935

Property Description

Coldwell Banker Commercial Devonshire Realty (CBCDR) is proud to exclusively offer for sale the Omega Delta fraternity house on the University of Illinois at Urbana-Champaign campus (“the Property”). This beautiful chapter house was built in 1935 and has a rich history of housing Greek organizations on campus. Originally built by Theta Upsilon sorority in 1935, it later housed Alpha Chi Sigma for 70 years and was leased to Omega Delta beginning in the Fall 2020 semester. The chapter house is located on Ohio Street on the east side of campus and was built in the Gothic Revival architectural style and features steeply pitched cross gable roofs, Tudor doorways, and a hexagonal bay main entrance. The +/- 10,000 SF three-story house with basement features sits on +/- 14,866 SF lot and has 25 bedrooms with capacity for up to 50 beds, a commercial-grade kitchen, dining hall, expansive front yard and elevated side porch, and a sizable surface parking lot.

The Property offers an investor or Greek organization the opportunity to acquire an income producing asset leased by a national fraternity through July 2022 and has a long history of occupancy.

Numerous improvements have been made to the Property including the installation of a whole-house fire suppression system and external staircase to meet fire and life safety requirements, two new boilers in 2011, new water heater in 2017, new commercial fryer and dual range oven in 2016, new freezer in 2017, new commercial fridge compressor in 2018, and the interior was repainted and the hardwood floors were resealed in 2019.

Location Description

The Property is prominently located along Ohio Street between Busey Avenue and Orchard Street, just east of Campus Recreation Center East, Stanley Illini Grove, Turner Hall, Krannert Center and the greater University of Illinois campus. The Property is within easy walking distance to numerous academic buildings and nearby fraternities and sororities including Chi Psi, Beta Sigma Psi, Kappa Kappa Gamma, 4-H House, Alpha Chi Omega, Alpha Gamma Delta, Sigma Tau Gamma, and others.

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