Coldwell Banker Commercial Devonshire Realty (CBCDR) is pleased to exclusively offer for sale 501 W. California Avenue, a value-add multifamily redevelopment opportunity ideally located just minutes from the University of Illinois and Downtown Urbana. The sale includes the active building permit (through 12/23/26), architectural plans, major infrastructure improvements already completed, and a significant portion of the construction materials and fixtures already onsite. The property presents an exceptional opportunity for an investor or contractor to complete a three-unit apartment building while substantially reducing both the development timeline and upfront capital costs. With permits secured, major infrastructure completed, and key materials already onsite, the project is positioned for a buyer to immediately resume construction and move efficiently toward completion.

The building has been extensively prepared for redevelopment, including new roof, interior demolition, new framing for the three-unit layout, updated rough-in plumbing, new electrical, and all apartments are designed to accommodate in-unit washers and dryers with separated utilities. An additional 1,300 square foot basement with direct exterior access provides the owner or tenants with supplementary storage.

A substantial inventory of construction materials has been purchased and will transfer with the sale, including sheetrock, kitchen appliances & fixtures, and washers and dryers, allowing the next owner to immediately continue construction without delays. Remaining work includes, but not limited to, window replacement, insulation, drywall, flooring, appliance installation, kitchen & bath cabinetry, HVAC, plumbing and electrical finishing, interior finishes and final inspection.