Element on Main | 118 Units with Value Add Upside | 0.7 Miles to University of Illinois Urbana-Champaign

Colliers is pleased to present Element on Main, a 118-unit multifamily community located at 502 West Main Street in Urbana, Illinois, within the Champaign-Urbana North submarket. Situated .7 miles from the University of Illinois Urbana-Champaign (“UIUC”), the property offers residents walkable access to major employers, retail, dining, and lifestyle amenities within one of Central Illinois’ most stable renter markets.

Built in 1962, Element on Main features a diverse mix of studio, one-, two-, and three-bedroom floorplans that align well with the area’s student, professional, and university-affiliated renter base. The property presents a compelling value-add opportunity through targeted interior renovations, including updated cabinetry, stainless-steel appliances, and wood-style flooring.

Projected renovations are expected to generate sizable rent premiums, equating to a healthy return on investment, supported by a modest per-unit renovation cost basis. With all units in classic condition, new ownership will have the opportunity to renovate units to any desired scope.

Supported by the economic strength of UIUC, Carle Health, and a diverse employment base spanning healthcare, education, research, and technology, the Champaign-Urbana market maintains approximately 2.9% vacancy, reflecting strong renter demand and limited competitive supply.

With exceptional walkability, near-campus positioning, and a clearly defined renovation strategy, Element on Main represents a rare opportunity to reposition a stabilized community within one of Illinois’ most resilient university-driven housing markets.

Call For Offers July 16th