331 Main Street

About this property

Discover an exceptional commercial/residential investment opportunity in the heart of downtown Urbana! Located on a corner lot at a busy, highly visible intersection, this versatile property offers endless possibilities for business owners, investors or anyone looking to combine their work and home life under one roof. Zoned B-3, Central Business District, the property offers flexibility for a variety of potential uses while providing the added benefit of an income-producing residential apartment. The main level is currently being utilized as an auto detailing business and features an office area, two service bays with overhead doors, storage space and a restroom. This space offers a starting point for an existing business or an opportunity to reimagine the space to suit your needs. With some construction and creativity, the main level could potentially be transformed into professional office suites, retail space or a variety of other commercial ventures. The possibilities are limited only by your imagination! The real hidden gem is the apartment on the second level. This unique two-bedroom, one bath living space offers a comfortable and inviting atmosphere, making it a residential option or rental opportunity. Previously operated as an Airbnb, the apartment is currently occupied by a month-to-month tenant. The kitchen features vaulted ceilings and includes the range, refrigerator, and dishwasher, along with washer and dryer hookups. A few steps up lead to the spacious living room and two bedrooms. Imagine living upstairs while operating your business downstairs or enjoy the benefit of having two separate income opportunities. This property has remained in the same family for many years and is well maintained, with recent updates including a new roof in August 2026 and water heater in Sept 2026. Looking to expand your business, establish a new one, generate rental income or invest in a property with multiple possibilities, this is an opportunity worth exploring.

Highlights

Sewer

Public Sewer

Heating

Forced Air

Stories

2

Utilities

Water Available, Sewer Available, Natural Gas Available, Electricity Available

Water Source

Public

Listing Terms

Conventional

Lot Size Acres

0.09

Location