Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1604 Kirk Lane Champaign, IL 61821

    View on Map
    Claim this Listing
    For Sale
    $185,000

    MULTI_FAMILY - Champaign, IL

    Added:
    Aug 28, 2025
    Days on Market:
    237
    Last Refresh:
    Apr 21 at 5:06 pm

    Property Features for 1604 Kirk Lane

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    2
    Bathrooms
    1
    Rooms
    Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 1
    Parking
    2
    Parking features
    Garage
    Basement
    Crawl Space
    Standard status
    Active
    APN
    412002406001

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LOT 35 KIRKWOOD HEIGHTS SUB
    Tax Annual Amount
    3439

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Steam
    Water source
    Public

    Building Details

    Year built
    1967
    Building materials
    Brick

    We can help!

    Listing Contact
    Carol Meinhart
    Carol Meinhart

    Listing agent Carol Meinhart License #475127814

    Listing office The Real Estate Group,Inc 2101 W Park Court, Champaign, IL

    Listing date Aug 28, 2025

    MLS# 12452459 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Champaign Multifamily Investment Opportunity

    This multifamily property in Champaign, Illinois, presents an investment opportunity with a history of rental income. The property includes units with two bedrooms and one bathroom. Each unit features a functional layout and a spacious living area. The property also includes a nice-sized yard. The location provides convenient access to shopping, dining, and public transportation. This leased property is located at 1604 Kirk Lane, Champaign, IL 61821.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.265582
    Latitude
    40.131721

    Nearby Similar for Sale

    • $850,000

      Commercial Building with Established Tenants

      6,200 SF commercial building with three tenants in place.
      1205 S Mattis Avenue, Champaign, IL 61821
      View Details
    • $698,000

      Commercial Building Near Major Intersection

      Retail and office space with warehouse in high-traffic location.
      909 W Bloomington Road, Champaign, IL 61821
      View Details
    • $455,000

      Turnkey 9-Unit Investment Property

      Fully renovated 9-unit building near Downtown Champaign.
      613 W Church Street, Champaign, IL 61820
      View Details
    • $1,250,000

      Downtown Champaign Mixed-Use Building

      Prime mixed-use property in downtown Champaign with rental income.
      320 N Neil Street, Champaign, IL 61820
      View Details
    • $230,000

      All-Brick Duplex in Champaign, IL

      Well-maintained duplex with hardwood floors and strong rental history.
      1210-1212 Julie Drive, Champaign, IL 61821
      View Details
    • $225,000

      Well-Maintained Duplex in Champaign, IL

      All-brick duplex with hardwood floors and strong rental history.
      1805-1807 Jeanne Street, Champaign, IL 61821
      View Details
    • Contact for pricing

      Bi-Level Retail Facility For Sale

      Unique bi-level retail facility on prime shopping hub outlot.
      6 Convenience Center Road, Champaign, IL 61820
      View Details
    • $239,900

      Champaign Multifamily Property For Sale

      Four-unit property with updates and redevelopment potential in Champaign, IL.
      1011 W CHURCH Street, Champaign, IL 61821
      View Details
    • $249,900

      Champaign Multifamily Building For Sale

      Six-unit building in Champaign, ideal for future development.
      1013 W Church Street, Champaign, IL 61820
      View Details
    • $2,300,000

      Champaign Commercial Building For Sale

      13,580 SF commercial building in Champaign, Illinois for sale.
      2301 W Bradley Avenue, Champaign, IL 61821
      View Details
    • $1,250,000

      Commercial Property with Residential Home

      10-acre commercial property with income, residential home, expansion potential.
      3612 W Bloomington Road, Champaign, IL 61822
      View Details
    • $650,000
      3,160 SF

      Freestanding Retail/Office Building for Lease

      Freestanding retail/office building in Champaign, subject to Savoy Zoning.
      2103 N Dunlap Ave, Champaign, IL
      View Details

    FAQs

    What type of property is this?
    Duplex - Multifamily property with strong rental history near amenities in Champaign, IL.
    Where is this duplex located?
    The property is located at 1604 Kirk Lane Champaign, IL.
    What is the asking price?
    The asking price for this property is $185,000.
    What are key features of this property?
    This property features: Strong rental history provides steady income for investors.; Two to four units offer multiple income streams.; Convenient location near shopping, dining, and public transportation.
    (217) 898-9204
    We can help!
    Listing Contact
    Carol Meinhart
    Carol Meinhart
    Real Estate License ID: 475127814
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!