Freestanding Grocery and Convenience
For Sale
$1,300,000
306 W Springfield Avenue W, Urbana, IL 61801
Business Opportunity, Urbana, IL
Property Size10,000 SF
Lot Size0.61 Acres
Price / SF$130
Days on Market130
Property Features for 306 W Springfield Avenue W
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
West of Race St on Springfield Ave
Subdivision
Urbana
Standard status
Active
APN
922117130015
Lot size
0.61 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT PT 2 SUB OF NE 1/4 NW 1/4 SEC 17-19-9
Tax Annual Amount
32108
Legal Description
LOT PT 2 SUB OF NE 1/4 NW 1/4 SEC 17-19-9
Utilities
Cooling system
Central Air
Amenities
expansive refrigeration
generous frozen storage
full bakery and kitchen
cafe
Building Details
Floors in Building
1
Listing Agency:
KELLER WILLIAMS-TREC · Keller Williams Realty
(217) 356-6100
Listed By:
Atif Irfan · License #475184926
(217) 356-6100
Added: Apr 14
Changed: Aug 20
Last Checked: Aug 21 at 2:06AM
MLS# 12609270
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.
Investment Insights
Based on property information with market context.
This freestanding grocery and convenience store property combines nearly 10,000 square feet of commercial space with a food-focused layout. Existing improvements include expansive refrigeration, frozen storage, a bakery, a full kitchen, retail aisles, and a café area. The current configuration supports grocery merchandising alongside prepared food and bakery operations, with organic, natural, and international food offerings represented in the existing layout.
The property occupies 0.6072 acres in Downtown Urbana at 306 W Springfield Avenue W, near the University of Illinois Urbana-Champaign. It carries COMMR zoning and includes central air cooling. The business name, fixtures, and inventory are included, providing an established operating framework for continued grocery use or a revised concept. The interior layout also offers the physical components for a multi-tenant configuration, subject to applicable approvals.
The property occupies 0.6072 acres in Downtown Urbana at 306 W Springfield Avenue W, near the University of Illinois Urbana-Champaign. It carries COMMR zoning and includes central air cooling. The business name, fixtures, and inventory are included, providing an established operating framework for continued grocery use or a revised concept. The interior layout also offers the physical components for a multi-tenant configuration, subject to applicable approvals.
Key Highlights
- Nearly 10,000 square feet of commercial space
- 0.6072‑acre freestanding property in Downtown Urbana
- Expansive refrigeration and generous frozen‑storage areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$112,997
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,259,940
$2.3M
Cap Rate 7%
$1,614,243
$1.6M
Cap Rate 9%
$1,255,522
$1.3M
Market Conditions
NOI Build-Up for 10,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$159.6K $15.96/SF
− Vacancy
−$8.9K −$0.89/SF
EGI
$150.7K $15.07/SF
− OpEx
−$37.7K −$3.77/SF
NOI
$113.0K $11.30/SF
Area
Champaign County, IL
Vacancy
5.60%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,259,940
Cap Rate 7%
$1,614,243
Cap Rate 9%
$1,255,522
Alternative Uses
Best Use
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,997 @ 7.0% cap · market cap 8.69%
Second Best
Retail
$1.21M
$1.06M – $1.41M
NOI $84,546 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,632 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,355
Businesses Nearby
64k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Groceries 34%
Shops & Services 22%
County Market
Groceries
21,552 visits/mo
0.1 miles
Raising Cane's Chicken Fingers
Dining
18,300 visits/mo
0.2 miles
Circle K
Shops & Services
10,007 visits/mo
0.4 miles
Potbelly Sandwich Shop
Dining
6,041 visits/mo
0.2 miles
AutoZone
Shops & Services
3,134 visits/mo
0.3 miles
Demographics for 61801, IL
27,658
Population
13,468
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
98%
High-School Grad
5.4 sq mi
ZIP Area
5,122
Density / Sq Mi
$37,948
Median Household Income
$26,394
Median Earnings
$950
Median Rent
$184,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- AM-KO Oriental Foods & Gifts — 101 E Springfield Ave, Champaign, IL 61820
- Far East Grocery — 105 S 5th St, Champaign, IL 61820
- Fresh International Market - Champaign 華夏超市香檳店 — 505 S Neil St Suite 4-7, Champaign, IL 61820
- Target Grocery — 603 E Green St, Champaign, IL 61820
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Freestanding facility with refrigeration, frozen storage, bakery, kitchen, and café areas.
Where is this grocery and convenience store located?
The property is located at 306 W Springfield Avenue W Urbana, IL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Nearly 10,000 square feet of commercial space; 0.6072‑acre freestanding property in Downtown Urbana; Expansive refrigeration and generous frozen‑storage areas
