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    306 W Springfield Avenue W Urbana, IL 61801

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    Claim this Listing
    New
    For Sale
    $1,300,000

    COMMERCIAL - Urbana, IL

    Property size:
    10,000 SF
    Lot size:
    0.61 Acres
    Added:
    Apr 14, 2026
    Days on Market:
    5
    Last Refresh:
    Apr 18 at 11:06 am

    Property Features for 306 W Springfield Avenue W

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active
    APN
    922117130015
    Size
    10,000 SF
    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

    Utilities

    Cooling system
    Central Air

    Building Details

    Floors in Building
    1

    We can help!

    Listing Contact
    Atif Irfan

    Listing agent Atif Irfan License #475184926

    Listing office KELLER WILLIAMS-TREC 2441 Village Green Place, Champaign, IL

    Listing date Apr 14, 2026

    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.

    Overview

    Urbana Commercial Property For Sale

    This commercial property, a landmark in Urbana, Illinois, has been a part of the community for over 30 years. Situated on more than three-quarters of an acre of General Commercial land, this free-standing property offers nearly 10,000 square feet of modern space. The facility is equipped with expansive refrigeration for fresh cheeses and olives, generous frozen storage, a full bakery and kitchen, and curated aisles for organic, natural, and international foods. The space includes a cafe serving organic, vegan, and Middle Eastern cuisine alongside baked goods and desserts. The property's layout and location make it suitable for various ventures, including continuing its legacy as a market, reimagining it as a new concept, or transforming the building into a multi-tenant space. The property is located in the heart of Downtown, minutes from the University of Illinois Urbana-Champaign. The property is set on 0.6072 acres of land and is zoned COMMR. The business name, fixtures, and inventory are included in the price.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Nutrition On the Move Physician Strawberry Fields Cafe Cafe & Coffee Shop World Harvest International ... Specialty Food Shop Afghan Cuisine Restaurant Restaurant

    Suggested Use

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

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

    Similar Places Nearby

    • AM-KO Oriental Foods & Gifts — 101 E Springfield Ave, Champaign, IL 61820
    • Far East Grocery — 105 S 5th St, Champaign, IL 61820
    • Target Grocery — 603 E Green St, Champaign, IL 61820

    Location Insight

    • Map
    • Local Demand
    City
    Urbana
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2349899
    Latitude
    40.112841

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    FAQs

    What type of property is this?
    Grocery and convenience store - Prime commercial property in Urbana, Illinois, ideal for various ventures.
    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: Prime general commercial land location in the heart of Downtown Urbana, minutes from the University of Illinois Urbana‑Champaign.; Significant price reduction from $2.5 million to $1.3 million, including the business name, fixtures, and inventory.; Large, free‑standing property with nearly 10,000 square feet of modern, thoughtfully designed space on over three‑quarters of an acre.
    (217) 356-6100
    We can help!
    Listing Contact
    Atif Irfan
    Real Estate License ID: 475184926
    Learn More
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    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
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