Downtown Champaign Mixed-Use
320 N Neil Street Champaign, IL 61820
320 N Neil Street, Champaign, IL, 61820
$1,250,000
For Sale
$1,250,000
COMMERCIAL - Champaign, IL
Property Size5,865 SF
Lot Size0.08 Acres
Price / SF$213.13
Days on Market158
Property Features for 320 N Neil Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- COMMR
- Standard status
- Active
- APN
- 422012427008
- Size
- 5,865 SF
- Lot size
- 0.08 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- LOT PT 17 BLOCK 3 RAILROAD ADD
- Tax Annual Amount
- 13136
Utilities
- Cooling system
- Central Air
Building Details
- Year built
- 1925
- Floors in Building
- 2
- Number of units
- 2
- Building materials
- Brick
Listing Agency
Green Street Realty
(217) 356-8750
510 S. Neil St., Champaign, IL
Listed by
Shannon Collins · License #ILLINOIS475.178418
(217) 356-8750
Added: Feb 10 Checked: Jul 18 at 7:06 am
MLS# 12559693
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.
Located in downtown Champaign, this mixed-use property at 320 N Neil St features a two-story masonry brick building with 5,865 square feet above grade, plus a 1,620 square foot basement. Zoned CB2 (Central Business Downtown), the first floor is configured for nightclub or bar use and includes a 28-foot bar, sprinkler and alarm systems, a handicap-accessible entrance and restrooms, emergency lighting, mezzanine areas, and strong mechanical infrastructure. The basement provides storage, a walk-in cooler, and mechanical space with interior and rear access. The second floor features a well-maintained two-bedroom, two-bath apartment with 14-foot ceilings, a fireplace, and separate HVAC and electrical service. The apartment is currently leased for $1,800 per month through 07/31/2026, providing rental income. The property is located among downtown restaurants, nightlife, and mixed-use development.
Key Highlights
- Prime downtown location in Champaign's central business district (CB2 zoning).
- Mixed‑use property with income‑generating two‑bedroom apartment, leased through 07/31/2026 at $1,800/month.
- First floor configured for nightclub/bar use with existing 28' bar, sprinkler system, and handicap accessibility.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $93.6k | $15.96 |
| − Vacancy | −$5.2k | −$0.89 |
| EGI | $88.4k | $15.07 |
| − OpEx | −$22.1k | −$3.77 |
| NOI | $66.3k | $11.30 |
5,865 SF · lease $15.96/SF/yr · vacancy 5.60% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$946.8K
$828.4K – $1.10M
NOI $66,273 @ 7.0% cap · market cap 5.30%
Second Best
Retail
$708.4K
$619.8K – $826.4K
NOI $49,586 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,413 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Progressive Car Insurance
Financial Advisor
Anthem Bar
Nightclub
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Prime mixed-use property in downtown Champaign with rental income.
Where is this mixed-use property located?
The property is located at 320 N Neil Street Champaign, IL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Prime downtown location in Champaign's central business district (CB2 zoning).; Mixed‑use property with income‑generating two‑bedroom apartment, leased through 07/31/2026 at $1,800/month.; First floor configured for nightclub/bar use with existing 28' bar, sprinkler system, and handicap accessibility.
