Two-Story Mixed-Use
For Sale
$1,250,000
320 N Neil Street, Champaign, IL 61820
Commercial Sale, Champaign, IL
Property Size7,485 SF
Lot Size0.08 Acres
Price / SF$167
Days on Market203
Property Features for 320 N Neil Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Heading south on Neil Street, continue past Washington Street, and the property will be located on the east side of the road.
Subdivision
Champaign, Savoy
Standard status
Active
APN
422012427008
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
Legal Description
LOT PT 17 BLOCK 3 RAILROAD ADD
Utilities
Cooling system
Central Air
Amenities
fireplace
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Building materials
Brick
Listing Agency:
Green Street Realty
(217) 356-8750
Listed By:
Shannon Collins · License #475178418
(217) 356-8750
Added: Feb 10
Changed: Aug 20
Last Checked: Sep 1 at 10:06AM
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.
This 1925 brick mixed-use property includes 5,865 SF above grade and a 1,620 SF basement. The first level is arranged for nightclub and bar operations, with a 28-foot bar, mezzanine areas, sprinkler and alarm systems, emergency lighting, accessible entry and restrooms, and substantial mechanical infrastructure. The lower level adds storage, a walk-in cooler, mechanical space, and both interior and rear access.
A two-bedroom, two-bath apartment occupies the second floor and features 14-foot ceilings, a fireplace, and independent HVAC and electrical service. The apartment is leased through 07/31/2026. The property sits at 320 N Neil Street in downtown Champaign, among restaurants, nightlife venues, and mixed-use development. The site encompasses 0.0808 acres, and central air serves the building.
A two-bedroom, two-bath apartment occupies the second floor and features 14-foot ceilings, a fireplace, and independent HVAC and electrical service. The apartment is leased through 07/31/2026. The property sits at 320 N Neil Street in downtown Champaign, among restaurants, nightlife venues, and mixed-use development. The site encompasses 0.0808 acres, and central air serves the building.
Key Highlights
- 5,865 SF above grade with a 1,620 SF basement
- Two‑bedroom, two‑bath apartment leased through 07/31/2026
- First‑floor bar configuration includes a 28' bar and mezzanine 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
$84,578
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
6.77%
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%
$1,691,560
$1.7M
Cap Rate 7%
$1,208,257
$1.2M
Cap Rate 9%
$939,756
$939.8K
Market Conditions
NOI Build-Up for 7,485 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
$119.5K $15.96/SF
− Vacancy
−$6.7K −$0.89/SF
EGI
$112.8K $15.07/SF
− OpEx
−$28.2K −$3.77/SF
NOI
$84.6K $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%
$1,691,560
Cap Rate 7%
$1,208,257
Cap Rate 9%
$939,756
Alternative Uses
Best Use
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,578 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$824.6K
$721.6K – $962.1K
NOI $57,725 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,006 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,334
Businesses Nearby
Explore this area
Business Placement
Demographics for 61820, IL
40,822
Population
18,672
Households
2.2
Avg Household Size
25
Median Age
55%
College-Educated
93%
High-School Grad
5.9 sq mi
ZIP Area
6,919
Density / Sq Mi
$31,031
Median Household Income
$14,828
Median Earnings
$1,077
Median Rent
$175,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial property combines a configured bar venue with a leased residential apartment and separate building systems.
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: 5,865 SF above grade with a 1,620 SF basement; Two‑bedroom, two‑bath apartment leased through 07/31/2026; First‑floor bar configuration includes a 28' bar and mezzanine areas
