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

    401 S Neil St Champaign, IL 61820

    Sponsored
    For Sale
    Under Contract
    $524,900

    LAND - Champaign, IL

    Lot size:
    0.37 Acres
    Days on Market:
    31
    Last Refresh:
    Mar 1 at 5:06 am

    Property Features for 401 S Neil St

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    COMMR
    APN
    432013203003
    Lot size
    0.37 Acres

    We can help!

    Listing Contact
    Mark Panno
    Mark Panno

    Keller Williams The Real Estate Center of Illinois, LLC (217) 356-6100

    Listing agent Mark Panno (217) 356-6100

    Listing date Jan 30, 2026

    MLS# 12541567 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.

    Learn more

    Property Insight Report

    Overview

    Champaign Corner Lot For Sale

    This corner lot is situated in a desirable Champaign location with high traffic. It is located adjacent to the University of Illinois at Urbana-Champaign campus and on the south end of downtown Champaign, along a commuter route from four directions. The property is zoned CB1, which allows for medium intensity retail, service, and office development, along with housing, parking, and institutional uses. The developable space is approximately 16,258 square feet, or 0.37 acres. Traffic counts are as follows: Springfield Avenue eastbound sees 11,200 AADT, Springfield Avenue westbound sees 12,000 AADT, Neil Street southbound sees 15,200 AADT, and Neil Street northbound sees 18,500 AADT. The property is offered for build to suit or land lease.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Neil Street & Washington Parking Lot & Garage Concord Custom Cleaners (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.243881
    Latitude
    40.11232

    Nearby Similar for Sale

    • $359,900

      Warehouse/Office Condo in Champaign

      Warehouse/Office condo near Springfield Ave and Staley Rd intersection.
      412 S Staley Rd, Champaign, IL 61822
      View Details
    • New
      $175,000

      Leased Residential Income Property

      Two-unit property with strong rental potential, currently leased.
      1507 N Mckinley Ave, Champaign, IL 61821
      View Details
    • $185,000

      Champaign Multifamily Investment Opportunity

      Multifamily property with strong rental history near amenities in Champaign, IL.
      1604 Kirk Ln, Champaign, IL 61821
      View Details
    • $5,000,000
      0.17 Acres

      Downtown Champaign Apartment Building Investment

      32-unit apartment building in downtown Champaign with strong leasing history.
      11 E Columbia Ave, Champaign, IL 61820
      View Details
    • $1,250,000
      9.88 Acres

      Commercial Property with Residential Home

      9.88 acres with commercial building, residential home, and income.
      3612 W Bloomington Rd, Champaign, IL 61822
      View Details
    • $949,900
      5.00 Acres

      Versatile Commercial Property in Champaign

      Warehouse, office, acreage, and single-family rental near I-57.
      1069 County Road 900, Champaign, IL 61822
      View Details
    • $425,000
      5,729 SF

      Champaign Freestanding Office Building For Sale

      Freestanding office building in Champaign, Illinois, with multiple suites.
      2108 W Springfield Ave, Champaign, IL 61821
      View Details
    • Contact for pricing
      34,150 SF

      Champaign Office Building Value-Add Opportunity

      Single-story office building with lease-up potential in Champaign, Illinois.
      2110 Fox Dr, Champaign, IL 61820
      View Details
    • Contact for pricing
      25,100 SF

      Champaign Office Building For Sale

      25,100 SF office building with stable income and upside.
      2004 Fox Dr, Champaign, IL 61820
      View Details
    • $575,000
      4,510 SF

      Transmission Repair Business and Property

      Well-equipped auto shop with established business for sale.
      1519 N Willis Ave, Champaign, IL 61821
      View Details
    • $500,000

      Former Gas Station with Carwash

      Former gas station with carwash, ample parking, great visibility.
      1101 N Prospect Ave, Champaign, IL 61820
      View Details
    • $1,538,462
      510 SF

      New Construction NNN Ground Lease

      New 2024 construction with a long-term 15-year ground lease.
      1703 W Springfield Ave, Champaign, IL 61821
      View Details

    FAQs

    What type of property is this?
    Commercial land - Highly trafficked corner lot near UIUC campus and downtown Champaign.
    Where is this commercial land located?
    The property is located at 401 S Neil St Champaign, IL.
    What is the asking price?
    The asking price for this property is $524,900.
    What are key features of this property?
    This property features: - High traffic corner location with excellent visibility.; - Adjacent to UIUC campus and the south end of downtown Champaign.; - CB1 Zoning allows for diverse development options (retail, service, office, housing).
    (217) 356-6100
    Request Owner's contact information
    401 S Neil St Champaign, IL 61820
    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.
    401 S Neil St
    Champaign, IL 61820
    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
    401 S Neil St Champaign, IL 61820
    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

    We can help!
    Listing Contact
    Mark Panno
    Mark Panno
    Real Estate License ID: 475164947
    (217) 356-6100 (815) 674-5598
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!