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    703 N Prospect Ave Champaign, IL 61820

    Pending
    For Sale
    $275,000

    Business Opportunity - Champaign, IL

    Property size:
    1,396 SF
    Days on Market:
    64
    Last Refresh:
    Dec 5 at 1:06 am

    Property Features for 703 N Prospect Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Pending
    Zoning
    COMMR
    APN
    412011282011
    Size
    1,396 SF

    Utilities

    Cooling system
    Central Air

    Building Details

    Architectural style
    Other

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

    Listing agent Steve Littlefield (217) 356-6100 License #475138856

    Listing date Oct 3, 2025

    MLS# 12480174 Listing URL

    Copyright © 2025 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

    Iconic Tavern with Renovated Apartment

    This iconic tavern, a fixture in the city's oldest neighborhood for 90 years, is available for purchase. The 1,396 square foot property retains its original charm while incorporating modern amenities. Recent additions to the property include Illinois State Poker Machines, a new HVAC system, a new walk-in condenser and compressor, and new windows. The property also features a newly renovated apartment upstairs, suitable for staff or a live-in manager. Zoned COMMR, this mixed-use property presents a business opportunity for bars, restaurants, retail, and live-work space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Ice House of Champaign Bar

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

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

    Similar Places Nearby

    Hound's Court, Bud & Swedes bar, Fat City Bar and Grill, Tumble Inn Tavern, The City Center

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2581626
    Latitude
    40.1225114

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    FAQs

    What type of property is this?
    Bar - Established tavern with modern amenities and renovated upstairs apartment.
    Where is this bar located?
    The property is located at 703 N Prospect Ave Champaign, IL.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: - Established tavern with 90-year history in the city's oldest neighborhood.; - Includes a newly renovated upstairs apartment.; - Features Illinois State Poker Machines, providing an immediate revenue stream.
    (217) 356-6100
    Request Owner's contact information
    703 N Prospect Ave Champaign, IL 61820
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    Champaign, IL 61820
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    Realmo Value Estimation

    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.

    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.

    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
    703 N Prospect Ave Champaign, IL 61820
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