Restaurant and Residential
For Sale
Contact for pricing
10 E CHESTER ST, Champaign, IL 61820
Two-level property combines an established restaurant with a large two-bedroom residential unit.
Property Size7,000 SF
Price / SF$171.43
Days on Market90
Property Features for 10 E CHESTER ST
General Information
Standard status
Active
Size
7,000 SF
Property subtype
Retail, Office
Zoning
CB2
Building Details
Year Built
1915
Year Renovated
2015
Buildings
1
Units
1
Listing Agency:
Guth & Associates
(217) 355-2545
Listed By:
Maggie Pitcher · License #475.212357
Source:
Crexi
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 10:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Guth & Associates
Investment Insights
Based on property information with market context.
Built in 1915, this approximately 7,000-square-foot mixed-use property places a restaurant on the ground floor and a residential unit above. The commercial space has been renovated for restaurant operations and includes a custom pizza oven, dining areas, and a private dining room. Restaurant equipment may be available separately as part of the transaction.
The second floor contains an approximately 3,500-square-foot unit with two bedrooms and two bathrooms. It is currently operated as an Airbnb and benefits from demand associated with University of Illinois sporting events, graduation weekends, and other campus activities. The property is situated in downtown Champaign, directly across from the City of Champaign Municipal Building, with on-street parking in front. CB2 zoning and the existing mixed-use configuration support both commercial and residential occupancy.
The second floor contains an approximately 3,500-square-foot unit with two bedrooms and two bathrooms. It is currently operated as an Airbnb and benefits from demand associated with University of Illinois sporting events, graduation weekends, and other campus activities. The property is situated in downtown Champaign, directly across from the City of Champaign Municipal Building, with on-street parking in front. CB2 zoning and the existing mixed-use configuration support both commercial and residential occupancy.
Key Highlights
- Approximately 7,000 SF mixed‑use building built in 1915
- Ground‑floor restaurant with custom pizza oven and private dining room
- Approximately 3,500 SF second‑floor residential unit
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
$79,098
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
6.59%
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%
$1,581,960
$1.6M
Cap Rate 7%
$1,129,971
$1.1M
Cap Rate 9%
$878,867
$878.9K
Market Conditions
NOI Build-Up for 7,000 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
$111.7K $15.96/SF
− Vacancy
−$6.3K −$0.89/SF
EGI
$105.5K $15.07/SF
− OpEx
−$26.4K −$3.77/SF
NOI
$79.1K $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%
$1,581,960
Cap Rate 7%
$1,129,971
Cap Rate 9%
$878,867
Alternative Uses
Best Use
Specialty Retail
$1.13M
$988.7K – $1.32M
NOI $79,098 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$771.2K
$674.8K – $899.8K
NOI $53,985 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$1.46M
$1.27M – $1.70M
NOI $101,942 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,534
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level property combines an established restaurant with a large two-bedroom residential unit.
Where is this mixed-use property located?
The property is located at 10 E CHESTER ST Champaign, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approximately 7,000 SF mixed‑use building built in 1915; Ground‑floor restaurant with custom pizza oven and private dining room; Approximately 3,500 SF second‑floor residential unit
