Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Versatile Commercial Space in Champaign Title is generated by Realmo AI

    1001 S Neil Street, Champaign, IL 61820

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    COMMERCIAL - Champaign, IL

    Type:Retail
    Property size:
    2,650 SF
    Lot size:
    0.44 Acres
    Added:
    Apr 2, 2026
    Days on Market:
    51
    Last Refresh:
    May 22 at 11:06 am

    Property Features for 1001 S Neil Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active
    Size
    2,650 SF
    Lot size
    0.44 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Lots 5, 6, 7 Block 2 Wilson, T.D. Sub Pt Lt 4 Sub S1/2 13-19-8
    Tax Annual Amount
    19923

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1974
    Floors in Building
    1
    Number of units
    1

    We can help!

    Listing Contact
    Shannon Collins

    Listing agent Shannon Collins

    Listing office Green Street Realty 510 S. Neil St., Champaign, IL

    Listing date Apr 2, 2026

    MLS# 12606357

    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.

    HighLights

    • High‑traffic location off S. Neil Street with excellent visibility and accessibility.
    • Ample on‑site parking for employees and customers.
    • Versatile 2,650 SF layout adaptable for various business types (bank, medical, office, retail, service).
    • Includes a drive‑through setup for added convenience and operational potential.
    • Four private offices, two large enough for conference rooms.
    • Welcoming lobby with existing teller counter, suitable for financial institutions or customer‑facing businesses.

    Overview

    This 2,650 SF commercial property, formerly a bank, is located off S. Neil Street in an active commercial corridor in Champaign, IL. The property benefits from high visibility, accessibility, and ample on-site parking. The layout includes four private offices, two of which are large enough to serve as conference rooms. A lobby area with a teller counter is present, along with a divided lounge area. The property also features a drive-through setup. Suited for continued use as a bank or credit union, the layout can be adapted for medical, office, retail, or service-based businesses. The property is surrounded by growing retail and new business development. The lot size is 0.4438 acres.
    Location Intelligence

    Current Use by Public Records

    Clock Tower Community ... Bank

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2437232
    Latitude
    40.1048059

    Nearby Similar for Lease

    • Contact for pricing
      2,688 SF

      Downtown Champaign Commercial Space Available

      Prime 2,688 SF space in vibrant downtown Champaign.
      6 Taylor Street E, Champaign, IL 61820
      View Details
    • Contact for pricing
      2,000 SF

      Restaurant Space Near University Campus

      Turnkey restaurant space with high visibility near campus.
      209 E University Avenue, Champaign, IL 61820
      View Details
    • Contact for pricing
      5,708 SF

      Downtown Champaign Office Space Available

      Impressive office space in downtown Champaign with flexible suite options.
      201 N Randolph Street, Champaign, IL 61820
      View Details
    • Contact for pricing

      Unique Commercial Unit in Champaign

      1920 SF unit with office, storage, and overhead door.
      706 BLOOMINGTON Road, Champaign, IL 61821
      View Details
    • Sponsored
      $95-$1,906/Mo
      11-1,292 SF

      IL, Champaign – N. Randolph St

      206 Randolph St, Champaign, IL 61820
      View Details
    • Contact for pricing

      Retail Store with Warehouse Space

      Retail store with warehouse on a busy road.
      909 W Bloomington Road, Champaign, IL 61821
      View Details
    • Contact for pricing

      Champaign Retail Space with Drive-Thru

      Retail spaces in active corridor, ideal for food service.
      902 Meijer Drive, Champaign, IL 61822
      View Details
    • $9 SF/Yr
      5,760 SF

      Versatile Flex Space Available

      Adaptable units suitable for office, lab, or warehouse use.
      606 N Country Fair Dr, Champaign, IL
      View Details
    • $11 SF/Yr
      5,635 SF

      Class A Office Building

      Corporate office building with private offices, conference rooms, and parking.
      2215 Fox Dr, Champaign, IL
      View Details
    • $12 SF/Yr
      1,495 SF

      West Champaign Flex Space Available

      Flex facility in west Champaign with office/warehouse space for lease.
      2714 W Clark Rd, Champaign, IL
      View Details
    • $4,203/Mo
      2,700 SF

      Office & Warehouse Rental Property

      Office and warehouse spaces available for lease in Champaign, IL.
      510 S Staley Rd, Champaign, IL
      View Details
    • $14 SF/Yr
      860 SF

      West Champaign Office Space

      Office suite in west Champaign with ample parking.
      2001 Round Barn Rd, Champaign, IL
      View Details

    FAQs

    What type of property is this?
    Bank - Adaptable 2,650 SF space in a high-traffic commercial area.
    Where is this bank located?
    The property is located at 1001 S Neil Street Champaign, IL.
    What are key features of this property?
    This property features: High‑traffic location off S. Neil Street with excellent visibility and accessibility.; Ample on‑site parking for employees and customers.; Versatile 2,650 SF layout adaptable for various business types (bank, medical, office, retail, service).
    (217) 356-8750
    We can help!
    Listing Contact
    Shannon Collins
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    1001 S Neil Street, Champaign, IL 61820
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!