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    Historic Mixed-Use Building in Champaign Title is generated by Realmo AI

    41 E University Avenue, Champaign, IL 61820

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    Claim this Listing
    For Sale
    $3,850,000

    Historic building with retail, residential, and office space.

    Type:Mixed Use
    Property size:
    22,052 SF
    Price / SF:
    $174/SF
    Added:
    Dec 11, 2024
    Days on Market:
    541
    Last Refresh:
    May 12 at 8:41 pm

    Property Features for 41 E University Avenue

    General Information

    Standard status
    Active
    Size
    22,052 SF
    Property subtype
    Mixed Use

    Building Details

    Year Built
    1913

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    Listing Contact
    Debby Auble

    Listing agent Debby Auble

    Listing office WARD & ASSOCIATES

    Listing date Dec 11, 2024

    Source Xome

    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 WARD & ASSOCIATES

    HighLights

    • High‑visibility location in the heart of Downtown Champaign with high traffic count.
    • Rare stand‑alone building offering a perfect blend of retail, residential, and office space.
    • Off‑street parking with potential for outdoor patio/dining space conversion.
    • Historic Illinois Traction Building on the National Register of Historic Places (built in 1913).
    • Proximity to Illinois Terminal hub (mass transit, inter‑city bus, and Amtrak) and the University of Illinois (55,000+ students).
    • Located in a vibrant downtown area with restaurants, microbreweries, pubs, and a strong customer base.

    Overview

    The historic Illinois Traction Building, located in downtown Champaign, offers high visibility and traffic. Constructed in 1913 and designed by architect Joseph Royer in the Contemporary Commercial Style, the building features large windows providing natural light and city views. Originally housing railway offices and serving as the Champaign interurban station until 1936, it later housed the offices of the Illinois Power Company. The building was added to the National Register of Historic Places in 2006. This stand-alone building offers a blend of retail, residential, and office space, along with off-street parking. The west side features an outdoor paved space currently used for parking, but it could be transformed into an outdoor patio or dining area with access to the first floor. The Illinois Terminal hub, across Market Street to the east, serves as a major transfer point for local mass transit, inter-city bus service, and Amtrak passenger service. The location also provides access to the University of Illinois with over 55,000 students. Downtown Champaign features restaurants, microbreweries, pubs, and a cultural and arts scene. The area includes mixed-use properties and multi-family developments, creating a residential population that combines with daytime employment, establishing a customer and client base for businesses. The property size is 22052 square feet.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $383.7k $17.40
    − Vacancy −$84.4k −$3.83
    EGI $299.3k $13.57
    − OpEx −$74.8k −$3.39
    NOI $224.5k $10.18
    22,052 SF · lease $17.40/SF/yr · vacancy 22.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $3.21M
    $2.81M – $3.74M (±1% cap)
    NOI $224,467 @ 7.0% cap · market cap 5.83%
    Second Best
    Retail
    $2.66M
    $2.33M – $3.11M (±1% cap)
    NOI $186,441 @ 7.0% cap · market cap 4.84%
    Theoretical Best
    Office A
    $4.59M
    $4.01M – $5.35M (±1% cap)
    NOI $321,148 @ 7.0% cap · market cap 8.34%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Whole Body Health ... Alternative Medicine Practice TLT Properties Property Management Company Lynda Alper Counselor Blue Frog Restorations Construction Company Champaign Van Rental Car Rental Facility

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.24219
    Latitude
    40.116035

    FAQs

    What type of property is this?
    Mixed-use property - Historic building with retail, residential, and office space.
    Where is this mixed-use property located?
    The property is located at 41 E University Avenue Champaign, IL.
    What is the asking price?
    The asking price for this property is $3,850,000.
    What are key features of this property?
    This property features: High‑visibility location in the heart of Downtown Champaign with high traffic count.; Rare stand‑alone building offering a perfect blend of retail, residential, and office space.; Off‑street parking with potential for outdoor patio/dining space conversion.
    More about this property
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