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    306 Springfield Ave Urbana, IL 61801

    For Sale
    $1,500,000

    Iconic Downtown Urbana building, 9,800 sq ft.

    Property size:
    9,800 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    307
    This iconic 9,800 square foot free-standing retail building at 306 Springfield Avenue in Urbana, Illinois, presents a unique investment opportunity. Located in the heart of downtown, just blocks from the University of Illinois campus, this property boasts unparalleled visibility and high foot traffic. Previously home to a successful grocery and bakery for over three decades, the building offers a wealth of existing infrastructure, including extensive refrigeration space with freezers and shelving, a full bakery and kitchen, and a spacious cafe area. The property sits on a sizable 0.75-acre lot zoned for general commercial use, providing ample space for expansion or outdoor amenities. The interior is modern and updated, ready for immediate occupancy. The asking price is $1,500,000, with the option to purchase existing fixtures and equipment for an additional $200,000. This property is ideal for a single large business or could be easily adapted into a multi-tenant retail space. Its prime location and versatile layout make it an exceptional investment opportunity in a thriving community. The building's history as a beloved local establishment adds to its unique appeal and potential for continued success. This is a key-in-ready property ready for a new chapter.

    Property Features for 306 Springfield Ave

    General Information

    Property type
    Retail properties
    Square Feet
    9,800 SF

    Building Details

    Year Built
    1980
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Nutrition On the Move Nutritionist Strawberry Fields Cafe Cafe World Harvest International ... Supermarket Afghan Cuisine Restaurant Afghan Restaurant

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Urbana
    County
    Champaign
    State
    Illinois
    Longitude
    -88.21141
    Latitude
    40.11263

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    FAQs

    What type of property is this?
    Retail property - Iconic Downtown Urbana building, 9,800 sq ft.
    Where is this retail property located?
    The property is located at 306 Springfield Ave Urbana, IL.
    What is the asking price?
    The asking price for this property is $1,500,000.
    (217) 351-1988
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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
    306 Springfield Ave Urbana, IL 61801
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