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    507 Broadway Ave Urbana, IL 61801

    Sponsored
    For Sale
    $970,000

    Downtown Urbana office space, ample parking, TIF eligible.

    Property size:
    5,100 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    339
    This exceptional 5,100 square foot office building is ideally situated at 507 S. Broadway Avenue in Urbana, Illinois. The property boasts seven individual offices, a spacious reception/lobby area perfect for client interaction, and a secure record vault for sensitive documents. A convenient kitchenette and separate men's and women's restrooms add to the functionality of the space. Natural light floods the interior thanks to multiple atriums, creating a bright and welcoming atmosphere. One office even features a large private balcony. Access is convenient via elevator from the main lobby, or by using one of the two stairwells. Ample on-site parking is provided, supplemented by additional on-street parking options. The building's location offers unparalleled convenience, being within walking distance of Lincoln Square Mall, Urbana City offices, the Champaign County Courthouse, the Federal Courthouse, and the heart of downtown Urbana. Easy access to I-74 is provided via Vine Street/Cunningham Avenue. This property benefits from aggressive B-3 and B-4 zoning, presenting significant potential for future development in Urbana's growing downtown area. Furthermore, the City of Urbana offers TIF incentives for this location. Owner financing is available with a 25% down payment, a 6% interest rate, and a 5-year balloon payment. This presents a unique opportunity for a business seeking a prominent and well-equipped office space in a thriving urban setting.

    Property Features for 507 Broadway Ave

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    5,100 SF

    Building Details

    Year Built
    1972
    Property Profile Location Intelligence

    Current Use by Public Records

    PNC Bank Bank Tepper Mann & Cottrell Attorney PNC Mortgage Mortgage Lender Arlynn Gottlieb, M.S.W., ... Psychotherapist Sarah M Waterman, ... Massage Therapist

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Urbana
    County
    Champaign
    State
    Illinois
    Longitude
    -88.20768
    Latitude
    40.10864

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    FAQs

    What type of property is this?
    Office Property / Space - Downtown Urbana office space, ample parking, TIF eligible.
    Where is this office property / space located?
    The property is located at 507 Broadway Ave Urbana, IL.
    What is the asking price?
    The asking price for this property is $970,000.
    (217) 384-8001
    Request Owner's contact information
    507 Broadway Ave Urbana, IL 61801
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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
    507 Broadway Ave Urbana, IL 61801
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