Retail Building in
For Sale
Contact for pricing
1110 S Philo Rd, Urbana, IL 61801
9,180 SF retail building on 1.17 acres.
Property Size9,180 SF
Lot Size1.17 Acres
Price / SF$105.12
Days on Market178
Property Features for 1110 S Philo Rd
General Information
Standard status
Active
Size
9,180 SF
Lot size
1.17 Acres
Property subtype
Retail
Zoning
B3 General Business
Lease Type
NNN
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
(217) 352-7712
Listed By:
Zach Wetherell · License #IL
Source:
Crexi
Added: Feb 23
Changed: Aug 12
Last Checked: Aug 19 at 7:22AM
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 Coldwell Banker Commercial Devonshire Realty
Investment Insights
Based on property information with market context.
Constructed in 2009, this 9,180 square foot building features an open retail floor plan, a 720 square foot back storage area, restrooms, and an office. The ceiling height to the drop ceiling is 11 feet 6 inches, with a clear height of 12 feet 6 inches and a height to deck of 15 feet 4 inches. The building is situated on a 1.17-acre lot. While the building does not currently have an overhead door, one could be installed. The property's expenses include real estate taxes and building insurance, totaling $4.05 per square foot. CAM has been the responsibility of the lessee as a single tenant building. The property is located along the Philo Road retail corridor in southeast Urbana, between Washington Street and Florida Avenue.
Key Highlights
- 9,180 SF building on 1.17 acres.
- Located along the Philo Road retail corridor in southeast Urbana.
- Open retail floor plan with 720 SF of back storage.
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
$77,613
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
8.04%
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%
$1,552,260
$1.6M
Cap Rate 7%
$1,108,757
$1.1M
Cap Rate 9%
$862,367
$862.4K
Market Conditions
NOI Build-Up for 9,180 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
$121.2K $13.20/SF
− Vacancy
−$10.3K −$1.12/SF
EGI
$110.9K $12.08/SF
− OpEx
−$33.3K −$3.62/SF
NOI
$77.6K $8.45/SF
Area
Champaign County, IL
Vacancy
8.50%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,552,260
Cap Rate 7%
$1,108,757
Cap Rate 9%
$862,367
Alternative Uses
Best Use
Retail
$1.11M
$970.2K – $1.29M
NOI $77,613 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,690 @ 7.0% cap · market cap 13.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
17k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 76%
Dining 13%
Electronics 11%
Marathon
Shops & Services
6,061 visits/mo
0.5 miles
Shell
Shops & Services
3,750 visits/mo
0.2 miles
Family Dollar
Shops & Services
3,041 visits/mo
0.0 miles
Papa John's Pizza
Dining
2,200 visits/mo
0.5 miles
T-Mobile
Electronics
1,886 visits/mo
0.5 miles
Demographics for 61801, IL
27,658
Population
13,468
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
98%
High-School Grad
5.4 sq mi
ZIP Area
5,122
Density / Sq Mi
$37,948
Median Household Income
$26,394
Median Earnings
$950
Median Rent
$184,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 9,180 SF retail building on 1.17 acres.
Where is this retail space located?
The property is located at 1110 S Philo Rd Urbana, IL.
What is the asking price?
The asking price for this property is $965,000.
What are key features of this property?
This property features: 9,180 SF building on 1.17 acres.; Located along the Philo Road retail corridor in southeast Urbana.; Open retail floor plan with 720 SF of back storage.
