Mixed-Use Building with
New
For Sale
$365,000
117 N Broadway, Urbana, IL 61801
Commercial Sale, Urbana, IL
Property Size1,600 SF
Lot Size0.05 Acres
Price / SF$228.13
Days on Market2
Property Features for 117 N Broadway
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
In the Heart of Downtown Urbana
Subdivision
Confidential Commercial Listings
Standard status
Active
APN
912108458005
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5909
Utilities
Cooling system
Central Air
Building Details
Year built
1920
Floors in Building
2
Number of units
3
Listing Agency:
Weiner Co., Ltd.
Listed By:
Jonah Weisskopf
(217) 972-8413
Added: Oct 21
Last Checked: Oct 22 at 9:06PM
MLS# 12791077
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.
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Investment Insights
Based on property information with market context.
The building combines first-floor office space with two one-bedroom apartments on the second floor. Central air conditioning serves the property, which was built in 1920. Two parking spaces are located behind the building.
At 117 N Broadway in Urbana, the property is within the B-4 Central Business District and a TIF district. The mix of office and residential space is suited to a commercial property user seeking both functions in one building.
At 117 N Broadway in Urbana, the property is within the B-4 Central Business District and a TIF district. The mix of office and residential space is suited to a commercial property user seeking both functions in one building.
Key Highlights
- First‑floor office space totals 1,600 feet
- Two second‑floor one‑bedroom apartments
- Two parking spaces behind the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,286
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$325,720
$325.7K
Cap Rate 7%
$232,657
$232.7K
Cap Rate 9%
$180,956
$181.0K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$27.8K $17.40/SF
− Vacancy
−$6.1K −$3.83/SF
EGI
$21.7K $13.57/SF
− OpEx
−$5.4K −$3.39/SF
NOI
$16.3K $10.18/SF
Area
Champaign County, IL
Vacancy
22.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$325,720
Cap Rate 7%
$232,657
Cap Rate 9%
$180,956
Alternative Uses
Best Use
Office B
$232.7K
$203.6K – $271.4K
NOI $16,286 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$176.3K
$154.2K – $205.7K
NOI $12,339 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$332.9K
$291.3K – $388.4K
NOI $23,301 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Office units
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,196
Businesses Nearby
Explore this area
Business Placement
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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor office space is paired with two upstairs one-bedroom apartments and rear parking.
Where is this mixed-use property located?
The property is located at 117 N Broadway Urbana, IL.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: First‑floor office space totals 1,600 feet; Two second‑floor one‑bedroom apartments; Two parking spaces behind the building
