Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1803-1809 Philo Rd Urbana, IL 61802

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $10 SF/Yr ($1,270 /Mo)

    Retail space with drive-through capabilities, signage available.

    Property size:
    1,525 SF
    Lot size:
    1.22 Acres

    Property Features for 1803-1809 Philo Rd

    General Information

    Size
    1,525 SF
    Lot size
    1.22 Acres

    We can help!

    Listing Contact
    Zach Wetherell
    Zach Wetherell
    Source: Moodyscre

    Listing Agent: Zach Wetherell

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Retail Space on Philo Road

    Suite F is situated on the south side of the building, facing Salt & Light. Previously occupied by a dry cleaner and, most recently, a dog grooming business, the space features an open front area and a rear section. A restroom and storage room are located in the back. The 1,525 square-foot space is suitable for retail use and offers drive-through capabilities. Signage opportunities are available along Philo Road. The anchor tenant of the center is Planet Fitness.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Urbana
    County
    Champaign
    State
    Illinois
    Longitude
    -88.1920683
    Latitude
    40.0963054

    Nearby Similar for Lease

    • Contact for pricing
      43,560 SF

      Versatile Commercial Facility for Lease

      16,000 SF commercial space with warehouse and office areas.
      4808 N Cunningham Ave, Urbana, IL 61802
      View Details
    • Contact for pricing

      Office Spaces For Rent

      Two office spaces available in Urbana, Illinois.
      123 W Main St, Urbana, IL 61801
      View Details
    • Contact for pricing
      91,912 SF

      Versatile Commercial Property on Cunningham

      2.11-acre commercial property with office, shop, and carport.
      3809 N Cunningham Ave, Urbana, IL 61802
      View Details
    • $12 SF/Yr
      22,500 SF

      Urbana Retail Center Opportunity

      High-traffic retail space, diverse tenants.
      510 Cunningham Ave, Urbana, IL 61802
      View Details
    • $9 SF/Yr
      1,365 SF

      Retail/Office Suites Near U of I

      Two retail/office suites available near the University of Illinois campus.
      710 S Goodwin Ave, Urbana, IL 61801
      View Details
    • $10 SF/Yr
      16,658 SF

      Former Pharmacy with Drive-Thru

      Freestanding 16,000 SF retail/medical space with drive-thru.
      1504 E Colorado Ave, Urbana, IL 61802
      View Details
    • $12 SF/Yr
      80,000 SF

      Urbana Office Space for Lease

      Flexible office suites near UIUC
      1717 Philo Rd, Urbana, IL 61802
      View Details
    • $20 SF/Yr
      4,107 SF

      Freestanding Retail Building Near University

      Highly visible 4,100 SF retail building near the University of Illinois.
      1501 N Lincoln Ave, Urbana, IL 61801
      View Details
    • Contact for pricing
      85,196 SF

      Urbana Crossing Retail Center

      Prime Urbana retail space, 8 units available.
      114 Vine St, Urbana, IL 61801
      View Details
    • $11 SF/Yr
      12,000 SF

      Urbana Retail Space Available

      2,055 SF Office Suite, High Visibility
      1720 Philo Rd, Urbana, IL 61802
      View Details
    • $7 SF/Yr
      5,594 SF

      Office/Warehouse Building in Urbana

      5,600± SF office/warehouse building with flexible configuration.
      2704 N Cunningham Ave, Urbana, IL 61802
      View Details
    • $9 SF/Yr
      9,180 SF

      Retail Building in Urbana, Illinois

      9,180 SF retail building available for lease in Urbana.
      1110 Philo Rd, Urbana, IL 61801
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space with drive-through capabilities, signage available.
    Where is this retail space located?
    The property is located at 1803-1809 Philo Rd Urbana, IL.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: - Drive-through capabilities; - Located in a retail area with signage available along Philo Rd.; - Anchor tenant is Planet Fitness
    (217) 352-7712
    Request Owner's contact information
    1803-1809 Philo Rd Urbana, IL 61802
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1803-1809 Philo Rd
    Urbana, IL 61802
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    1803-1809 Philo Rd Urbana, IL 61802
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Zach Wetherell
    Zach Wetherell
    (217) 352-7712
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.