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

    202 W Park Ave Champaign, IL 61820

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $16 SF/Yr ($9,916 /Mo)

    Retail space for rent in downtown Champaign with parking.

    Property size:
    7,212 SF
    Lot size:
    0.56 Acres

    Property Features for 202 W Park Ave

    General Information

    Size
    7,212 SF
    Lot size
    0.56 Acres

    We can help!

    Listing Contact
    Shannon Collins
    Shannon Collins
    Source: Moodyscre

    Listing Agent: Shannon Collins

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

    Learn more

    Property Insight Report

    Overview

    Downtown Champaign Retail Space Available

    Located in the heart of downtown Champaign, this retail space offers a maximum of 7,212 rentable square feet and a minimum of 989 rentable square feet. The property features 24-hour access and a remote entry security system. Tenant parking is available for rent, and free client parking is provided.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Valerie S. Ellington, ... Social Worker Watt Denise Counselor Johanna H. Willemse, ... Counselor Publow Keri J Counselor Hendricks Kacey Counselor

    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
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.246216
    Latitude
    40.117592

    Nearby Similar for Lease

    • Contact for pricing
      107,593 SF

      Modern Office Space in Champaign

      Expansive office space in a prime commercial district.
      705 N Country Fair Dr, Champaign, IL 61821
      View Details
    • Contact for pricing

      Champaign Retail Space with Drive-Thru

      Retail spaces in active corridor, ideal for food service.
      902 Meijer Dr, Champaign, IL 61822
      View Details
    • Contact for pricing

      Downtown Champaign Commercial Space Available

      3400 SF office space in vibrant downtown Champaign.
      41 E University Ave, Champaign, IL 61820
      View Details
    • Contact for pricing

      Downtown Champaign Retail Space

      High-visibility retail space in historic downtown Champaign.
      41 E University Ave, Champaign, IL 61821
      View Details
    • Contact for pricing

      Retail Store with Warehouse Space

      Retail store with warehouse on a busy road.
      909 W Bloomington Rd, Champaign, IL 61821
      View Details
    • Contact for pricing
      11,326 SF

      Prime Commercial Space in Champaign

      3,200 SF commercial space with high visibility in Champaign.
      1422 S Neil St, Champaign, IL 61820
      View Details
    • Contact for pricing

      Move-in Ready Office Space Available

      Versatile office space with utilities included in convenient gross lease.
      2009 Fox Dr, Champaign, IL 61820
      View Details
    • Contact for pricing

      Champaign Flex Space with Amenities

      30x60 flex space with HVAC and overhead doors for sublease.
      311 S Staley Rd, Champaign, IL 61822
      View Details
    • Contact for pricing

      Downtown Champaign Retail/Office Space

      First floor commercial space in downtown Champaign for lease.
      105 S Walnut St, Champaign, IL 61820
      View Details
    • Contact for pricing
      54,014 SF

      New Commercial Space in Champaign

      Modern, customizable commercial space in a convenient Champaign location.
      2403 Fld Dr S, Champaign, IL 61822
      View Details
    • Contact for pricing
      111,312 SF

      Prime Retail Space in Champaign

      Up to 41,290 SF available in bustling commercial corridor.
      2102 N Neil St, Champaign, IL 61820
      View Details
    • $27 SF/Yr
      4,143 SF

      Downtown Champaign Retail Opportunity

      Redeveloped retail spaces in downtown Champaign, ranging from 1,782-5,990 SF.
      500 N Market St, Champaign, IL 61820
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space for rent in downtown Champaign with parking.
    Where is this retail space located?
    The property is located at 202 W Park Ave Champaign, IL.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: - Great location in heart of downtown Champaign; - 24 hour access; - Tenant parking available for rent, free client parking
    (217) 356-8750
    Request Owner's contact information
    202 W Park Ave Champaign, IL 61820
    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.
    202 W Park Ave
    Champaign, IL 61820
    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
    202 W Park Ave Champaign, IL 61820
    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
    Shannon Collins
    Shannon Collins
    Real Estate License ID: 475178418
    (217) 356-8750
    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.