Medical Office Property with Expansion
For Sale
$725,000
1209 E Colorado Avenue, Urbana, IL 61801
Dental-oriented layout includes shared amenities, treatment areas, and a vacant adjoining parcel.
Property Size4,312 SF
Lot Size0.87 Acres
Price / SF$168.14
Days on Market381
Property Features for 1209 E Colorado Avenue
General Information
Standard status
Active
Size
4,312 SF
Total Parking Spaces
27
Lot size
0.87 Acres
Property subtype
Commercial
Zoning
OFFIC
Occupancy
52%
Additional Details
Land Use
commercial, office, dental, medical, professional
Taxes and HOA fees
Annual Taxes
$35,082
Amenities
2 break rooms
4 restrooms
lab
sterilization area
shared waiting area
Building Details
Building Size
4,312 SF
Year Built
1999
Buildings
1
Stories
1
Units
1
Construction
concrete block
Listing Agency:
GUTH & ASSOCIATES, LLC
(217) 355-2545
Listed By:
Jill Guth · License #471020488
(217) 355-2545
Source:
Perillorealestategroup
Added: Aug 4, 2025
Changed: Aug 18
Last Checked: Aug 18 at 7:13AM
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 GUTH & ASSOCIATES, LLC
Investment Insights
Based on property information with market context.
Located at 1209 E Colorado Avenue in Urbana, this medical office property includes a 4,312 SF building constructed in 1999 and an adjacent vacant parcel at 1207 E Colorado Avenue. The property is zoned OFFIC and sits within the B3 General Business District. The building is configured for dental use and supports single- or multi-tenant occupancy, with two break rooms, four restrooms, a lab, sterilization area, shared waiting area, and 27 surface parking spaces.
Suite 101 measures 2,262 SF and is leased through 3/31/2029 with a 5-year renewal option. The interior includes an open operatory area, five semi-private operatories with sinks, private offices, and two built-in sinks. A 1,440 SF unfinished partial basement provides mechanical and storage space. The adjacent vacant lot gives the offering two contiguous parcels totaling 37,806 SF.
Suite 101 measures 2,262 SF and is leased through 3/31/2029 with a 5-year renewal option. The interior includes an open operatory area, five semi-private operatories with sinks, private offices, and two built-in sinks. A 1,440 SF unfinished partial basement provides mechanical and storage space. The adjacent vacant lot gives the offering two contiguous parcels totaling 37,806 SF.
Key Highlights
- Two contiguous parcels totaling 37,806 SF
- 4,312 SF medical office building at 1209 E Colorado Avenue
- Adjacent vacant parcel at 1207 E Colorado Avenue
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
$50,800
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
7.01%
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%
$1,016,000
$1.0M
Cap Rate 7%
$725,714
$725.7K
Cap Rate 9%
$564,444
$564.4K
Market Conditions
NOI Build-Up for 4,312 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
$90.6K $21.00/SF
− Vacancy
−$5.9K −$1.37/SF
EGI
$84.7K $19.64/SF
− OpEx
−$33.9K −$7.85/SF
NOI
$50.8K $11.78/SF
Area
Champaign County, IL
Vacancy
6.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,016,000
Cap Rate 7%
$725,714
Cap Rate 9%
$564,444
Alternative Uses
Best Use
Healthcare Medical
$725.7K
$635.0K – $846.7K
NOI $50,800 @ 7.0% cap · market cap 7.01%
Second Best
Office B
$627.0K
$548.7K – $731.5K
NOI $43,892 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$897.1K
$785.0K – $1.05M
NOI $62,797 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
52.5%
Occupancy
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Dental-oriented layout includes shared amenities, treatment areas, and a vacant adjoining parcel.
Where is this medical office space located?
The property is located at 1209 E Colorado Avenue Urbana, IL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Two contiguous parcels totaling 37,806 SF; 4,312 SF medical office building at 1209 E Colorado Avenue; Adjacent vacant parcel at 1207 E Colorado Avenue
