Brick Mixed-Use
For Sale
$950,000
129 N Race Street, Urbana, IL 61801
Two-building commercial property with a remodeled ground floor, office space, event areas, and rear outdoor access.
Property Size5,561 SF
Lot Size0.61 Acres
Price / SF$170.83
Days on Market212
Property Features for 129 N Race Street
General Information
Standard status
Active
Size
5,561 SF
Total Parking Spaces
25
Lot size
0.61 Acres
Property subtype
Commercial
Zoning
COMMR
Additional Details
Road Access
Yes
Office Build-Out
1,445 SF
Taxes and HOA fees
Annual Taxes
$15,376
Amenities
rear deck
event space
Building Details
Building Size
5,561 SF
Year Built
1900
Buildings
2
Stories
2
Units
2
Construction
brick
Tenancy
Multi
Listing Agency:
GUTH & ASSOCIATES, LLC
(217) 355-2545
Listed By:
Jill Guth · License #471020488
(217) 355-2545
Source:
Midwestrealestate
Added: Jan 29
Changed: Aug 28
Last Checked: Aug 28 at 1:47PM
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.
This mixed-use property at 129 N Race Street comprises two connected brick buildings with one- and two-story sections totaling approximately 5,561 SF. The circa 1900 improvements include a remodeled first floor with refinished concrete floors, high ceilings, updated mechanical, electrical, and plumbing systems, gas-fired forced-air HVAC, central A/C, and a membrane roof. The ground level contains a coffee and wine bar, lounge, kitchen and prep area, event space, offices, restrooms, and a rear deck. The 1,445 SF second floor is configured for office use and could support residential or creative reuse following renovation.
The property occupies a 0.61-acre site with approximately 21,000 SF of usable area, 25 on-site parking spaces, and additional public parking nearby. Current tenancy includes a wine bar lease with the tenant paying utilities and maintenance, while the second-floor occupant leases month to month. The property fronts Race Street in downtown Urbana and is adjacent to City-owned parcels planned for a large-scale redevelopment project, with a developer request for proposal expected in late spring 2026.
The property occupies a 0.61-acre site with approximately 21,000 SF of usable area, 25 on-site parking spaces, and additional public parking nearby. Current tenancy includes a wine bar lease with the tenant paying utilities and maintenance, while the second-floor occupant leases month to month. The property fronts Race Street in downtown Urbana and is adjacent to City-owned parcels planned for a large-scale redevelopment project, with a developer request for proposal expected in late spring 2026.
Key Highlights
- Approximately 5,561 SF across two brick buildings constructed circa 1900
- Remodeled first floor with updated mechanical, electrical, plumbing, HVAC, central A/C, and membrane roof
- 1,445 SF second floor configured for office use and adaptable for residential or creative reuse with renovation
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
$62,838
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
6.61%
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%
$1,256,760
$1.3M
Cap Rate 7%
$897,686
$897.7K
Cap Rate 9%
$698,200
$698.2K
Market Conditions
NOI Build-Up for 5,561 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
$88.8K $15.96/SF
− Vacancy
−$5.0K −$0.89/SF
EGI
$83.8K $15.07/SF
− OpEx
−$20.9K −$3.77/SF
NOI
$62.8K $11.30/SF
Area
Champaign County, IL
Vacancy
5.60%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,256,760
Cap Rate 7%
$897,686
Cap Rate 9%
$698,200
Alternative Uses
Best Use
Specialty Retail
$897.7K
$785.5K – $1.05M
NOI $62,838 @ 7.0% cap · market cap 6.61%
Second Best
Office B
$808.6K
$707.6K – $943.4K
NOI $56,605 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,986 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,208
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building commercial property with a remodeled ground floor, office space, event areas, and rear outdoor access.
Where is this mixed-use property located?
The property is located at 129 N Race Street Urbana, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approximately 5,561 SF across two brick buildings constructed circa 1900; Remodeled first floor with updated mechanical, electrical, plumbing, HVAC, central A/C, and membrane roof; 1,445 SF second floor configured for office use and adaptable for residential or creative reuse with renovation
