Corner Retail Convenience
For Sale
Contact for pricing
301 S Murray Rd, Rantoul, IL 61866
Former gas station and convenience store building on a corner lot, zoned C-2, offering 2,682 SF for redevelopment.
Property Size2,682 SF
Lot Size0.71 Acres
Price / SF$111.86
Days on Market1645
Property Features for 301 S Murray Rd
General Information
Standard status
Active
Size
2,682 SF
Lot size
0.71 Acres
Property subtype
LAND
Zoning
C-2
Additional Details
Highway Access
Yes
Listing Agency:
SVN | Core 3
(309) 590-7900
Listed By:
Carrie Tinucci-Troll · License #475166842
(331) 452-6860
Source:
Moodyscre
Added: Mar 14, 2022
Changed: Aug 8
Last Checked: Sep 13 at 11:48AM
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 SVN | Core 3
Investment Insights
Based on property information with market context.
This former gas station and convenience store includes a 2,682 SF building on a corner lot. The property sits on 0.71 acres and is zoned C-2, providing a straightforward framework for appropriate redevelopment or reuse within the zoning parameters.
The site is located at the southeast corner of the intersection of S. Murray Road and W. Champaign Ave, just minutes from Interstate 57. It is positioned to serve the surrounding mix of restaurants and businesses, with access to the traffic patterns created by the intersection and nearby interstate.
The property’s configuration includes a primary retail/convenience-style building footprint on the corner, suited for buyers looking for a C-2 zoned redevelopment asset in an established commercial area.
The site is located at the southeast corner of the intersection of S. Murray Road and W. Champaign Ave, just minutes from Interstate 57. It is positioned to serve the surrounding mix of restaurants and businesses, with access to the traffic patterns created by the intersection and nearby interstate.
The property’s configuration includes a primary retail/convenience-style building footprint on the corner, suited for buyers looking for a C-2 zoned redevelopment asset in an established commercial area.
Key Highlights
- Former gas station and convenience store building with 2,682 SF on a corner lot at S. Murray Road and W. Champaign Ave.
- 0.71‑acre site at the southeast corner of S. Murray Road and W. Champaign Ave.
- Zoned C‑2 for redevelopment at the property.
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
$22,675
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
7.56%
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%
$453,500
$453.5K
Cap Rate 7%
$323,929
$323.9K
Cap Rate 9%
$251,944
$251.9K
Market Conditions
NOI Build-Up for 2,682 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
$35.4K $13.20/SF
− Vacancy
−$3.0K −$1.12/SF
EGI
$32.4K $12.08/SF
− OpEx
−$9.7K −$3.62/SF
NOI
$22.7K $8.45/SF
Area
Champaign County, IL
Vacancy
8.50%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$453,500
Cap Rate 7%
$323,929
Cap Rate 9%
$251,944
Alternative Uses
Best Use
Specialty Retail
$432.9K
$378.8K – $505.1K
NOI $30,306 @ 7.0% cap · market cap 10.10%
Second Best
Retail
$323.9K
$283.4K – $377.9K
NOI $22,675 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$558.0K
$488.2K – $651.0K
NOI $39,059 @ 7.0% cap · market cap 13.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
135k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Superstores 34%
Shops & Services 2%
Electronics 1%
Walmart
Superstores
45,414 visits/mo
0.3 miles
McDonald's
Dining
25,436 visits/mo
0.0 miles
Arby's
Dining
13,474 visits/mo
0.1 miles
Taco Bell
Dining
11,456 visits/mo
0.1 miles
Starbucks
Dining
11,449 visits/mo
0.1 miles
Demographics for 61866, IL
13,459
Population
6,280
Households
2.1
Avg Household Size
37
Median Age
13%
College-Educated
91%
High-School Grad
80.0 sq mi
ZIP Area
168
Density / Sq Mi
$51,389
Median Household Income
$38,439
Median Earnings
$892
Median Rent
$111,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - Former gas station and convenience store building on a corner lot, zoned C-2, offering 2,682 SF for redevelopment.
Where is this gas station located?
The property is located at 301 S Murray Rd Rantoul, IL.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Former gas station and convenience store building with 2,682 SF on a corner lot at S. Murray Road and W. Champaign Ave.; 0.71‑acre site at the southeast corner of S. Murray Road and W. Champaign Ave.; Zoned C‑2 for redevelopment at the property.
