Champaign Commercial Property with Three
For Sale
$5,300,000
1306 & 1308 Parkland Ct, Champaign, IL 61821
1.85-acre parcel with three buildings, including office, lab, warehouse.
Property Size31,118 SF
Lot Size1.85 Acres
Price / SF$212
Days on Market158
Property Features for 1306 & 1308 Parkland Ct
General Information
Standard status
Active
Size
31,118 SF
Lot size
1.85 Acres
Property subtype
Special Purpose
Building Details
Building Size
31,118 SF
Listing Agency:
(217) 841-4382
Listed By:
Alex Ruggieri, CRE,SEC, CCIM, CIPS, FIABSI, GRI
(217) 841-4382
Source:
Svn
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 6:21AM
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 Alex Ruggieri, CRE,SEC, CCIM, CIPS, FIABSI, GRI
Investment Insights
Based on property information with market context.
This 1.85-acre property in Champaign, IL, features three buildings. 1306 Parkland Court, constructed in 1973, is a 6,088 square foot building with two front and rear entrances, 400-amp electrical service, forced warm air, natural gas furnaces, and central air conditioning. The main building at 1308 Parkland Court, built in 2003, spans 25,000 square feet with an additional 3,680 square feet of basement space. It includes 800-amp electrical service, a sprinkler system in the basement mechanical room with a separate cooling system, an elevator, a loading dock, an overhead door, and a combination of office, laboratory (approximately 4,000 sq ft), and warehouse space. A 3,584 square foot pole building with electricity is also on the property. The location offers convenient access to major transportation routes and is near the University of Illinois Research Park and downtown Champaign's dining and entertainment options. The property is zoned CI and has a 7.03% cap investment.
Key Highlights
- Main building boasts 25,000 SF plus 3,600 SF basement, featuring office, laboratory (approx. 4,000 sq ft), and warehouse areas.
- 1.85‑acre parcel with three distinct buildings offers versatile usage.
- Prime Champaign, IL location, convenient to major routes and the University of Illinois Research Park.
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
$254,475
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
4.80%
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%
$5,089,500
$5.1M
Cap Rate 7%
$3,635,357
$3.6M
Cap Rate 9%
$2,827,500
$2.8M
Market Conditions
NOI Build-Up for 25,000 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
$435.0K $17.40/SF
− Vacancy
−$95.7K −$3.83/SF
EGI
$339.3K $13.57/SF
− OpEx
−$84.8K −$3.39/SF
NOI
$254.5K $10.18/SF
Area
Champaign County, IL
Vacancy
22.00%
Lease Rate
$17.40 /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%
$5,089,500
Cap Rate 7%
$3,635,357
Cap Rate 9%
$2,827,500
Alternative Uses
Best Use
Office B
$3.64M
$3.18M – $4.24M
NOI $254,475 @ 7.0% cap · market cap 4.80%
Second Best
Warehouse
$2.15M
$1.88M – $2.51M
NOI $150,511 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$5.20M
$4.55M – $6.07M
NOI $364,080 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61821, IL
29,057
Population
13,751
Households
2.1
Avg Household Size
36
Median Age
50%
College-Educated
95%
High-School Grad
7.7 sq mi
ZIP Area
3,774
Density / Sq Mi
$69,284
Median Household Income
$40,225
Median Earnings
$1,001
Median Rent
$174,800
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?
Flex space - 1.85-acre parcel with three buildings, including office, lab, warehouse.
Where is this flex space located?
The property is located at 1306 & 1308 Parkland Ct Champaign, IL.
What is the asking price?
The asking price for this property is $5,300,000.
What are key features of this property?
This property features: Main building boasts 25,000 SF plus 3,600 SF basement, featuring office, laboratory (approx. 4,000 sq ft), and warehouse areas.; 1.85‑acre parcel with three distinct buildings offers versatile usage.; Prime Champaign, IL location, convenient to major routes and the University of Illinois Research Park.
