Three-Unit Mixed-Use
For Sale
$499,900
9 E University Ave, Champaign, IL 61820
Flexible commercial property combining retail, office, loft, studio, and creative-space configurations.
Property Size3,797 SF
Price / SF$131.66
Days on Market28
Property Features for 9 E University Ave
General Information
Standard status
Active
Size
3,797 SF
Amenities
exposed brick
hardwood floors
full perimeter track light
multiple bathrooms
interior stairwell
finished basement level
full kitchen
updated bathroom
white brick walls
floating steel staircase
Building Details
Year Built
1915
Buildings
1
Tenancy
Multi
Listing Agency:
Champaign County Realty
(217) 649-2660
Listed By:
Jake Trautman · License #475160202
Source:
Realtopiare
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 25 at 5:58AM
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 Champaign County Realty
Investment Insights
Based on property information with market context.
Built in 1915, this three-unit commercial property offers a varied mix of retail, office, loft, studio, and creative-space configurations. The main commercial area spans two levels and includes exposed brick, hardwood flooring, perimeter track lighting, multiple bathrooms, and an internal stairway to a finished basement. A separate first-floor studio includes one bedroom.
The upper-level loft adds a kitchen, updated bathroom, white brick finishes, and a floating steel staircase. The property is located in Downtown Champaign at 9 E University Avenue and carries COMMR zoning. Its combination of distinct spaces and adaptable interior features supports a range of commercial layouts within one building.
The upper-level loft adds a kitchen, updated bathroom, white brick finishes, and a floating steel staircase. The property is located in Downtown Champaign at 9 E University Avenue and carries COMMR zoning. Its combination of distinct spaces and adaptable interior features supports a range of commercial layouts within one building.
Key Highlights
- Three‑unit mixed‑use property in Downtown Champaign
- Main commercial area extends across two levels with a finished basement
- Exposed brick, hardwood flooring, and perimeter track lighting
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
$38,650
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
7.73%
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%
$773,000
$773.0K
Cap Rate 7%
$552,143
$552.1K
Cap Rate 9%
$429,444
$429.4K
Market Conditions
NOI Build-Up for 3,797 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
$66.1K $17.40/SF
− Vacancy
−$14.5K −$3.83/SF
EGI
$51.5K $13.57/SF
− OpEx
−$12.9K −$3.39/SF
NOI
$38.6K $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%
$773,000
Cap Rate 7%
$552,143
Cap Rate 9%
$429,444
Alternative Uses
Best Use
Office B
$552.1K
$483.1K – $644.2K
NOI $38,650 @ 7.0% cap · market cap 7.73%
Second Best
Retail
$458.6K
$401.3K – $535.0K
NOI $32,102 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$789.9K
$691.2K – $921.6K
NOI $55,296 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,534
Businesses Nearby
Explore this area
Business Placement
Demographics for 61820, IL
40,822
Population
18,672
Households
2.2
Avg Household Size
25
Median Age
55%
College-Educated
93%
High-School Grad
5.9 sq mi
ZIP Area
6,919
Density / Sq Mi
$31,031
Median Household Income
$14,828
Median Earnings
$1,077
Median Rent
$175,900
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 - Flexible commercial property combining retail, office, loft, studio, and creative-space configurations.
Where is this mixed-use property located?
The property is located at 9 E University Ave Champaign, IL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Three‑unit mixed‑use property in Downtown Champaign; Main commercial area extends across two levels with a finished basement; Exposed brick, hardwood flooring, and perimeter track lighting
