Vacant Retail Building Near
For Sale
Contact for pricing
1605 N Cunningham Ave, Urbana, IL
Vacant retail building with parking, close to I-74.
Property Size3,699 SF
Lot Size0.64 Acres
Price / SF$94.62
Days on Market1629
Property Features for 1605 N Cunningham Ave
General Information
Standard status
Active
Size
3,699 SF
Lot size
0.64 Acres
Property subtype
RETAIL
Listing Agency:
Cushman & Wakefield - OR
(503) 279-1700
Listed By:
James Lewis
(503) 279-1743
Source:
Moodyscre
Added: Apr 12, 2022
Changed: Sep 5
Last Checked: Sep 26 at 7:03AM
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 Cushman & Wakefield - OR
Investment Insights
Based on property information with market context.
This vacant building, totaling 3699 square feet, is located near I-74. Situated in the center of the block and across from 45, it is suitable for retail space. Several operating and closed stations are located within the same block. The property offers convenient access to the University of Illinois, Carle, and OSF hospitals. The floor plan is suitable for many retail users and includes on-site parking.
Key Highlights
- Excellent floor plan suitable for many retail users.
- Plenty of onsite parking.
- Convenient access to the University of Illinois, Carle, and OSF hospitals.
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
$31,274
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
8.94%
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%
$625,480
$625.5K
Cap Rate 7%
$446,771
$446.8K
Cap Rate 9%
$347,489
$347.5K
Market Conditions
NOI Build-Up for 3,699 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
$48.8K $13.20/SF
− Vacancy
−$4.2K −$1.12/SF
EGI
$44.7K $12.08/SF
− OpEx
−$13.4K −$3.62/SF
NOI
$31.3K $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%
$625,480
Cap Rate 7%
$446,771
Cap Rate 9%
$347,489
Alternative Uses
Best Use
Retail
$446.8K
$390.9K – $521.2K
NOI $31,274 @ 7.0% cap · market cap 8.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$769.6K
$673.4K – $897.8K
NOI $53,869 @ 7.0% cap · market cap 15.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
77k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Dining 37%
Home Improvements & Furnishings 10%
Hotels & Casinos 3%
Cracker Barrel Old Country Store
Dining
23,787 visits/mo
0.3 miles
Circle K
Shops & Services
22,427 visits/mo
0.1 miles
Dollar General
Shops & Services
7,760 visits/mo
0.2 miles
Harbor Freight Tools
Home Improvements & Furnishings
7,487 visits/mo
0.2 miles
Shell
Shops & Services
5,777 visits/mo
0.1 miles
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?
Retail space - Vacant retail building with parking, close to I-74.
Where is this retail space located?
The property is located at 1605 N Cunningham Ave Urbana, IL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Excellent floor plan suitable for many retail users.; Plenty of onsite parking.; Convenient access to the University of Illinois, Carle, and OSF hospitals.
