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    Drive-Through Restaurant Portfolio Title is generated by Realmo AI

    1903 Convenience Place, Champaign, IL 61820

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    Three Panera Bread locations offered with corporate-guaranteed NN lease terms through 2033 and scheduled rent increases.

    Type:Retail
    Property size:
    15,186 SF
    Price / SF:
    $525/SF
    Added:
    May 28, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 6 at 3:31 am

    Property Features for 1903 Convenience Place

    General Information

    Standard status
    Active
    Size
    15,186 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Evan Whelan

    Listing agent Evan Whelan License #SL3102045

    Listing office NX3 Commercial Group

    Listing date May 28, 2026

    Source Crexi

    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 NX3 Commercial Group

    HighLights

    • Three‑property Panera Bread portfolio in Champaign, Peoria, and Springfield, Illinois
    • Corporate‑guaranteed double‑net (NN) lease with terms extending through December 31, 2033
    • Built‑in 10% rental increases every five years for scheduled NOI growth
    • Blended portfolio cap rate of 6.06% with combined NOI of $483,483
    • All locations have operated for more than two decades and were directly assumed by Panera Corporate
    • Total portfolio price $7,975,000; properties may be purchased individually or as a portfolio

    Overview

    This offering presents a three-property Panera Bread portfolio with each location operating under a corporate-guaranteed double-net (NN) lease. Lease terms extend through December 31, 2033, and include built-in 10% rental increases every five years. The portfolio structure is designed to provide in-place income with limited landlord responsibility, with all properties having operated for more than two decades under Panera corporate assumptions.

    The properties are positioned within retail corridors in Champaign, Peoria, and Springfield, Illinois. While specific corridor details are not provided, the remarks indicate each location is supported by regional drivers including major universities, healthcare systems, and government employment.

    For investors seeking stabilized restaurant exposure, the key consideration here is the tenant guarantee and remaining lease term, supported by scheduled rent steps through the end of 2033. The portfolio has been presented as available either as a whole or purchased individually, allowing for flexible acquisition planning. Please note the offering terms are explicitly described as corporate-guaranteed NN with predictable rent increases every five years through the stated expiration date.
    Location Intelligence

    Current Use by Public Records

    Panera Bread Take-out & Catering

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2431411
    Latitude
    40.1384237

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    FAQs

    What type of property is this?
    Drive through restaurant - Three Panera Bread locations offered with corporate-guaranteed NN lease terms through 2033 and scheduled rent increases.
    Where is this drive through restaurant located?
    The property is located at 1903 Convenience Place Champaign, IL.
    What is the asking price?
    The asking price for this property is $7,975,000.
    What are key features of this property?
    This property features: Three‑property Panera Bread portfolio in Champaign, Peoria, and Springfield, Illinois; Corporate‑guaranteed double‑net (NN) lease with terms extending through December 31, 2033; Built‑in 10% rental increases every five years for scheduled NOI growth
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Evan Whelan
    Real Estate License ID: SL3102045
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    1903 Convenience Place, Champaign, IL 61820
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