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    Champaign Freestanding Building with Drive-Thru Title is generated by Realmo AI

    1905 N Neil St, Champaign, IL

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    5,200 SF building with drive-thru on 1.52 acres.

    Type:RETAIL
    Property size:
    5,200 SF
    Lot size:
    1.51 Acres
    Price / SF:
    $216/SF
    Added:
    Feb 18, 2025
    Days on Market:
    483
    Last Refresh:
    May 20 at 8:29 pm

    Property Features for 1905 N Neil St

    General Information

    Standard status
    Active
    Size
    5,200 SF
    Lot size
    1.51 Acres
    Property subtype
    RETAIL

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    Listing Contact
    Richard Harrington
    Richard Harrington

    Listing agent Richard Harrington

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Feb 18, 2025

    Source Moodyscre

    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 Coldwell Banker Commercial Devonshire Realty

    HighLights

    • Prime 1.52 acre site directly across from Market Place Mall.
    • 5,200 SF freestanding single‑tenant building (former restaurant) with drive‑thru.
    • Ample parking.
    • Highly visible location among one of Champaign’s most popular shopping destinations.
    • Less than one mile from Interstate 74.
    • Tenant Improvement packages can be offered for qualified tenants.

    Overview

    Available for sale or lease is a 5,200 square foot freestanding single-tenant building, formerly a restaurant, featuring a drive-thru and ample parking. The property is situated on a 1.52 acre site. Its location is directly across from Market Place Mall and less than one mile from Interstate 74, offering a highly visible location within one of Champaign’s popular shopping destinations. Tenant improvement packages are available for qualified tenants.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $83.0k $15.96
    − Vacancy −$4.6k −$0.89
    EGI $78.3k $15.07
    − OpEx −$19.6k −$3.77
    NOI $58.8k $11.30
    5,200 SF · lease $15.96/SF/yr · vacancy 5.60% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $839.4K
    $734.5K – $979.3K (±1% cap)
    NOI $58,758 @ 7.0% cap · market cap 5.22%
    Second Best
    Retail
    $628.1K
    $549.6K – $732.7K (±1% cap)
    NOI $43,964 @ 7.0% cap · market cap 3.91%
    Theoretical Best
    Office A
    $1.08M
    $946.6K – $1.26M (±1% cap)
    NOI $75,729 @ 7.0% cap · market cap 6.73%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Oberweis Ice Cream ... Grocery & Convenience Store That Burger Joint Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.246
    Latitude
    40.093

    FAQs

    What type of property is this?
    Drive through restaurant - 5,200 SF building with drive-thru on 1.52 acres.
    Where is this drive through restaurant located?
    The property is located at 1905 N Neil St Champaign, IL.
    What is the asking price?
    The asking price for this property is $1,125,000.
    What are key features of this property?
    This property features: Prime 1.52 acre site directly across from Market Place Mall.; **5,200 SF freestanding single‑tenant building (former restaurant) with drive‑thru.**; Ample parking.
    (217) 352-7712 Call to check price and availability
    More about this property
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