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    Restaurant Space Near University Campus Title is generated by Realmo AI

    209 E University Avenue, Champaign, IL 61820

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    COMMERCIAL - Champaign, IL

    Type:Retail
    Property size:
    2,000 SF
    Added:
    May 17, 2026
    Days on Market:
    2
    Last Refresh:
    May 18 at 10:06 pm

    Property Features for 209 E University Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active
    Size
    2,000 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Lots pt 3, 4 Block 2 Campbell and Kirkpatrick's Add
    Tax Annual Amount
    11871

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    2018
    Floors in Building
    1
    Number of units
    1

    We can help!

    Listing Contact
    Shannon Collins
    Shannon Collins

    Listing agent Shannon Collins License #ILLINOIS475.178418

    Listing office Green Street Realty 510 S. Neil St., Champaign, IL

    Listing date May 17, 2026

    MLS# 12650643

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Recently renovated 2,000 SF second‑generation restaurant space.
    • Fully equipped with commercial hood and walk‑in cooler in excellent working condition, saving build‑out costs.
    • High‑traffic location on a corridor near a university campus.
    • Generous dining area with ample seating capacity.
    • Two ADA‑compliant restrooms.
    • Fully leased residential apartments above provide a built‑in customer base.

    Overview

    This 2,000 SF second-generation restaurant space is located on a high-traffic corridor near a university campus. The recently renovated suite includes a commercial hood and a walk-in cooler in excellent working condition. The space features a generous dining area, providing ample seating capacity, along with two ADA-compliant restrooms. The layout supports both dine-in service and efficient kitchen operations, making it suitable for a wide range of restaurant concepts. The location benefits from strong visibility and consistent foot traffic driven by the nearby campus and surrounding neighborhood. Fully leased residential apartments above the space create a built-in customer base and steady daily activity. This location offers the infrastructure, accessibility, and exposure for a restaurant to quickly become operational.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mc Mahon Realty ... Real Estate Agency The Burrito Lab Restaurant Fagen Scooters Motorcycle Shop Nicholas Bridgett, LCSW Psychotherapist PERFECT BROWS Hair Salon

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply 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
    -88.246347
    Latitude
    40.116

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    FAQs

    What type of property is this?
    Conventional restaurant - Turnkey restaurant space with high visibility near campus.
    Where is this conventional restaurant located?
    The property is located at 209 E University Avenue Champaign, IL.
    What are key features of this property?
    This property features: Recently renovated 2,000 SF second‑generation restaurant space.; Fully equipped with commercial hood and walk‑in cooler in excellent working condition, saving build‑out costs.; High‑traffic location on a corridor near a university campus.
    (217) 356-8750
    We can help!
    Listing Contact
    Shannon Collins
    Shannon Collins
    Real Estate License ID: ILLINOIS475.178418
    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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