Freestanding Retail/Office Building for
For Sale
Contact for pricing
2103 N Dunlap Ave, Champaign, IL
Freestanding retail/office building in Champaign, subject to Savoy Zoning.
Property Size3,160 SF
Lot Size0.41 Acres
Price / SF$205.70
Days on Market295
Property Features for 2103 N Dunlap Ave
General Information
Standard status
Active
Size
3,160 SF
Lot size
0.41 Acres
Property subtype
RETAIL
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
(217) 352-7712
Listed By:
AJ Thoma III
(217) 520-3299
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Jul 6
Last Checked: Sep 15 at 5:00AM
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
Investment Insights
Based on property information with market context.
This freestanding retail/office building, formerly used as an attorney’s office, gallery, and most recently as office space, is available for lease. The 3,160-square-foot property features a large reception area with waiting space, a large room (potentially a conference room), four private offices, one very large private office, and a smaller conference room. It also includes two restrooms. There are 14 unmarked parking spaces located on the north side of the building. The tenant is responsible for rent, all utilities, and snow removal/salting of sidewalks only. Located in Champaign, the property is subject to Savoy Zoning: C1 – General Commercial.
Key Highlights
- Freestanding retail/office building.
- Versatile space suitable for retail or office use.
- Includes a large reception area, multiple private offices, and conference rooms.
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
$32,166
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
4.95%
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%
$643,320
$643.3K
Cap Rate 7%
$459,514
$459.5K
Cap Rate 9%
$357,400
$357.4K
Market Conditions
NOI Build-Up for 3,160 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
$55.0K $17.40/SF
− Vacancy
−$12.1K −$3.83/SF
EGI
$42.9K $13.57/SF
− OpEx
−$10.7K −$3.39/SF
NOI
$32.2K $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%
$643,320
Cap Rate 7%
$459,514
Cap Rate 9%
$357,400
Alternative Uses
Best Use
Office B
$459.5K
$402.1K – $536.1K
NOI $32,166 @ 7.0% cap · market cap 4.95%
Second Best
Retail
$381.7K
$334.0K – $445.3K
NOI $26,717 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$657.4K
$575.3K – $767.0K
NOI $46,020 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
996
Businesses Nearby
Explore this area
Business Placement
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Freestanding retail/office building in Champaign, subject to Savoy Zoning.
Where is this retail space located?
The property is located at 2103 N Dunlap Ave Champaign, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Freestanding retail/office building.; Versatile space suitable for retail or office use.; Includes a **large reception area, multiple private offices, and conference rooms**.
