Remodeled Bar & Karaoke
For Sale
Contact for pricing
214 W Main St, Urbana, IL
Turnkey bar and karaoke venue with leaseback opportunity.
Property Size8,800 SF
Lot Size0.11 Acres
Price / SF$110.23
Days on Market343
Property Features for 214 W Main St
General Information
Standard status
Active
Size
8,800 SF
Lot size
0.11 Acres
Property subtype
RETAIL
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
(217) 352-7712
Listed By:
Zach Wetherell
(217) 821-8553
Source:
Moodyscre
Added: Nov 4, 2025
Changed: Oct 13
Last Checked: Oct 12 at 5:09PM
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.
Originally constructed in 1903 and remodeled in 2014, this property features a bar on the main level and a karaoke business on the second level. The main level spans 4,400 square feet and includes a bar area with an open layout, five karaoke rooms, a full kitchen, and restrooms. The second level, also 4,400 square feet, has a separate entrance and comprises a bar area with private seating, restrooms, and seven private karaoke rooms. Additional storage is available on an upper level above the second floor. A back stairwell was added during the 2014 remodel. The building also has a full basement with a restroom, walk-in cooler/freezer, office space, and additional storage. The HVAC system was new in 2014, coinciding with the building's remodel. A new roof was installed in June 2025. Currently, the first floor and basement are not in use, presenting an opportunity for an owner-occupied business or lease to another business. The seller is interested in leasing back the second-floor space for their existing business.
Key Highlights
- Remodeled in 2014 with updated HVAC system and a new roof installed in June 2025.
- Two‑story building with 8,800 sq ft of usable space (4,400 sq ft per floor).
- Main level features a bar area, five karaoke rooms, full kitchen, and restrooms.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,400
Cap Rate
7.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,488,000
$1.5M
Cap Rate 7%
$1,062,857
$1.1M
Cap Rate 9%
$826,667
$826.7K
Market Conditions
NOI Build-Up for 8,800 SF
Gross rent
$116.2K $13.20/SF
− Vacancy
−$9.9K −$1.12/SF
EGI
$106.3K $12.08/SF
− OpEx
−$31.9K −$3.62/SF
NOI
$74.4K $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 Rate 5%
$1,488,000
Cap Rate 7%
$1,062,857
Cap Rate 9%
$826,667
Alternative Uses
Best Use
Specialty Retail
$1.42M
$1.24M – $1.66M
NOI $99,437 @ 7.0% cap · market cap 10.25%
Second Best
Retail
$1.06M
$930.0K – $1.24M
NOI $74,400 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,156 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,208
Businesses Nearby
178k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 76%
Shops & Services 21%
Electronics 1%
Beauty & Spa 1%
McDonald's
Dining
33,155 visits/mo
0.5 miles
Culver's
Dining
21,130 visits/mo
0.3 miles
Starbucks
Dining
16,341 visits/mo
0.2 miles
Wendy's
Dining
15,665 visits/mo
0.4 miles
Panda Express
Dining
15,418 visits/mo
0.3 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
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Turnkey bar and karaoke venue with leaseback opportunity.
Where is this bar & pub located?
The property is located at 214 W Main St Urbana, IL.
What is the asking price?
The asking price for this property is $970,000.
What are key features of this property?
This property features: Remodeled in 2014 with updated HVAC system and a new roof installed in June 2025.; Two‑story building with **8,800 sq ft of usable space** (4,400 sq ft per floor).; Main level features a bar area, five karaoke rooms, full kitchen, and restrooms.
