Renovated Mixed-Use Building with
For Sale
$995,000
218 Main Street, Urbana, IL 61801
Historic Stephen's Building offers two leased ground-floor retail spaces and four fully renovated apartments.
Property Size7,750 SF
Price / SF$128.39
Days on Market308
Property Features for 218 Main Street
General Information
Standard status
Active
Size
7,750 SF
Property subtype
Mixed Use
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$15,604
Amenities
basement storage
exposed brick walls
industrial-style exposed HVAC
secure access
in-unit laundry
stainless appliances
Central Air
3
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Champaign County Realty
(217) 202-1234
Listed By:
Phillip Trautman · License #471001829
(217) 202-1234
Source:
Xome
Added: Oct 6, 2025
Changed: Aug 7
Last Checked: Aug 9 at 5:25AM
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 Champaign County Realty
Investment Insights
Based on property information with market context.
Fully renovated and fully leased, the historic Stephen’s Building offers two separate commercial spaces on the first floor and four upstairs residential units. The larger westside retail suite is 2,375 square feet with an unfinished basement for additional storage, and it is currently rented at $2,400 per month. The east commercial space is 1,500 square feet and currently rented at $1,326 per month (noted as discounted from $2,100 per month). Upstairs, there are four fully renovated 2-bedroom, 2-bath apartments, each featuring stainless appliances, hardwood and tile flooring, and stacked laundry within the unit. The renovation preserved historic character, including exposed brick walls and other original features, and includes industrial-style exposed HVAC.
The property is located at 218 W Main Street in Urbana, Illinois. Residential access to the building is secure, and the building does not include parking; however, a City permit lot is directly adjacent.
Overall, the building provides a mixed-use configuration with income-producing retail on the street level and four separately accessed residential apartments above.
The property is located at 218 W Main Street in Urbana, Illinois. Residential access to the building is secure, and the building does not include parking; however, a City permit lot is directly adjacent.
Overall, the building provides a mixed-use configuration with income-producing retail on the street level and four separately accessed residential apartments above.
Key Highlights
- Historic Stephen’s Building (built 1900) with fully renovated, fully leased commercial and residential space
- Two leased ground‑floor commercial suites: 2,375 SF Westside suite (unfinished basement; rented for $2,400/mo) and 1,500 SF East suite ($1,326/mo)
- Four fully renovated 2 bed/2 bath apartments upstairs with stainless appliances, hardwood and tile floors, and stacked laundry in each unit
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
$65,523
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
6.59%
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%
$1,310,460
$1.3M
Cap Rate 7%
$936,043
$936.0K
Cap Rate 9%
$728,033
$728.0K
Market Conditions
NOI Build-Up for 7,750 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
$102.3K $13.20/SF
− Vacancy
−$8.7K −$1.12/SF
EGI
$93.6K $12.08/SF
− OpEx
−$28.1K −$3.62/SF
NOI
$65.5K $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 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%
$1,310,460
Cap Rate 7%
$936,043
Cap Rate 9%
$728,033
Alternative Uses
Best Use
Retail
$936.0K
$819.0K – $1.09M
NOI $65,523 @ 7.0% cap · market cap 6.59%
Second Best
Multifamily LT 5
$922.8K
$807.4K – $1.08M
NOI $64,595 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,865 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
209
Businesses Nearby
Explore this area
Business Placement
Demographics for 61801, IL
27,658
Population
13,468
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
98%
High-School Grad
5.4 sq mi
ZIP Area
5,122
Density / Sq Mi
$37,948
Median Household Income
$26,394
Median Earnings
$950
Median Rent
$184,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic Stephen's Building offers two leased ground-floor retail spaces and four fully renovated apartments.
Where is this mixed-use property located?
The property is located at 218 Main Street Urbana, IL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Historic Stephen’s Building (built 1900) with fully renovated, fully leased commercial and residential space; Two leased ground‑floor commercial suites: 2,375 SF Westside suite (unfinished basement; rented for $2,400/mo) and 1,500 SF East suite ($1,326/mo); Four fully renovated 2 bed/2 bath apartments upstairs with stainless appliances, hardwood and tile floors, and stacked laundry in each unit
