Historic Mixed-Use
For Sale
$995,000
218 W Main Street, Urbana, IL 61801
Fully renovated and fully leased downtown Urbana building with two street-level commercial suites and four residential units.
Property Size7,750 SF
Price / SF$128.39
Days on Market323
Property Features for 218 W Main Street
General Information
Standard status
Active
Size
7,750 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$15,604
Building Details
Building Size
7,750 SF
Year Built
1900
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
Champaign County Realty
(217) 352-1234
Listed By:
Phillip Trautman · License #471001829
(217) 352-1234
Source:
Gia-sells
Added: Oct 8, 2025
Changed: Aug 24
Last Checked: Aug 25 at 9:20AM
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 street-level commercial space alongside four updated apartments above. The first floor includes two separate commercial suites, with one larger westside suite and a separate eastside space. An unfinished basement provides additional storage for the commercial level.
Upstairs are four fully renovated two-bedroom, two-bath apartments. Each unit is equipped with stainless appliances, hardwood and tile flooring, and stacked laundry. The renovation preserves historic character, including exposed brick walls and original features, and the building includes industrial-style exposed HVAC.
Residential access is secure. The building does not include parking, but a city permit lot is directly adjacent.
Upstairs are four fully renovated two-bedroom, two-bath apartments. Each unit is equipped with stainless appliances, hardwood and tile flooring, and stacked laundry. The renovation preserves historic character, including exposed brick walls and original features, and the building includes industrial-style exposed HVAC.
Residential access is secure. The building does not include parking, but a city permit lot is directly adjacent.
Key Highlights
- Fully renovated and fully leased historic Stephen’s Building in downtown Urbana
- Two separate street‑level commercial spaces: 2,375 SF (rented $2,400/mo) plus 1,500 SF (rented $1,326/mo)
- Unfinished basement provides additional storage for the westside commercial suite
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
$64,595
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
6.49%
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%
$1,291,900
$1.3M
Cap Rate 7%
$922,786
$922.8K
Cap Rate 9%
$717,722
$717.7K
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
$97.7K $12.60/SF
− Vacancy
−$5.4K −$0.69/SF
EGI
$92.3K $11.91/SF
− OpEx
−$27.7K −$3.57/SF
NOI
$64.6K $8.33/SF
Area
Champaign County, IL
Vacancy
5.50%
Lease Rate
$12.60 /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%
$1,291,900
Cap Rate 7%
$922,786
Cap Rate 9%
$717,722
Alternative Uses
Best Use
Multifamily LT 5
$922.8K
$807.4K – $1.08M
NOI $64,595 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$853.8K
$747.1K – $996.2K
NOI $59,769 @ 7.0% cap · market cap 6.01%
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
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,208
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully renovated and fully leased downtown Urbana building with two street-level commercial suites and four residential units.
Where is this quadplex located?
The property is located at 218 W 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: Fully renovated and fully leased historic Stephen’s Building in downtown Urbana; Two separate street‑level commercial spaces: 2,375 SF (rented $2,400/mo) plus 1,500 SF (rented $1,326/mo); Unfinished basement provides additional storage for the westside commercial suite
