Renovated Mixed-Use Building with
218 W Main Street Urbana, IL 61801
For Sale
$1,095,000
Historic Stephen's Building offers two leased ground-floor retail spaces and four fully renovated apartments.
Property Size7,750 SF
Price / SF$141.29
Days on Market382
Property Features for 218 W Main Street
General Information
- Standard status
- Active
- Size
- 7,750 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1900
Listing Agency:
Champaign County Realty
(217) 202-1234
Listed By:
Phillip Trautman · License #471001829
(217) 202-1234
Source:
Xome
Added: Jul 10, 2025
Changed: Jul 23
Last Checked: Jul 26 at 3:10AM
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $102.3k | $13.20 |
| − Vacancy | −$8.7k | −$1.12 |
| EGI | $93.6k | $12.08 |
| − OpEx | −$28.1k | −$3.62 |
| NOI | $65.5k | $8.45 |
7,750 SF · lease $13.20/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$936.0K
$819.0K – $1.09M
NOI $65,523 @ 7.0% cap · market cap 5.98%
Second Best
Multifamily LT 5
$922.8K
$807.4K – $1.08M
NOI $64,595 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,865 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Angel Forever Foundation
Crisis Center
Beau Visage Spa
Spa & Massage Center
FAQs
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 W Main Street Urbana, IL.
What is the asking price?
The asking price for this property is $1,095,000.
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
