Mixed-Use Building with
218 West Main Street Urbana, IL 61801
218 West Main Street, Urbana, IL, 61801
$1,095,000
For Sale
$1,095,000
Historic mixed-use building features two leased ground-floor retail suites and four renovated 2-bed apartments.
Property Size5,061 SF
Price / SF$216.36
Days on Market315
Property Features for 218 West Main Street
General Information
- Standard status
- Active
- Size
- 5,061 SF
Building Details
- Year Built
- 1900
Listing agency
Champaign County Realty
(217) 352-1234
Listed by
Phillip Trautman · License #471001829
(217) 352-1234
Source
Compass
Added: Sep 10, 2025 Updated: Jul 21 at 7:38AM Checked: Jul 21 at 7:38AM
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 Stephen’s Building offers a mixed-use layout with two separate ground-floor commercial spaces and four renovated residential units upstairs. The larger westside retail suite is leased and includes an unfinished basement for additional storage. The eastside commercial space is also leased. Upstairs, four fully renovated 2 bed/2 bath apartments each include stainless appliances, hardwood and tile flooring, and stacked laundry within the units. Original architectural character is preserved, including exposed historic brick walls, and the building includes industrial-style exposed HVAC.
Residential access is secure. The building does not include parking, though a City permit lot is located directly adjacent.
This property is configured for combined income from retail on the first floor and apartment rentals above, with all spaces described as currently leased.
Residential access is secure. The building does not include parking, though a City permit lot is located directly adjacent.
This property is configured for combined income from retail on the first floor and apartment rentals above, with all spaces described as currently leased.
Key Highlights
- Historic downtown Urbana, IL "Stephen's Building" built in 1900 with fully renovated interior and mixed‑use income potential
- Two leased ground‑floor commercial spaces: 2,375 SF Westside suite ($2,400/mo) plus 1,500 SF East suite ($1,326/mo)
- Upstairs features four fully renovated 2 bed/2 bath apartments, each with stainless appliances, hardwood and tile flooring, and stacked laundry
Local 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 | $66.8k | $13.20 |
| − Vacancy | −$5.7k | −$1.12 |
| EGI | $61.1k | $12.08 |
| − OpEx | −$18.3k | −$3.62 |
| NOI | $42.8k | $8.45 |
5,061 SF · lease $13.20/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$611.3K
$534.9K – $713.2K
NOI $42,789 @ 7.0% cap · market cap 3.91%
Second Best
Multifamily LT 5
$602.6K
$527.3K – $703.1K
NOI $42,183 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$1.05M
$921.3K – $1.23M
NOI $73,704 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Historic mixed-use building features two leased ground-floor retail suites and four renovated 2-bed apartments.
Where is this mixed-use property located?
The property is located at 218 West 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 downtown Urbana, IL "Stephen's Building" built in 1900 with fully renovated interior and mixed‑use income potential; Two leased ground‑floor commercial spaces: 2,375 SF Westside suite ($2,400/mo) plus 1,500 SF East suite ($1,326/mo); Upstairs features four fully renovated 2 bed/2 bath apartments, each with stainless appliances, hardwood and tile flooring, and stacked laundry
