Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Office/Warehouse Building in Urbana Title is generated by Realmo AI

    2704 N Cunningham Ave, Urbana, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    5,600± SF office/warehouse building with flexible configuration.

    Type:OFFICE
    Property size:
    5,594 SF
    Lot size:
    0.40 Acres
    Added:
    Nov 4, 2025
    Days on Market:
    199
    Last Refresh:
    Apr 5 at 10:35 pm

    Property Features for 2704 N Cunningham Ave

    General Information

    Standard status
    Active
    Size
    5,594 SF
    Lot size
    0.40 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 2704 N Cunningham Ave Contact us

    We can help!

    Listing Contact
    AJ Thoma III
    AJ Thoma III

    Listing agent AJ Thoma III

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Nov 4, 2025

    Source Moodyscre

    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

    HighLights

    • 5,600± SF office/warehouse building
    • Features 14 private offices and 2 larger conference rooms
    • Fully conditioned building for optimal comfort
    • Includes kitchen and Mezzanine storage
    • 10’ x 10’ overhead door remains
    • Small garage area with 13’ clear heights

    Overview

    The property at 2704 N. Cunningham is a 5,600± SF office/warehouse building constructed in 1989. Originally utilized as a carpet store, it was most recently converted and used as an office. The building is currently configured with 14 private offices, 2 larger conference rooms, a kitchen, and mezzanine storage. The building is fully conditioned. Prior uses for the building included a significant amount of warehouse space in the rear, which has since been converted to office use. A 10’ x 10’ overhead door remains, along with a small garage area consisting of 13’ clear heights.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Riley Homes, Inc. Construction Company

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Urbana
    County
    Champaign
    State
    Illinois
    Longitude
    -88.1905
    Latitude
    40.1413

    Nearby Similar for Lease

    • Contact for pricing
      4,100 SF

      Urbana Commercial Property For Rent

      High-visibility commercial building with fueling stations near University of Illinois.
      1501 N Lincoln Avenue, Urbana, IL 61801
      View Details
    • $17 SF/Yr
      2,200 SF

      Urbana Medical/Dental Office Space

      Premier medical/dental office space in Urbana, approximately 2,200 sq ft.
      1209 E Colorado Ave, Urbana, IL 61801
      View Details
    • Contact for pricing

      Office Spaces For Rent

      Two office spaces available in Urbana, Illinois.
      123 W Main, Urbana, IL 61801
      View Details
    • $20 SF/Yr
      4,107 SF

      Freestanding Retail Building Near University

      Highly visible 4,100 SF retail building near the University of Illinois.
      1501 N Lincoln Ave, Urbana, IL
      View Details
    • Contact for pricing

      Versatile Commercial Facility for Lease

      16,000 SF commercial space with warehouse and office areas.
      4808 N Cunningham Avenue, Urbana, IL 61802
      View Details
    • $5 SF/Yr
      16,000 SF

      Warehouse with Office and Parking

      16,000 SF warehouse with office, parking, convenient location.
      4812 N Cunningham Ave, Urbana, IL
      View Details
    • Contact for pricing
      9,255 SF

      Downtown Urbana Two-Story Office Space

      Exceptional 9,255 SF office space in Downtown Urbana.
      115 W Main St, Urbana, IL 61801
      View Details
    • $10 SF/Yr
      16,658 SF

      Former Pharmacy with Drive-Thru

      Freestanding 16,000 SF retail/medical space with drive-thru.
      1504 E Colorado Ave, Urbana, IL
      View Details
    • $10 SF/Yr
      3,700 SF

      Flex Space in Lincoln Commerce

      Multi-tenant flex building with 14.5' clear heights.
      702 W Killarney St, Urbana, IL
      View Details
    • Contact for pricing

      Versatile Commercial Property on Cunningham

      2.11-acre commercial property with office, shop, and carport.
      3809 N Cunningham Avenue, Urbana, IL 61802
      View Details
    • $10 SF/Yr
      1,525 SF

      Retail Space on Philo Road

      Retail space with drive-through capabilities, signage available.
      1803-1809 Philo Rd, Urbana, IL
      View Details
    • Contact for pricing
      2,240 SF

      Retail Spaces Available For Rent

      Retail spaces available, ranging from 1,500 to 2,240 square feet.
      510 N Cunningham Ave, Urbana, IL 61802
      View Details

    FAQs

    What type of property is this?
    Office building - 5,600± SF office/warehouse building with flexible configuration.
    Where is this office building located?
    The property is located at 2704 N Cunningham Ave Urbana, IL.
    What is the lease rate?
    The lease rate is $7 SF/Yr.
    What are key features of this property?
    This property features: 5,600± SF office/warehouse building; Features 14 private offices and 2 larger conference rooms; Fully conditioned building for optimal comfort
    (217) 520-3299 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing AJ Thoma III
    AJ Thoma III
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2704 N Cunningham Ave, Urbana, IL
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!