Freestanding Grocery and Convenience
For Sale
$1,300,000
306 W Springfield Ave W, Urbana, IL 61801
Food retail facility with refrigeration, frozen storage, bakery, kitchen, and café areas.
Property Size9,800 SF
Lot Size0.75 Acres
Price / SF$132.65
Days on Market8
Property Features for 306 W Springfield Ave W
General Information
Standard status
Active
Size
9,800 SF
Lot size
0.75 Acres
Property subtype
Business Opportunity
Zoning
General Commercial
Financials
Asking Price
$1,300,000
Business Included
Yes
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
KELLER WILLIAMS-TREC
(217) 419-0195
Listed By:
Atif Irfan · License #475184926
Source:
Thegallivangroup
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 28 at 12:44PM
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 KELLER WILLIAMS-TREC
Investment Insights
Based on property information with market context.
This freestanding grocery and convenience store property occupies more than three-quarters of an acre of General Commercial land in Urbana. The facility includes expansive refrigeration, frozen storage, a bakery, a commercial kitchen, retail aisles, and a café area. Its existing configuration supports food retail and prepared-food operations within one integrated property.
Located at 306 W Springfield Ave W in Downtown Urbana, the property is minutes from the University of Illinois Urbana-Champaign. The space has operated as Strawberry Fields / World Harvest Foods for over 30 years and includes areas associated with organic, natural, and international foods, along with organic, vegan, and Middle Eastern cuisine and baked goods. The layout also provides a foundation for continued market operations or a reconfigured commercial concept.
Located at 306 W Springfield Ave W in Downtown Urbana, the property is minutes from the University of Illinois Urbana-Champaign. The space has operated as Strawberry Fields / World Harvest Foods for over 30 years and includes areas associated with organic, natural, and international foods, along with organic, vegan, and Middle Eastern cuisine and baked goods. The layout also provides a foundation for continued market operations or a reconfigured commercial concept.
Key Highlights
- More than three‑quarters of an acre of General Commercial land
- Freestanding grocery and convenience store facility in Downtown Urbana
- Over 30 years of operation as Strawberry Fields / World Harvest Foods
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
$110,737
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
8.52%
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%
$2,214,740
$2.2M
Cap Rate 7%
$1,581,957
$1.6M
Cap Rate 9%
$1,230,411
$1.2M
Market Conditions
NOI Build-Up for 9,800 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
$156.4K $15.96/SF
− Vacancy
−$8.8K −$0.89/SF
EGI
$147.6K $15.07/SF
− OpEx
−$36.9K −$3.77/SF
NOI
$110.7K $11.30/SF
Area
Champaign County, IL
Vacancy
5.60%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
25.00%
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%
$2,214,740
Cap Rate 7%
$1,581,957
Cap Rate 9%
$1,230,411
Alternative Uses
Best Use
Specialty Retail
$1.58M
$1.38M – $1.85M
NOI $110,737 @ 7.0% cap · market cap 8.52%
Second Best
Retail
$1.18M
$1.04M – $1.38M
NOI $82,855 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,719 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,355
Businesses Nearby
64k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Groceries 34%
Shops & Services 22%
County Market
Groceries
21,552 visits/mo
0.1 miles
Raising Cane's Chicken Fingers
Dining
18,300 visits/mo
0.2 miles
Circle K
Shops & Services
10,007 visits/mo
0.4 miles
Potbelly Sandwich Shop
Dining
6,041 visits/mo
0.2 miles
AutoZone
Shops & Services
3,134 visits/mo
0.3 miles
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 Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Target Grocery — 603 E Green St, Champaign, IL 61820
- Fresh International Market - Champaign 華夏超市香檳店 — 505 S Neil St Suite 4-7, Champaign, IL 61820
- AM-KO Oriental Foods & Gifts — 101 E Springfield Ave, Champaign, IL 61820
- Far East Grocery — 105 S 5th St, Champaign, IL 61820
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Food retail facility with refrigeration, frozen storage, bakery, kitchen, and café areas.
Where is this grocery and convenience store located?
The property is located at 306 W Springfield Ave W Urbana, IL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: More than three‑quarters of an acre of General Commercial land; Freestanding grocery and convenience store facility in Downtown Urbana; Over 30 years of operation as Strawberry Fields / World Harvest Foods
