Urbana Commercial Property For
306 W Springfield Avenue W, Urbana, IL 61801
- Added:
- Apr 14, 2026
- Days on Market:
- 50
- Last Refresh:
- Jun 2 at 5:06 pm
Property Features for 306 W Springfield Avenue W
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- COMMR
- Standard status
- Active
- APN
- 922117130015
- Size
- 10,000 SF
- Lot size
- 0.61 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- LOT PT 2 SUB OF NE 1/4 NW 1/4 SEC 17-19-9
- Tax Annual Amount
- 32108
Utilities
- Cooling system
- Central Air
Building Details
- Floors in Building
- 1
Listing agent Atif Irfan License #475184926 (217) 356-6100
Listing office KELLER WILLIAMS-TREC 2441 Village Green Place, Champaign, IL (217) 356-6100
Listing date Apr 14, 2026
MLS# 12609270
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Prime general commercial land location in the heart of Downtown Urbana, minutes from the University of Illinois Urbana‑Champaign.
- Significant price reduction from $2.5 million to $1.3 million, including the business name, fixtures, and inventory.
- Large, free‑standing property with nearly 10,000 square feet of modern, thoughtfully designed space on over three‑quarters of an acre.
- Fully equipped facility with expansive refrigeration, generous frozen storage, a full bakery and kitchen, and a cafe.
- Versatile space suitable for continuing its legacy as a market, reimagining it as a new concept, or transforming it into a multi‑tenant space.
- Established landmark with a 30‑year history and strong community ties.
Overview
This commercial property, a landmark in Urbana, Illinois, has been a part of the community for over 30 years. Situated on more than three-quarters of an acre of General Commercial land, this free-standing property offers nearly 10,000 square feet of modern space. The facility is equipped with expansive refrigeration for fresh cheeses and olives, generous frozen storage, a full bakery and kitchen, and curated aisles for organic, natural, and international foods. The space includes a cafe serving organic, vegan, and Middle Eastern cuisine alongside baked goods and desserts. The property's layout and location make it suitable for various ventures, including continuing its legacy as a market, reimagining it as a new concept, or transforming the building into a multi-tenant space. The property is located in the heart of Downtown, minutes from the University of Illinois Urbana-Champaign. The property is set on 0.6072 acres of land and is zoned COMMR. The business name, fixtures, and inventory are included in the price.
Local Financial Insights For Specialty 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 | $159.6k | $15.96 |
| − Vacancy | −$8.9k | −$0.89 |
| EGI | $150.7k | $15.07 |
| − OpEx | −$37.7k | −$3.77 |
| NOI | $113.0k | $11.30 |
10,000 SF · lease $15.96/SF/yr · vacancy 5.60% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,997 @ 7.0% cap · market cap 8.69%
Second Best
Retail
$1.21M
$1.06M – $1.41M
NOI $84,546 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,632 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Nutrition On the Move
Physician
Strawberry Fields Cafe
Cafe & Coffee Shop
World Harvest International ...
Specialty Food Shop
Afghan Cuisine Restaurant
Restaurant
Similar Places Nearby
- AM-KO Oriental Foods & Gifts — 101 E Springfield Ave, Champaign, IL 61820
- Far East Grocery — 105 S 5th St, Champaign, IL 61820
- Target Grocery — 603 E Green St, Champaign, IL 61820
Location Insight
- Map
- Local Demand
- City
- Urbana
- County
- Champaign
- State
- Illinois
- Longitude
- -88.2349899
- Latitude
- 40.112841
Nearby Similar for Sale
FAQs
What type of property is this?
Grocery and convenience store - Prime commercial property in Urbana, Illinois, ideal for various ventures.
Where is this grocery and convenience store located?
The property is located at 306 W Springfield Avenue 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: Prime general commercial land location in the heart of Downtown Urbana, minutes from the University of Illinois Urbana‑Champaign.; Significant price reduction from $2.5 million to $1.3 million, including the business name, fixtures, and inventory.; Large, free‑standing property with nearly 10,000 square feet of modern, thoughtfully designed space on over three‑quarters of an acre.
