Two-Story Mixed-Use
For Sale
$1,250,000
320 N Neil Street, Champaign, IL 61820
Downtown property with a bar-ready first floor and a separately serviced residential apartment above.
Property Size5,865 SF
Price / SF$213.13
Days on Market200
Property Features for 320 N Neil Street
General Information
Standard status
Active
Size
5,865 SF
Property subtype
Commercial
Zoning
COMMR
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Average Monthly Rent
$1,800
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$13,135
Amenities
alarm system
handicap-accessible entrance
emergency lighting
fireplace
Building Details
Building Size
5,865 SF
Year Built
1925
Buildings
1
Stories
2
Units
2
Construction
masonry brick
Listing Agency:
Green Street Realty
(217) 356-8750
Listed By:
Shannon Collins · License #475178418
Source:
Gia-sells
Added: Feb 10
Changed: Aug 28
Last Checked: Aug 28 at 11:31AM
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 Green Street Realty
Investment Insights
Based on property information with market context.
Built in 1925, this two-story masonry building contains 5,865 square feet above grade plus a 1,620-square-foot basement. The ground level is arranged for nightclub or bar operations, with a 28-foot bar, mezzanine areas, sprinkler and alarm systems, emergency lighting, accessible entry and restrooms, and substantial mechanical infrastructure. Basement space supports storage, a walk-in cooler, and mechanical equipment, with both interior and rear access.
The upper level contains a two-bedroom, two-bath apartment with 14-foot ceilings and a fireplace. Separate HVAC and electrical service serve the residence, which has a lease in place through 07/31/2026. The property is located at 320 N Neil Street in downtown Champaign, among restaurants, nightlife venues, and mixed-use development.
The upper level contains a two-bedroom, two-bath apartment with 14-foot ceilings and a fireplace. Separate HVAC and electrical service serve the residence, which has a lease in place through 07/31/2026. The property is located at 320 N Neil Street in downtown Champaign, among restaurants, nightlife venues, and mixed-use development.
Key Highlights
- 5,865 SF above grade plus a 1,620 SF basement
- Two‑story masonry building constructed in 1925
- First floor includes a 28‑foot bar, mezzanine areas, and nightclub/bar configuration
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
$66,273
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
5.30%
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%
$1,325,460
$1.3M
Cap Rate 7%
$946,757
$946.8K
Cap Rate 9%
$736,367
$736.4K
Market Conditions
NOI Build-Up for 5,865 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
$93.6K $15.96/SF
− Vacancy
−$5.2K −$0.89/SF
EGI
$88.4K $15.07/SF
− OpEx
−$22.1K −$3.77/SF
NOI
$66.3K $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%
$1,325,460
Cap Rate 7%
$946,757
Cap Rate 9%
$736,367
Alternative Uses
Best Use
Specialty Retail
$946.8K
$828.4K – $1.10M
NOI $66,273 @ 7.0% cap · market cap 5.30%
Second Best
Mixed Use
$586.5K
$513.2K – $684.2K
NOI $41,054 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,413 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,334
Businesses Nearby
Explore this area
Business Placement
Demographics for 61820, IL
40,822
Population
18,672
Households
2.2
Avg Household Size
25
Median Age
55%
College-Educated
93%
High-School Grad
5.9 sq mi
ZIP Area
6,919
Density / Sq Mi
$31,031
Median Household Income
$14,828
Median Earnings
$1,077
Median Rent
$175,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown property with a bar-ready first floor and a separately serviced residential apartment above.
Where is this mixed-use property located?
The property is located at 320 N Neil Street Champaign, IL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 5,865 SF above grade plus a 1,620 SF basement; Two‑story masonry building constructed in 1925; First floor includes a 28‑foot bar, mezzanine areas, and nightclub/bar configuration
