Two-Story Mixed-Use
For Sale
$1,250,000
320 N Neil Street, Champaign, IL 61820
Commercial Sale, Champaign, IL
Property Size7,485 SF
Lot Size0.08 Acres
Price / SF$167
Days on Market245
Property Features for 320 N Neil Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Heading south on Neil Street, continue past Washington Street, and the property will be located on the east side of the road.
Subdivision
Champaign, Savoy
Standard status
Active
APN
422012427008
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT PT 17 BLOCK 3 RAILROAD ADD
Tax Annual Amount
13136
Legal Description
LOT PT 17 BLOCK 3 RAILROAD ADD
Utilities
Cooling system
Central Air
Amenities
fireplace
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Building materials
Brick
Listing Agency:
Green Street Realty
(217) 356-8750
Listed By:
Shannon Collins · License #475178418
(217) 493-3776
Added: Feb 10
Changed: Oct 5
Last Checked: Oct 13 at 4:06AM
MLS# 12559693
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.
Investment Insights
Based on property information with market context.
This 1925 brick mixed-use property includes 5,865 SF above grade and a 1,620 SF basement. The first level is arranged for nightclub and bar operations, with a 28-foot bar, mezzanine areas, sprinkler and alarm systems, emergency lighting, accessible entry and restrooms, and substantial mechanical infrastructure. The lower level adds storage, a walk-in cooler, mechanical space, and both interior and rear access.
A two-bedroom, two-bath apartment occupies the second floor and features 14-foot ceilings, a fireplace, and independent HVAC and electrical service. The apartment is leased through 07/31/2026. The property sits at 320 N Neil Street in downtown Champaign, among restaurants, nightlife venues, and mixed-use development. The site encompasses 0.0808 acres, and central air serves the building.
A two-bedroom, two-bath apartment occupies the second floor and features 14-foot ceilings, a fireplace, and independent HVAC and electrical service. The apartment is leased through 07/31/2026. The property sits at 320 N Neil Street in downtown Champaign, among restaurants, nightlife venues, and mixed-use development. The site encompasses 0.0808 acres, and central air serves the building.
Key Highlights
- 5,865 SF above grade with a 1,620 SF basement
- Two‑bedroom, two‑bath apartment leased through 07/31/2026
- First‑floor bar configuration includes a 28' bar and mezzanine areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,578
Cap Rate
6.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,691,560
$1.7M
Cap Rate 7%
$1,208,257
$1.2M
Cap Rate 9%
$939,756
$939.8K
Market Conditions
NOI Build-Up for 7,485 SF
Gross rent
$119.5K $15.96/SF
− Vacancy
−$6.7K −$0.89/SF
EGI
$112.8K $15.07/SF
− OpEx
−$28.2K −$3.77/SF
NOI
$84.6K $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 Rate 5%
$1,691,560
Cap Rate 7%
$1,208,257
Cap Rate 9%
$939,756
Alternative Uses
Best Use
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,578 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$824.6K
$721.6K – $962.1K
NOI $57,725 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,006 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial property combines a configured bar venue with a leased residential apartment and separate building systems.
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 with a 1,620 SF basement; Two‑bedroom, two‑bath apartment leased through 07/31/2026; First‑floor bar configuration includes a 28' bar and mezzanine areas
