Third-Floor Residential Income
For Sale
$89,900
408 N State Street #12, Champaign, IL 61820
Light-filled third-floor unit with basement laundry, storage, and a full suite of household appliances.
Property Size705 SF
Days on Market49
Property Features for 408 N State Street #12
General Information
Standard status
Active
Size
705 SF
Property subtype
Apartment
Amenities
Wall Unit(s)
Steam
Range
Microwave
Dishwasher
Refrigerator
Building Details
Building Size
705 SF
Year Built
1922
Listing Agency:
Trautman Real Estate Agency & Appraisal LLC
Listed By:
Wanli Zhang · License #475192146
(217) 979-6379
Source:
Kw
Added: Jul 17
Changed: Sep 2
Last Checked: Sep 1 at 4:49PM
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 Trautman Real Estate Agency & Appraisal LLC
Investment Insights
Based on property information with market context.
Located at 408 N State Street #12 in Champaign, this third-floor residential unit was built in 1922 and receives abundant natural light. Interior features include wall unit(s), steam heat, a range, microwave, dishwasher, and refrigerator, providing a practical residential setup.
Laundry and storage are located in the basement. The monthly fee includes taxes, insurance, heat, water, exterior upkeep, lawn care, snow removal, trash service, and planned building improvements. The property is positioned in downtown Champaign for convenient access to the surrounding urban setting.
Laundry and storage are located in the basement. The monthly fee includes taxes, insurance, heat, water, exterior upkeep, lawn care, snow removal, trash service, and planned building improvements. The property is positioned in downtown Champaign for convenient access to the surrounding urban setting.
Key Highlights
- Third‑floor unit at 408 N State Street #12 in Champaign
- Built in 1922 with abundant natural light
- Basement laundry and storage
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
$5,437
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
6.05%
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%
$108,740
$108.7K
Cap Rate 7%
$77,671
$77.7K
Cap Rate 9%
$60,411
$60.4K
Market Conditions
NOI Build-Up for 705 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
$10.4K $14.76/SF
− Vacancy
−$520 −$0.74/SF
EGI
$9.9K $14.02/SF
− OpEx
−$4.4K −$6.31/SF
NOI
$5.4K $7.71/SF
Area
Champaign County, IL
Vacancy
5.00%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$108,740
Cap Rate 7%
$77,671
Cap Rate 9%
$60,411
Alternative Uses
Best Use
Apartment 5plus
$77.7K
$68.0K – $90.6K
NOI $5,437 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$146.7K
$128.3K – $171.1K
NOI $10,267 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,327
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Light-filled third-floor unit with basement laundry, storage, and a full suite of household appliances.
Where is this residential income property located?
The property is located at 408 N State Street #12 Champaign, IL.
What is the asking price?
The asking price for this property is $89,900.
What are key features of this property?
This property features: Third‑floor unit at 408 N State Street #12 in Champaign; Built in 1922 with abundant natural light; Basement laundry and storage
