Flex Facility With Warehouse
For Sale
Contact for pricing
408 S Neil St, Champaign, IL 61820
Versatile commercial facility combining office accommodations with service-oriented warehouse and garage areas.
Property Size17,170 SF
Lot Size1.36 Acres
Price / SF$145.60
Days on Market129
Property Features for 408 S Neil St
General Information
Standard status
Active
Size
17,170 SF
Elevators
Yes
Lot size
1.36 Acres
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
15.2 ft
Warehouse Space
9,416 SF
Office Build-Out
7,754 SF
Drive-In Doors
3
Amenities
conference room
break room
elevator
Building Details
Buildings
1
Building Size
17,170 SF
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
(217) 403-3424
Listed By:
Josh Markiewicz
Source:
Moodyscre
Added: Apr 24
Changed: Aug 30
Last Checked: Aug 30 at 9:12AM
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 Coldwell Banker Commercial Devonshire Realty
Investment Insights
Based on property information with market context.
This flex facility combines approximately 7,754 SF of office space with approximately 9,416 SF of garage and warehouse area within an approximately 17,170 SF commercial building. The office component includes 13 private offices, an open work area, conference room, break room, and four restrooms. Two stairwells and an elevator provide access to the second floor.
Warehouse clear heights range from 13’3” to 15’2”. The service area includes three 12’6” H x 13’ W drive-in doors, three gas-fired unit heaters, and an integrated vehicle exhaust ventilation system designed for fleet or service operations. The property occupies approximately 1.36 acres at 408 S Neil St in Champaign, Illinois.
Warehouse clear heights range from 13’3” to 15’2”. The service area includes three 12’6” H x 13’ W drive-in doors, three gas-fired unit heaters, and an integrated vehicle exhaust ventilation system designed for fleet or service operations. The property occupies approximately 1.36 acres at 408 S Neil St in Champaign, Illinois.
Key Highlights
- Approximately 17,170 SF commercial facility on approximately 1.36 acres
- Approximately 7,754 SF of office space and approximately 9,416 SF of garage/warehouse space
- Warehouse clear heights from 13’3” to 15’2”
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
$174,773
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
6.99%
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%
$3,495,460
$3.5M
Cap Rate 7%
$2,496,757
$2.5M
Cap Rate 9%
$1,941,922
$1.9M
Market Conditions
NOI Build-Up for 17,170 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
$298.8K $17.40/SF
− Vacancy
−$65.7K −$3.83/SF
EGI
$233.0K $13.57/SF
− OpEx
−$58.3K −$3.39/SF
NOI
$174.8K $10.18/SF
Area
Champaign County, IL
Vacancy
22.00%
Lease Rate
$17.40 /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%
$3,495,460
Cap Rate 7%
$2,496,757
Cap Rate 9%
$1,941,922
Alternative Uses
Best Use
Office B
$2.50M
$2.18M – $2.91M
NOI $174,773 @ 7.0% cap · market cap 6.99%
Second Best
Warehouse
$1.48M
$1.29M – $1.72M
NOI $103,371 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$3.57M
$3.13M – $4.17M
NOI $250,050 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15 ft
Clear height
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
2,643
Businesses Nearby
Balanced
Demand for This Use
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 Office in Midwest region
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Similar Off Market Nearby
- Illini Kosher cafe — 209 E Armory Ave, Champaign, IL 61820
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- Dish Passionate Cuisine — 45 E University Ave, Champaign, IL 61820
- Ms. Toni's Catering — 410 W. Ellis Avenue, Champaign, IL 61820
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial facility combining office accommodations with service-oriented warehouse and garage areas.
Where is this flex space located?
The property is located at 408 S Neil St Champaign, IL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Approximately 17,170 SF commercial facility on approximately 1.36 acres; Approximately 7,754 SF of office space and approximately 9,416 SF of garage/warehouse space; Warehouse clear heights from 13’3” to 15’2”
