Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Champaign Commercial Space Available Title is generated by Realmo AI

    41 E University Avenue, Champaign, IL 61820

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    COMMERCIAL - Champaign, IL

    Type:Office
    Added:
    Jun 10, 2024
    Days on Market:
    723
    Last Refresh:
    Jun 2 at 8:06 pm

    Property Features for 41 E University Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    COMMR
    Standard status
    Active

    Taxes and HOA fees

    Tax Description
    LOT 12 BLOCK 10 RAILROAD ADD

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1913
    Floors in Building
    3
    Number of units
    1
    Flooring type
    Carpet

    We can help!

    Listing Contact
    Debby Auble

    Listing agent Debby Auble License #471013006

    Listing office WARD & ASSOCIATES 8 Main Street, Champaign, IL

    Listing date Jun 10, 2024

    MLS# 12079876

    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 downtown Champaign location with a strong customer/client base.
    • Across the street from the Illinois Terminal hub for easy inter‑city and local transit.
    • Approximately 3400 s.f. with a flexible layout including a reception area, 7 offices, a walk‑in vault, and 3 entrances; the space can be sub‑divided.
    • Easy access to the University of Illinois and its large student population.
    • Elevator access and public restrooms.
    • Public parking available across the street; private lease parking also available.

    Overview

    This commercial space, approximately 3400 square feet, is located in downtown Champaign. The layout includes a reception area, seven offices, and a walk-in vault. The property features three entrances, an elevator, and public restrooms. It is suitable for various uses, having previously housed law offices, real estate offices, and therapist offices. The space can also be subdivided. Downtown Champaign offers a variety of restaurants, microbreweries, and pubs, along with a cultural and arts scene. The area features mixed-use properties and multi-family developments, creating a residential population combined with daytime employment, establishing a customer and client base. The property is located across the street from the Illinois Terminal hub, which provides a consolidated terminal for inter-city bus service, rail passenger service, and a major transfer point for local mass transit service. It also offers easy access to the University of Illinois with over 55,000 students. Public parking is available across the street, and private lease parking is also an option.
    Property Profile Location Intelligence

    Current Use by Public Records

    Whole Body Health ... Alternative Medicine Practice TLT Properties Property Management Company Lynda Alper Counselor Blue Frog Restorations Construction Company Champaign Van Rental Car Rental Facility

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.24219
    Latitude
    40.116035

    Nearby Similar for Lease

    • Contact for pricing
      2,688 SF

      Downtown Champaign Commercial Space Available

      Prime 2,688 SF space in vibrant downtown Champaign.
      6 Taylor Street E, Champaign, IL 61820
      View Details
    • Contact for pricing
      2,000 SF

      Restaurant Space Near University Campus

      Turnkey restaurant space with high visibility near campus.
      209 E University Avenue, Champaign, IL 61820
      View Details
    • Contact for pricing

      Unique Commercial Unit in Champaign

      1920 SF unit with office, storage, and overhead door.
      706 BLOOMINGTON Road, Champaign, IL 61821
      View Details
    • Sponsored
      $95-$1,906/Mo
      11-1,292 SF

      IL, Champaign – N. Randolph St

      206 Randolph St, Champaign, IL 61820
      View Details
    • $10 SF/Yr
      7,616 SF

      Climate-Controlled Warehouse with Office Space

      7,616 SF flex space with warehouse and office components.
      1401 Parkland Ct, Champaign, IL 61821
      View Details
    • $10 SF/Yr
      4,000 SF

      Remodeled Office and Warehouse Space

      4,000 SF flex space with remodeled office and warehouse.
      903 Francis Dr, Champaign, IL 61821
      View Details
    • Contact for pricing

      Retail Store with Warehouse Space

      Retail store with warehouse on a busy road.
      909 W Bloomington Road, Champaign, IL 61821
      View Details
    • Contact for pricing

      Champaign Retail Space with Drive-Thru

      Retail spaces in active corridor, ideal for food service.
      902 Meijer Drive, Champaign, IL 61822
      View Details
    • $14 SF/Yr
      2,787 SF

      Champaign Workshop/Flex Space Available

      2,787 SF workshop/flex space for rent in Champaign, IL.
      803 S Neil St, Champaign, IL 61820
      View Details
    • $9 SF/Yr
      5,760 SF

      Versatile Flex Space Available

      Adaptable units suitable for office, lab, or warehouse use.
      606 N Country Fair Dr, Champaign, IL
      View Details
    • Contact for pricing
      5,708 SF

      Downtown Champaign Office Space Available

      Impressive office space in downtown Champaign with flexible suite options.
      201 N Randolph Street, Champaign, IL 61820
      View Details
    • $11 SF/Yr
      5,635 SF

      Class A Office Building

      Corporate office building with private offices, conference rooms, and parking.
      2215 Fox Dr, Champaign, IL
      View Details

    FAQs

    What type of property is this?
    Office units - 3400 SF office space in vibrant downtown Champaign.
    Where is this office units located?
    The property is located at 41 E University Avenue Champaign, IL.
    What are key features of this property?
    This property features: Prime downtown Champaign location with a strong customer/client base.; Across the street from the Illinois Terminal hub for easy inter‑city and local transit.; Approximately 3400 s.f. with a flexible layout including a reception area, 7 offices, a walk‑in vault, and 3 entrances; the space can be sub‑divided.
    (217) 355-1000
    We can help!
    Listing Contact
    Debby Auble
    Real Estate License ID: 471013006
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    41 E University Avenue, Champaign, IL 61820
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!