Historic Mixed-Use Office and Retail
For Sale
$3,850,000
41 E University Avenue Champaign, Champaign, IL 61820
Built in 1913, this historic downtown building combines retail, office, and residential space with off-street parking.
Property Size22,052 SF
Price / SF$174.59
Days on Market30
Property Features for 41 E University Avenue Champaign
General Information
Standard status
Active
Size
22,052 SF
Property subtype
Mixed Use
Zoning
COMMR
Net Operating Income
$157,279
Taxes and HOA fees
Annual Taxes
$35,143
Amenities
Carpet,Concrete,Tile,Varies,Vinyl,Wood
Municipal Water
City Street,Other
80 X 157 X 76 X 131
Brick/Mortar,Concrete Perimeter
22052
Building Details
Building Size
22,052 SF
Year Built
1913
Stories
3
Listing Agency:
(815) 469-7449
Listed By:
Shamira Wise-Walker
(815) 469-7449
Source:
Realpeoplerealty
Added: Jul 10
Changed: Aug 8
Last Checked: Aug 8 at 8:19AM
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 Shamira Wise-Walker
Investment Insights
Based on property information with market context.
A historic 1913 building designed in the Contemporary Commercial Style, offering a mixed setup of retail, office, and residential space. Large windows on all sides provide natural light and city views, and the property was added to the National Register of Historic Places in 2006.
The building’s west side includes outdoor paved space currently used for off-street parking, with access in place to the first floor of the building. With that direct access, the outdoor area has potential to be used as an outdoor patio and/or dining area.
Originally developed for the railway’s offices and served as the Champaign interurban station until 1936, the building later housed offices for the Illinois Power Company. Today, it presents a stand-alone opportunity with combined uses and off-street parking in Downtown Champaign.
The building’s west side includes outdoor paved space currently used for off-street parking, with access in place to the first floor of the building. With that direct access, the outdoor area has potential to be used as an outdoor patio and/or dining area.
Originally developed for the railway’s offices and served as the Champaign interurban station until 1936, the building later housed offices for the Illinois Power Company. Today, it presents a stand-alone opportunity with combined uses and off-street parking in Downtown Champaign.
Key Highlights
- Historic Illinois Traction Building built in 1913 and listed on the National Register of Historic Places (2006).
- Building area totals 22,052 sq ft with large windows on all sides for natural light and city views.
- Original uses included railway offices and interurban station service until 1936, later used for Illinois Power Company offices.
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
$224,467
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
5.83%
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%
$4,489,340
$4.5M
Cap Rate 7%
$3,206,671
$3.2M
Cap Rate 9%
$2,494,078
$2.5M
Market Conditions
NOI Build-Up for 22,052 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
$383.7K $17.40/SF
− Vacancy
−$84.4K −$3.83/SF
EGI
$299.3K $13.57/SF
− OpEx
−$74.8K −$3.39/SF
NOI
$224.5K $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%
$4,489,340
Cap Rate 7%
$3,206,671
Cap Rate 9%
$2,494,078
Alternative Uses
Best Use
Office B
$3.21M
$2.81M – $3.74M
NOI $224,467 @ 7.0% cap · market cap 5.83%
Second Best
Retail
$2.66M
$2.33M – $3.11M
NOI $186,441 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$4.59M
$4.01M – $5.35M
NOI $321,148 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,846
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Built in 1913, this historic downtown building combines retail, office, and residential space with off-street parking.
Where is this mixed-use property located?
The property is located at 41 E University Avenue Champaign Champaign, IL.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Historic Illinois Traction Building built in 1913 and listed on the National Register of Historic Places (2006).; Building area totals 22,052 sq ft with large windows on all sides for natural light and city views.; Original uses included railway offices and interurban station service until 1936, later used for Illinois Power Company offices.
