Historic Mixed-Use Office and Retail
41 E University Avenue Champaign, Champaign, IL 61820
For Sale
$3,850,000
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 Market121
Property Features for 41 E University Avenue Champaign
General Information
Standard status
Size
Property subtype
Zoning
Net Operating Income
Taxes and HOA fees
Annual Taxes
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
Year Built
Stories
Listed By:
Shamira Wise-Walker
(815) 469-7449
Source:
Realpeoplerealty
Added: Jul 10
Changed: Oct 31
Last Checked: Oct 7 at 9:43AM
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
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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 / Yr
$224,467
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
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
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 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
Mixed Use
$2.21M
$1.93M – $2.57M
NOI $154,358 @ 7.0% cap · market cap 4.01%
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.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,846
Businesses Nearby
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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
$175,900
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Champaign County, IL
Properties on Market for Mixed-use properties in Champaign County
Vacancy Rate% for Office in Midwest region
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.
