Flex Space with
For Sale
$175,000
4904 N Cunningham Avenue, Urbana, IL 61802
Commercial property with workshop, office, additional rooms, and a bathroom.
Property Size3,068 SF
Days on Market306
Property Features for 4904 N Cunningham Avenue
General Information
Standard status
Active
Size
3,068 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,543
Building Details
Building Size
3,068 SF
Year Built
1956
Stories
1
Listing Agency:
KELLER WILLIAMS-TREC
(217) 356-6100
Listed By:
Lisa Duncan · License #475142322
(217) 356-6100
Source:
Perillorealestategroup
Added: Oct 17, 2025
Changed: Aug 11
Last Checked: Aug 17 at 11:06PM
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 KELLER WILLIAMS-TREC
Investment Insights
Based on property information with market context.
This flex space in Urbana contains over 3,000 square feet arranged for practical commercial use. The building includes a large workshop, office, two additional rooms, and a bathroom, providing a combination of production and administrative areas within one facility. The property was previously used as a woodshop and may suit a similar operation or another business requiring adaptable interior space.
Located just north of town, the property offers access to the interstate. Zoning is designated COMMR. Constructed in 1956, the building is located at 4904 N Cunningham Avenue in Urbana, Illinois.
Located just north of town, the property offers access to the interstate. Zoning is designated COMMR. Constructed in 1956, the building is located at 4904 N Cunningham Avenue in Urbana, Illinois.
Key Highlights
- Over 3,000 square feet of commercial space
- Large workshop area with office, two additional rooms, and bathroom
- Previously used as a woodshop
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
$14,170
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
8.10%
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%
$283,400
$283.4K
Cap Rate 7%
$202,429
$202.4K
Cap Rate 9%
$157,444
$157.4K
Market Conditions
NOI Build-Up for 3,068 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
$21.4K $6.96/SF
− Vacancy
−$1.1K −$0.36/SF
EGI
$20.2K $6.60/SF
− OpEx
−$6.1K −$1.98/SF
NOI
$14.2K $4.62/SF
Area
Champaign County, IL
Vacancy
5.20%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
30.00%
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%
$283,400
Cap Rate 7%
$202,429
Cap Rate 9%
$157,444
Alternative Uses
Best Use
Flex RnD
$241.0K
$210.9K – $281.2K
NOI $16,871 @ 7.0% cap · market cap 9.64%
Second Best
Industrial
$202.4K
$177.1K – $236.2K
NOI $14,170 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$638.3K
$558.5K – $744.7K
NOI $44,680 @ 7.0% cap · market cap 25.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61802, IL
19,460
Population
10,066
Households
1.9
Avg Household Size
39
Median Age
38%
College-Educated
92%
High-School Grad
82.1 sq mi
ZIP Area
237
Density / Sq Mi
$58,588
Median Household Income
$40,600
Median Earnings
$996
Median Rent
$158,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial property with workshop, office, additional rooms, and a bathroom.
Where is this flex space located?
The property is located at 4904 N Cunningham Avenue Urbana, IL.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Over 3,000 square feet of commercial space; Large workshop area with office, two additional rooms, and bathroom; Previously used as a woodshop
