Urbana Commercial Property For
For Sale
Under Contract
$175,000
4904 N Cunningham Avenue, Urbana, IL 61802
COMMERCIAL - Urbana, IL
Property Size3,000 SF
Lot Size0.41 Acres
Price / SF$58.33
Days on Market297
Property Features for 4904 N Cunningham Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
North on Cunningham Ave, building located on right.
Subdivision
Urbana
Standard status
Active Under Contract
APN
251527100020
Size
3,000 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SEC 27, TWP 20N, RNG 9E
Tax Annual Amount
3543
Legal Description
SEC 27, TWP 20N, RNG 9E
Utilities
Cooling system
Central Air
Building Details
Year built
1956
Floors in Building
1
Listing Agency:
KELLER WILLIAMS-TREC · Keller Williams Realty
(217) 356-6100
Listed By:
Lisa Duncan · License #475142322
(217) 356-6100
Added: Oct 17, 2025
Changed: Aug 4
Last Checked: Aug 9 at 11:06AM
MLS# 12498022
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.
Investment Insights
Based on property information with market context.
This commercial property, situated just north of Urbana and offering convenient interstate access, presents a unique opportunity. Previously utilized as a woodshop, the building is available due to the owner's retirement, making it suitable for continuation as a woodshop or customization to accommodate various business needs. The property encompasses over 3,000 square feet, featuring a large workshop area, an office, two additional rooms, and a bathroom. The lot size is 0.412 acres.
Key Highlights
- Over 3,000 sq ft of versatile commercial space.
- Convenient access to the interstate.
- Previously used as a woodshop; suitable for similar business.
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
$13,856
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
7.92%
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%
$277,120
$277.1K
Cap Rate 7%
$197,943
$197.9K
Cap Rate 9%
$153,956
$154.0K
Market Conditions
NOI Build-Up for 3,000 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
$20.9K $6.96/SF
− Vacancy
−$1.1K −$0.36/SF
EGI
$19.8K $6.60/SF
− OpEx
−$5.9K −$1.98/SF
NOI
$13.9K $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%
$277,120
Cap Rate 7%
$197,943
Cap Rate 9%
$153,956
Alternative Uses
Best Use
Industrial
$197.9K
$173.2K – $230.9K
NOI $13,856 @ 7.0% cap · market cap 7.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$624.1K
$546.1K – $728.2K
NOI $43,690 @ 7.0% cap · market cap 24.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
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?
Manufacturing property - Versatile commercial building in Urbana with convenient interstate access.
Where is this manufacturing property 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 sq ft of versatile commercial space.; Convenient access to the interstate.; Previously used as a woodshop; suitable for similar business.
