Building Details

Year Built 1978

Listing Agency: KELLER WILLIAMS-TREC

Listed By: Joe Zalabak, ABR (217) 721-5855 · License #475151471 Show Phone

Source: Searchillinoishomesforsale

Added: Oct 14 Changed: Oct 16 Last Checked: Oct 16 at 2:23PM

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Investment Insights

Based on property information with market context.

This 0.39-acre commercial land parcel at 505 N Walnut Street includes a vacant 2,952-square-foot building constructed in 1978. The structure was previously used for automotive repair and may offer interim rental use, subject to applicable occupancy requirements.

Located in downtown Champaign, the property is zoned CB1 (Central Business Urban Fringe). The zoning supports multifamily residential construction, and the site may also be considered for mixed-use development. CB1 zoning generally does not require minimum on-site parking. Any development remains subject to zoning requirements and municipal approvals.

Key Highlights

• 0.39‑acre parcel with a vacant 2,952‑square‑foot building
• CB1 (Central Business Urban Fringe) zoning
• Multifamily residential construction and mixed‑use development are identified possibilities

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,958

Cap Rate

6.24%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$499,160 $499.2K

Cap Rate 7%

$356,543 $356.5K

Cap Rate 9%

$277,311 $277.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,952 SF

Gross rent

$39.0K $13.20/SF

− Vacancy

−$3.3K −$1.12/SF

EGI

$35.7K $12.08/SF

− OpEx

−$10.7K −$3.62/SF

NOI

$25.0K $8.45/SF

Area

Champaign County, IL

Vacancy

8.50%

Lease Rate

$13.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$499,160

Cap Rate 7%

$356,543

Cap Rate 9%

$277,311

Alternative Uses

Best Use

Retail

$356.5K

$312.0K – $416.0K (±1% cap)

NOI $24,958 @ 7.0% cap · market cap 6.24%

Second Best

Industrial

$194.8K

$170.4K – $227.2K (±1% cap)

NOI $13,634 @ 7.0% cap · market cap 3.41%

Theoretical Best

Office A

$614.2K

$537.4K – $716.5K (±1% cap)

NOI $42,991 @ 7.0% cap · market cap 10.75%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Drollinger Auto Repair Auto Repair Shop Trudo Auto Repair Auto Repair Shop

Suggested Use

Top Pick Electrical Service Auto Parts Store Grocery & Convenience Store Storage Facility Big Box & Wholesale Store Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,023

Businesses Nearby

6k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Dollar General Shops & Services

5,553 visits/mo 0.4 miles

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 Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Commercial land - CB1 zoning supports multifamily residential development and provides flexibility for site planning.

Where is this commercial land located?

The property is located at 505 N Walnut St Champaign, IL.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: 0.39‑acre parcel with a vacant 2,952‑square‑foot building; CB1 (Central Business Urban Fringe) zoning; Multifamily residential construction and mixed‑use development are identified possibilities