Downtown Urbana Office/Warehouse
508 S Broadway Ave Urbana IL, Urbana, IL 61801
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Professional office building with warehouse space in downtown Urbana.
Type:Office
Property size:
9,251 SFLot size:
0.63 AcresPrice / SF:
$124/SF- Added:
- Sep 22, 2025
- Days on Market:
- 243
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 508 S Broadway Ave Urbana IL
General Information
- Standard status
- Active
- Size
- 9,251 SF
- Lot size
- 0.63 Acres
- Property subtype
- Office
Building Details
- Year Built
- 1963
Listing agent AJ Thoma III, CCIM, SIOR License #IL475.135026
Listing office Coldwell Banker Commercial Devonshire Realty (217) 403-3425
Listing date Sep 22, 2025
Source Crexi
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 Coldwell Banker Commercial Devonshire Realty
HighLights
- Prime downtown Urbana location near the Federal and County Courthouses and Lincoln Square Mall.
- 9,251 SF building with 6,939 SF of professional office space and 2,312 SF of low‑bay warehouse space.
- Well‑maintained building, fully renovated in 1992.
- 24 striped parking spaces on a 0.63‑acre site, with abundant additional parking nearby.
- Office area includes 16 private offices, reception area, two conference rooms, restrooms, and kitchenette.
- Warehouse space (34’ x 68’) with a 7’ x 7’ overhead garage door.
Overview
This professional office building, constructed in 1963 and fully renovated in 1992, is located at 508 S. Broadway Avenue in downtown Urbana, Illinois. The 9,251 SF building is situated on a 0.63-acre site and includes 24 striped parking spaces. The property has been well-maintained and is currently configured with 6,939 SF of professional office space and 2,312 SF of low-bay warehouse space. The office area features approximately 16 private offices, a welcoming reception area, two large conference rooms, two sets of restrooms, and a kitchenette. The warehouse portion measures roughly 34’ x 68’ and includes a 7’ x 7’ overhead garage door. The property benefits from its location in the heart of downtown Urbana, with proximity to the Federal Courthouse, County Courthouse, and Lincoln Square Mall. The surrounding area features a mix of retailers, professional offices, and government buildings. In addition to the on-site parking, there is abundant parking available in the immediate area. This property offers an excellent opportunity for professional users seeking a highly functional office building in a prime downtown Urbana location.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$1.05M
NOI $94,166 @ 9.00% cap · cautious / downside scenario
Moderate
$1.35M
NOI $94,166 @ 7.00% cap · market / base-case scenario
Aggressive
$1.88M
NOI $94,166 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $161.0k | $17.40 |
| − Vacancy | −$35.4k | −$3.83 |
| EGI | $125.6k | $13.57 |
| − OpEx | −$31.4k | −$3.39 |
| NOI | $94.2k | $10.18 |
9,251 SF · lease $17.40/SF/yr · vacancy 22.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$1.35M
$1.18M – $1.57M
NOI $94,166 @ 7.0% cap · market cap 8.17%
Second Best
Warehouse
$795.6K
$696.2K – $928.3K
NOI $55,695 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$1.92M
$1.68M – $2.25M
NOI $134,724 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Steve Beckett Law ...
Law Firm
Moore Emerson L
Law Firm
Kearns Lindsay B
Law Firm
Bequette Andrew W ...
Law Firm
Location Insight
- Map
- Local Demand
- City
- Urbana
- County
- Champaign
- State
- Illinois
- Longitude
- -88.2067399
- Latitude
- 40.1086543
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FAQs
What type of property is this?
Office building - Professional office building with warehouse space in downtown Urbana.
Where is this office building located?
The property is located at 508 S Broadway Ave Urbana IL Urbana, IL.
What is the asking price?
The asking price for this property is $1,152,375.
What are key features of this property?
This property features: Prime downtown Urbana location near the Federal and County Courthouses and Lincoln Square Mall.; 9,251 SF building with **6,939 SF of professional office space** and 2,312 SF of low‑bay warehouse space.; Well‑maintained building, fully renovated in 1992.
