Professional Office
For Sale
Contact for pricing
508 S Broadway Ave, Urbana, IL 61801
Professional office building constructed in 1963 and fully renovated in 1992 with 24 striped parking spaces.
Property Size9,251 SF
Lot Size0.63 Acres
Price / SF$124.57
Days on Market289
Property Features for 508 S Broadway Ave
General Information
Standard status
Active
Size
9,251 SF
Total Parking Spaces
24
Lot size
0.63 Acres
Property subtype
OFFICE
Building Details
Year Built
1963
Year Renovated
1992
Buildings
1
Building Size
9,251 SF
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
(217) 520-3299
Listed By:
AJ Thoma III
(217) 520-3299
Source:
Moodyscre
Added: Nov 4, 2025
Changed: Jul 30
Last Checked: Jul 30 at 1:53AM
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
Investment Insights
Based on property information with market context.
Professional office building located at 508 S Broadway Ave in downtown Urbana, Illinois. The building was constructed in 1963 and fully renovated in 1992 for use as a law office. The property provides 9,251 SF of space on a 0.63-acre site and includes 24 striped parking spaces.
The building has been well-maintained, making it a functional option for office tenants seeking an established, renovated facility for professional services. Parking is set up to support day-to-day client and staff access.
With its dedicated professional layout and renovation history, the property is positioned for office users looking for a ready-to-occupy building rather than ground-up development.
The building has been well-maintained, making it a functional option for office tenants seeking an established, renovated facility for professional services. Parking is set up to support day-to-day client and staff access.
With its dedicated professional layout and renovation history, the property is positioned for office users looking for a ready-to-occupy building rather than ground-up development.
Key Highlights
- 9,251 SF professional office building
- Constructed in 1963; fully renovated in 1992
- 0.63‑acre site
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
$94,166
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
8.17%
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%
$1,883,320
$1.9M
Cap Rate 7%
$1,345,229
$1.3M
Cap Rate 9%
$1,046,289
$1.0M
Market Conditions
NOI Build-Up for 9,251 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
$161.0K $17.40/SF
− Vacancy
−$35.4K −$3.83/SF
EGI
$125.6K $13.57/SF
− OpEx
−$31.4K −$3.39/SF
NOI
$94.2K $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 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%
$1,883,320
Cap Rate 7%
$1,345,229
Cap Rate 9%
$1,046,289
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.57M
NOI $94,166 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
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 authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,115
Businesses Nearby
Explore this area
Business Placement
Demographics for 61801, IL
27,658
Population
13,468
Households
2.1
Avg Household Size
26
Median Age
65%
College-Educated
98%
High-School Grad
5.4 sq mi
ZIP Area
5,122
Density / Sq Mi
$37,948
Median Household Income
$26,394
Median Earnings
$950
Median Rent
$184,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional office building constructed in 1963 and fully renovated in 1992 with 24 striped parking spaces.
Where is this office building located?
The property is located at 508 S Broadway Ave 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: 9,251 SF professional office building; Constructed in 1963; fully renovated in 1992; 0.63‑acre site
