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    701 Devonshire Dr Building C Champaign, IL 61820

    View on Map
    Picture of Business parks at 701 Devonshire Dr Building C, Champaign, IL
    For Lease
    $1,575 /Mo

    Colony Square Business Technology Center (Btc)

    Added:
    May 13, 2025
    Days on Market:
    345
    Last Refresh:
    Mar 16 at 9:05 am

    Property Features for 701 Devonshire Dr Building C

    General Information

    Standard status
    Active
    Property type
    Business parks, Office Units, Office properties & Spaces
    Elevators
    N/A
    Rate Type
    Monthly

    Building Details

    Year Built
    1978
    Buildings
    1
    Stories
    2

    We can help!

    Listing Contact
    Zach Wetherell

    Listing agent Zach

    Listing office

    Listing date May 13, 2025

    Overview

    Colony Square Office Suites

    Located off Devonshire Drive in the Colony Square Complex, this property is situated west of the 17-acre Carriage Center retail development along South Neil Street. Neighboring businesses include Hope Springs, Colony Square Cleaners, Chesser Financial, and Colony Property Management. Mattis Park is located to the east of the property. The Business Technology Center (BTC) offers office suites ranging from small to large, allowing tenants to lease individual or multiple offices based on their business needs. Utilities are included in all leases at no additional charge. For an additional fee, the BTC provides phone and voicemail service, fiber internet, access to a copier/fax/scanner, and a postage meter. Free access to conference rooms is also available. Virtual office space is offered starting at $125.00 per month, providing access to an address/mailbox and up to 10 hours per month of conference room use. Available suites include Suite 101A (120 square feet at $450/month), Suite 101B (120 square feet at $450/month), Suite 115 (753 square feet at $1,600/month), Suite 131 (230 square feet at $585/month), Suite 204 (388 square feet at $810/month), Suite 205 (675 square feet at $1,250/month), Suite 207 (435 square feet at $900/month), Suite 207A (385 square feet at $810/month), and Suite 209 (852 square feet at $1,575/month). Suite 209 is available immediately.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Metro Infusion Center Medical Clinic Melissa Lopez Hittle ... Insurance Agency Business & Technology Center Corporate Office Jr's Driving School Training Center Jen Watson Consulting Advertising Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2438
    Latitude
    40.1154

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    FAQs

    What type of property is this?
    Business park - Colony Square Business Technology Center (Btc)
    Where is this business park located?
    The property is located at 701 Devonshire Dr Building C Champaign, IL.
    What is the lease rate?
    The lease rate is $1,575 /Mo.
    What are key features of this property?
    This property features: Suite 209; SQFT:852; Lease Type:Other
    (217) 403-3374
    We can help!
    Listing Contact
    Zach Wetherell
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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