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    107 W Green St Champaign, IL 61820

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    For Lease
    Contact for pricing

    Open retail space available for sublease near University of Illinois.

    Type:Retail
    Property size:
    12,163 SF
    Added:
    Aug 14, 2024
    Days on Market:
    613
    Last Refresh:
    Mar 17 at 1:21 pm

    Property Features for 107 W Green St

    General Information

    Standard status
    Active
    Size
    12,163 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1970

    Spaces For Lease

    at 107 W Green St Contact us

    $20 /Mo

    Size
    12,163 SF
    Type
    Retail
    Contact us

    We can help!

    Listing Contact
    AJ Thoma III, CCIM, SIOR

    Listing agent AJ Thoma III, CCIM, SIOR License #IL475.135026

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Aug 14, 2024

    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

    Overview

    Retail Space Sublease Opportunity

    This retail space, available as a direct sublease with CVS, offers 12,163 square feet of open retail area on the first floor. The space features a 14-foot clear height to the drop ceiling and 16 feet to the bottom of the steel I-beams. A partial basement, measuring 95 feet by 60 feet with 8-foot ceilings, provides additional storage and includes a conveyor system. Older restrooms are located in the basement; however, there are no restrooms currently on the main level. The lease is gross, and CVS prefers a tenant to take the space in "as is" condition and make all necessary improvements. The property is situated on the southwest corner of Neil Street and Green Street, a main arterial road leading into the University of Illinois campus town. The vacant space is located on the west side of CVS. Neil Street is a main arterial road that runs through Champaign, and the property is located just south of downtown Champaign.
    Location Intelligence

    Current Use by Public Records

    CVS Pharmacy Pharmacy CVS Photo (Bike/Boat/Book/etc) Store Redbox Cinema UPS Access Point ... Courier Service CVS Pharmacy

    Suggested Use

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

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

    Similar Places Nearby

    • CVS — 107 W Green St, Champaign, IL 61820
    • Lehman's Pharmacy — 716 S Randolph St, Champaign, IL 61820
    • Audrey Grunloh — 107 W Green St, Champaign, IL 618205213
    • Rx Drive Thru — Champaign, IL 61820
    • CVS Pharmacy — 107 W Green St, Champaign, IL 61820

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.237982
    Latitude
    40.109889

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    FAQs

    What type of property is this?
    Drug store - Open retail space available for sublease near University of Illinois.
    Where is this drug store located?
    The property is located at 107 W Green St Champaign, IL.
    What are key features of this property?
    This property features: Direct sublease with CVS, a major anchor tenant.; Prime location on the corner of Neil Street and Green Street, a main arterial road to the University of Illinois campus.; Large open retail space of 12,163 SF on the first floor.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    AJ Thoma III, CCIM, SIOR
    Real Estate License ID: IL475.135026
    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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