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    2004 Fox Dr Champaign, IL 61820

    Sponsored
    For Lease
    $12 SF/Yr

    2,500 SF Executive Office Suite Available

    Lot size:
    25,100 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This single-story, 25,100 square foot Class B office building, constructed in 1988, offers a 2,500 square foot suite for lease in Champaign, IL. Located in the Corporate Center Office Park, this multi-tenant property boasts a brick façade, ample parking (97 spaces), and convenient access to public transportation (MTD bus route). The suite, situated in the southwest corner, is primarily in shell condition and includes a reception area, break room, office, storage room, and two restrooms. It requires additional build-out to meet tenant specifications. The building features a prominent monument sign on Fox Drive and enjoys a central location in south Champaign, near the University of Illinois, Research Park, and Carriage Center Shopping. The area is home to major employers such as Jimmy John's and Amdocs, and offers nearby restaurants and retail amenities. The minimum divisible space is 700 square feet, with a maximum contiguous space of 2,500 square feet. The property's zoning is Commercial Office, and its APN is 45-20-24-328-003 & 004. The lease rate is $12.00 per square foot, NNN.

    Property Features for 2004 Fox Dr

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    25,100 SF
    Class
    B
    Total Rate
    25100

    Building Details

    Year Built
    1988
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Suite K
    Size
    2,500 SF
    Rate per SF
    $12

    HighLights

    • 25,100 SF Class B office building, built in 1988, available for lease in Champaign, IL.
    • 2,500 SF suite available, primarily in shell condition, with reception, break room, office, storage, and restrooms.
    • Located in Corporate Center Office Park with 97 parking spaces and MTD bus access.
    • Central Champaign location near UIUC, Research Park, and Carriage Center, with nearby employers and amenities.
    • Lease rate: $12.00/SF, NNN.
    Property Profile Location Intelligence

    Current Use by Public Records

    Westchester Group Investment Real Estate Agency Rodney Davis Champaign ... State Government Office Believers and Achievers LLC Vocational School Left Lane Auto ... Auto Repair Shop Yettke & Associates Tax Preparation Service

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2501491
    Latitude
    40.0908983

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    FAQs

    What type of property is this?
    Office Property / Space - 2,500 SF Executive Office Suite Available
    Where is this office property / space located?
    The property is located at 2004 Fox Dr Champaign, IL.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: 25,100 SF Class B office building, built in 1988, available for lease in Champaign, IL.; 2,500 SF suite available, primarily in shell condition, with reception, break room, office, storage, and restrooms.; Located in Corporate Center Office Park with 97 parking spaces and MTD bus access.
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    2004 Fox Dr Champaign, IL 61820
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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.

    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
    2004 Fox Dr Champaign, IL 61820
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