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    608 University Ave Champaign, IL 61820

    Sponsored
    For Lease
    $14 SF/Yr

    Class A Retail/Office Space Available

    Lot size:
    20,942 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    Latitude, a Class A, two-building mixed-use development in Champaign, Illinois, offers exceptional retail and office space opportunities. This six-story complex, built in 2016, boasts 20,942 square feet of ground-floor commercial space across two city blocks, strategically located on East University Avenue (21,800 vehicles per day). Currently, 3,370 square feet of contiguous space is available in the east building, divisible into units as small as 1,441 square feet, to accommodate various tenant needs. Spaces are delivered as grey shell with a $50 per square foot tenant improvement allowance. The property benefits from high-speed fiber internet access and includes an outdoor patio area ideal for restaurant or retail use. Parking is available on the north side of the building, supplemented by metered street parking. One notable space, formerly a Bearology location, offers 772 square feet of usable space (1,372 square feet rentable), featuring an open counter with plumbing, a back room for storage, and a student lounge area. The property's zoning is CB1-Central Business Urban Fringe, and its prime location places it near the University of Illinois Engineering Campus, OSF Hospital, Carle Hospital, and downtown Champaign. The west building is fully leased. This presents a unique chance to establish a presence in a thriving, high-traffic area within a modern, well-maintained development.

    Property Features for 608 University Ave

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    20,942 SF
    Class
    A
    Total Rate
    24432.33

    Building Details

    Year Built
    2016
    Buildings
    2
    Stories
    6

    Unit(s) available at that property

    Space
    Suite 4
    Size
    1,929 SF
    Space
    Suite 5
    Size
    1,441 SF
    Space
    Space 1
    Size
    1,372 SF
    Rate per SF
    $16
    Space
    East Building
    Size
    3,370 SF
    Rate per SF
    $16

    HighLights

    • Class A, mixed‑use Latitude development in Champaign, IL, offers 20,942 SF of ground‑floor commercial space.
    • 3,370 SF of contiguous retail/office space available in east building, divisible to 1,441 SF; $50/SF TI allowance.
    • Prime East University Ave location (21,800 VPD), near UIUC Engineering, OSF & Carle Hospitals, and downtown.
    • Available space includes a 772 SF (1,372 RSF) former restaurant space with existing plumbing and storage.
    • Amenities include high‑speed fiber internet, outdoor patio, and parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    US Marine Corps ... Military Recruiting Office AILife Insurance Co.- ... Life Insurance Agency AILife Insurance Co. Life Insurance Agency AILife Insurance Agent ... Life Insurance Agency Jilly's Healing Studio Scrapbooking Store

    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
    -88.229763
    Latitude
    40.1166758

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    FAQs

    What type of property is this?
    Restaurant - Class A Retail/Office Space Available
    Where is this restaurant located?
    The property is located at 608 University Ave Champaign, IL.
    What is the lease rate?
    The lease rate is $0.00-$16 SF/Yr.
    What are key features of this property?
    This property features: Class A, mixed-use Latitude development in Champaign, IL, offers 20,942 SF of ground-floor commercial space.; 3,370 SF of contiguous retail/office space available in east building, divisible to 1,441 SF; $50/SF TI allowance.; Prime East University Ave location (21,800 VPD), near UIUC Engineering, OSF & Carle Hospitals, and downtown.
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    608 University Ave Champaign, IL 61820
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    Champaign, IL 61820
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    Realmo Value Estimation

    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.

    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
    608 University Ave Champaign, IL 61820
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