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    608 University Ave Champaign, IL 61820

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    For Lease
    Contact for pricing

    Class A Retail/Office Space Available

    Lot size:
    20,942 SF

    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

    Spaces For Lease

    at 608 University Ave, Champaign, IL 61820 Contact us
    Unit Space 1

    $16 /Mo

    Size
    1,372 SF
    Contact us
    Unit East Building

    $16 /Mo

    Size
    3,370 SF
    Contact us

    We can help!

    Listing Contact
    Aj Thoma Iii, Ccim, Sior
    Aj Thoma Iii, Ccim, Sior

    Listing Agency: Coldwell Banker Commercial Devonshire Realty Listing Agent: Aj Thoma Iii, Ccim, Sior

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    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 Profile Insight Report Location Intelligence

    Current Use by Public Records

    US Marine Corps ... Military Recruiting Office AILife Insurance Co.- ... Insurance Agency AILife Insurance Co. Insurance Agency AILife Insurance Agent ... Insurance Agency Jilly's Healing Studio (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    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.
    (217) 403-3425 Call to check price and availability
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    608 University Ave Champaign, IL 61820
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    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.

    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
    608 University Ave Champaign, IL 61820
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Aj Thoma Iii, Ccim, Sior
    Aj Thoma Iii, Ccim, Sior
    Real Estate License ID: IL475.135026
    (217) 403-3425
    Learn more
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