Champaign Industrial/Flex Space
For Sale
Contact for pricing
2602 N Mattis Ave, Champaign, IL 61822
Two buildings totaling 26,456 SF with 100% occupancy.
Property Size26,456 SF
Price / SF$54.81
Days on Market781
Property Features for 2602 N Mattis Ave
General Information
Standard status
Active
Size
26,456 SF
Property subtype
Industrial
Lease Type
Gross
Investment Type
Core+
Net Operating Income
$105,000
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
Ramshaw Real Estate, Inc.
(217) 359-3131
Listed By:
Jordan Dunahee · License #IL 475181066
Source:
Crexi
Added: Jul 11, 2024
Changed: Aug 15
Last Checked: Aug 29 at 4:04PM
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 Ramshaw Real Estate, Inc.
Investment Insights
Based on property information with market context.
Located in northwest Champaign, Illinois, this property features two buildings with a total area of 26,456 square feet. The property is currently 100% occupied. It is suitable for industrial or flex space investment. The property includes ample parking and multiple overhead doors.
Key Highlights
- 100% Occupancy: Provides immediate income
- Prime Investment Opportunity: Valuable asset in Champaign, IL
- Total of 26,456 SF of industrial/flex space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$122,191
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.43%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,443,820
$2.4M
Cap Rate 7%
$1,745,586
$1.7M
Cap Rate 9%
$1,357,678
$1.4M
Market Conditions
NOI Build-Up for 26,456 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$184.1K $6.96/SF
− Vacancy
−$9.6K −$0.36/SF
EGI
$174.6K $6.60/SF
− OpEx
−$52.4K −$1.98/SF
NOI
$122.2K $4.62/SF
Area
Champaign County, IL
Vacancy
5.20%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,443,820
Cap Rate 7%
$1,745,586
Cap Rate 9%
$1,357,678
Alternative Uses
Best Use
Flex RnD
$2.08M
$1.82M – $2.42M
NOI $145,482 @ 7.0% cap · market cap 10.03%
Second Best
Industrial
$1.75M
$1.53M – $2.04M
NOI $122,191 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$5.50M
$4.82M – $6.42M
NOI $385,284 @ 7.0% cap · market cap 26.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 61822, IL
25,091
Population
11,923
Households
2.1
Avg Household Size
38
Median Age
58%
College-Educated
96%
High-School Grad
107.2 sq mi
ZIP Area
234
Density / Sq Mi
$97,044
Median Household Income
$55,385
Median Earnings
$1,265
Median Rent
$264,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two buildings totaling 26,456 SF with 100% occupancy.
Where is this flex space located?
The property is located at 2602 N Mattis Ave Champaign, IL.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 100% Occupancy: Provides immediate income; Prime Investment Opportunity: Valuable asset in Champaign, IL; Total of 26,456 SF of industrial/flex space
