Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1904 S 1st St Champaign, IL 61820

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Class A office and retail space in Research Park.

    Type:Retail
    Property size:
    58,988 SF
    Added:
    May 21, 2019
    Days on Market:
    2525
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 1904 S 1st St

    General Information

    Standard status
    Active
    Size
    58,988 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2017

    Spaces For Lease

    at 1904 S 1st St Contact us

    We can help!

    Listing Contact
    Dana Flinn-Freeland

    Listing agent Dana Flinn-Freeland License #IL 475181578

    Listing office Fox Development Corporation

    Listing date May 21, 2019

    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 Fox Development Corporation

    Overview

    Research Park Mixed-Use Building

    The Mixed Use Building, completed in November 2017, is located at 1904 S. First Street in the Research Park at UIUC, situated between the I Hotel and Yahoo Building. It features 54,336 square feet of Class A office space on the 1st, 2nd, and 3rd floors. Additionally, the building offers 4,652 square feet of retail space on the west end of the 1st floor along First Street. The building includes a spacious break area and shared conference room on the 1st floor, along with shared restrooms.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Granular (Bike/Boat/Book/etc) Store Bayer Agricultural Service Mixed Use Building Academic Department Caterpillar, Inc. Champaign ... University Electric Power Engineers Engineering Consultant

    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
    -88.238474
    Latitude
    40.094412

    Nearby Similar for Lease

    • Contact for pricing

      Downtown Champaign Commercial Space Available

      Prime 2,688 SF space in vibrant downtown Champaign.
      6 Taylor Street E, Champaign, IL 61820
      View Details
    • Contact for pricing

      Turnkey Restaurant Space in Champaign

      Turnkey restaurant space in prime retail center near Memorial Stadium.
      2133 S Neil Street, Champaign, IL 61820
      View Details
    • Contact for pricing

      Commercial Space in Champaign, IL

      Versatile commercial unit suitable for various small businesses.
      902 N Country Fair Drive, Champaign, IL 61821
      View Details
    • Contact for pricing

      Downtown Champaign Office Space Available

      Impressive office space in downtown Champaign with flexible suite options.
      201 N Randolph Street, Champaign, IL 61820
      View Details
    • Contact for pricing

      Commercial Space in Champaign, IL

      Versatile commercial unit suitable for various small businesses.
      902 N Country Fair Drive, Champaign, IL 61821
      View Details
    • Contact for pricing

      Unique Commercial Unit in Champaign

      1920 SF unit with office, storage, and overhead door.
      706 BLOOMINGTON Road, Champaign, IL 61821
      View Details
    • Contact for pricing

      Retail Store with Warehouse Space

      Retail store with warehouse on a busy road.
      909 W Bloomington Road, Champaign, IL 61821
      View Details
    • Contact for pricing

      Champaign Retail Space with Drive-Thru

      Retail spaces in active corridor, ideal for food service.
      902 Meijer Drive, Champaign, IL 61822
      View Details
    • Sponsored
      Contact for pricing

      IL, Champaign – N. Randolph St

      206 Randolph St, Champaign, IL 61820
      View Details
    • $9/mo

      Versatile Flex Space Available

      Adaptable units suitable for office, lab, or warehouse use.
      606 N Country Fair Dr, Champaign, IL
      View Details
    • $11/mo

      Class A Office Building

      Corporate office building with private offices, conference rooms, and parking.
      2215 Fox Dr, Champaign, IL
      View Details
    • Contact for pricing

      Office & Warehouse Rental Property

      Office and warehouse spaces available for lease in Champaign, IL.
      510 S Staley Rd, Champaign, IL
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Class A office and retail space in Research Park.
    Where is this mixed-use property located?
    The property is located at 1904 S 1st St Champaign, IL.
    What are key features of this property?
    This property features: Newest development (built in 2017) in the Research Park at UIUC.; Boasts 54,336 square feet of Class A office space.; 4,652 square feet of retail space on First Street.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Dana Flinn-Freeland
    Real Estate License ID: IL 475181578
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!