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

    W Olympian Dr AND N MARKET ST CHAMPAIGN IL Champaign, IL 61822

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

    Development site in a rapidly growing area of Champaign-Urbana.

    Type:Land
    Added:
    Mar 14, 2024
    Days on Market:
    769
    Last Refresh:
    Mar 17 at 1:25 pm

    Property Features for W Olympian Dr AND N MARKET ST CHAMPAIGN IL

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Jeremy Brandow

    Listing agent Jeremy Brandow License #IL 475142156

    Listing office Coldwell Banker Real Estate Champaign

    Listing date Mar 14, 2024

    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 Coldwell Banker Real Estate Champaign

    Overview

    Champaign Development Site For Sale

    This development site is located at the intersection of N Market St and W Olympian Dr in Champaign, Illinois. The area experiences high daily traffic counts, with 6,150 AADT on N Market St and 3,450 AADT on W Olympian Dr. The current zoning is Multi-Family (MF1). The surrounding area includes commercially and residentially zoned properties. Market Place Mall is located 1 mile to the south. Additional retail, restaurants, and residential areas are located 1 to 1.5 miles southwest, including Best Buy, Chick-Fil-a, Costco, Meijer, Binny's, Kohl's, Market Place Mall, Olive Garden, Planet Fitness, Nantucket Cove Apartments, Baytown Apartments, Buffalo Wild Wings, and Denver Mattress.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.241267
    Latitude
    40.116966

    Nearby Similar for Sale

    • $850,000

      Commercial Building with Established Tenants

      6,200 SF commercial building with three tenants in place.
      1205 S Mattis Avenue, Champaign, IL 61821
      View Details
    • $698,000

      Commercial Building Near Major Intersection

      Retail and office space with warehouse in high-traffic location.
      909 W Bloomington Road, Champaign, IL 61821
      View Details
    • $750,000

      Champaign Commercial Land For Sale

      1.92-acre commercial lot in desirable Champaign location.
      4202 Nicklaus Drive, Champaign, IL 61822
      View Details
    • $465,000

      Prime Commercial Land in Champaign

      1.89-acre commercial land in high-visibility Champaign location.
      803 N Mattis Avenue, Champaign, IL 61821
      View Details
    • $455,000

      Turnkey 9-Unit Investment Property

      Fully renovated 9-unit building near Downtown Champaign.
      613 W Church Street, Champaign, IL 61820
      View Details
    • $1,250,000

      Downtown Champaign Mixed-Use Building

      Prime mixed-use property in downtown Champaign with rental income.
      320 N Neil Street, Champaign, IL 61820
      View Details
    • $230,000

      All-Brick Duplex in Champaign, IL

      Well-maintained duplex with hardwood floors and strong rental history.
      1210-1212 Julie Drive, Champaign, IL 61821
      View Details
    • $225,000

      Well-Maintained Duplex in Champaign, IL

      All-brick duplex with hardwood floors and strong rental history.
      1805-1807 Jeanne Street, Champaign, IL 61821
      View Details
    • Contact for pricing

      Bi-Level Retail Facility For Sale

      Unique bi-level retail facility on prime shopping hub outlot.
      6 Convenience Center Road, Champaign, IL 61820
      View Details
    • $239,900

      Champaign Multifamily Property For Sale

      Four-unit property with updates and redevelopment potential in Champaign, IL.
      1011 W CHURCH Street, Champaign, IL 61821
      View Details
    • $399,999

      Greencroft Homesite Near Country Club

      Luxury homesite in established community near Champaign Country Club.
      21 Greencroft Drive, Champaign, IL 61821
      View Details
    • $249,900

      Champaign Multifamily Building For Sale

      Six-unit building in Champaign, ideal for future development.
      1013 W Church Street, Champaign, IL 61820
      View Details

    FAQs

    What type of property is this?
    Commercial land - Development site in a rapidly growing area of Champaign-Urbana.
    Where is this commercial land located?
    The property is located at W Olympian Dr AND N MARKET ST CHAMPAIGN IL Champaign, IL.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: Excellent development site in a rapidly growing area of Champaign‑Urbana.; High daily traffic counts at the intersection of N Market St and W Olympian Dr.; Zoned Multi‑Family (MF1).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jeremy Brandow
    Real Estate License ID: IL 475142156
    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!