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    502 Neil St Champaign, IL 61820

    Sponsored
    For Sale
    $949,000

    High-traffic commercial/residential land

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 13,583 square foot lot presents a unique investment opportunity in the heart of Champaign, Illinois. Situated at 502 N Neil St, this corner lot boasts a prime location at the intersection of N Neil Street and Washington Street, ensuring high visibility and accessibility for both vehicular and pedestrian traffic. The property is zoned CB2, allowing for a variety of commercial and residential development possibilities. Its strategic position offers unparalleled convenience, being less than a mile from the University of Illinois campus and Interstate 74, providing easy access to major transportation routes and a large pool of potential customers and residents. The asking price for this remarkable property is $949,000. Given its size, location, and zoning, this lot represents a significant opportunity for developers seeking to capitalize on the vibrant and growing Champaign market. The property's address is 502 N Neil St, Champaign, IL 61820. This is a rare chance to acquire a substantial parcel of land in a highly desirable area with excellent potential for future development and substantial return on investment. The lot's dimensions and precise permitted uses should be verified independently.

    Property Features for 502 Neil St

    General Information

    Property type
    Land

    HighLights

    • 13,583 SF corner lot in prime Champaign, IL location at 502 N Neil St.
    • High visibility at N Neil St & Washington St intersection, excellent vehicular & pedestrian access.
    • CB2 zoning allows diverse commercial & residential development.
    • Less than one mile from University of Illinois & I‑74, offering strong access & customer base.
    • Asking price: $949,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2432661
    Latitude
    40.1201206

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    FAQs

    What type of property is this?
    Land - High-traffic commercial/residential land
    Where is this land located?
    The property is located at 502 Neil St Champaign, IL.
    What is the asking price?
    The asking price for this property is $949,000.
    What are key features of this property?
    This property features: 13,583 SF corner lot in prime Champaign, IL location at 502 N Neil St.; High visibility at N Neil St & Washington St intersection, excellent vehicular & pedestrian access.; CB2 zoning allows diverse commercial & residential development.
    Request Owner's contact information
    502 Neil St 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
    502 Neil St Champaign, IL 61820
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