For Sale
$1,230,000

508 Race StUrbana, IL 61801

Stable Government Lease, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
113

Highlights

  • Modified gross lease structure with 2% annual rent escalations in years two and four.
  • Recently renewed for a 5-year term, extending the lease through April 30, 2029.
  • Excellent synergy with nearby government assets.
  • Stable, predictable cash flow due to a long-term government lease with minimal default risk.
  • Low vacancy risk due to the creditworthiness of the government tenant (Illinois Department of Children and Family Services).
  • Government tenant maintains the property, reducing landlord responsibilities.

Property Details for 508 Race St

Property type
Office properties
Square Feet
10,800 SF
Class
B
Year Built/Renovated
1989/2019
Buildings
1
Stories
2
Lot Size (sq. ft)
22,651 SF

Location Insight

City
Urbana
County
Champaign
State
Illinois
Latitude
40.108594635825
Longitude
-88.208892041265
508 Race St, Urbana, Illinois
Leaflet | © OpenStreetMap contributors

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508 Race St
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