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Property profile & analytics

1502 12th N Cunningham Ave Urbana, IL 61802-1804

  • Commercial real estate
OFF-MARKET
Last Sale
Aug 17, 2021
$550,000
Value Estimations
$515,000
Show details
Cap Rate Potential
Location Intelligence
Property ID
US28-0005314
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

Current Use by Public Records

  • Metro by T-Mobile / Telecommunications Service Provider / Cell Phone Accessory Store
  • Urbana Boulders / Rock Climbing Gym
  • Urban Beauty & Fashion / Beauty Supply Store / Barber Supply Store
  • T J's Laundry & Dry Cleaning / Laundry
  • R & R’s Commercial Laundry & Dry Cleaning / Laundry / Laundry Service

Property Details for 1502 12th N Cunningham Ave

Property type
Commercial real estate
APN
912109103023
APU
912109103023

Description

Northgate Plaza, a 49,830 square foot shopping center in Urbana, Illinois, presents a compelling value-add opportunity. Located on a 7.02-acre lot at 1502 & 1508 N Cunningham Ave (61802), this single-story, 1983-built property (renovated in 2023) boasts eight tenants, including Dollar General and Harbor Freight. Currently 83.04% occupied, the center offers significant upside potential. The asking price is $3,105,000, representing a price per square foot of $62.31, with a current NOI of $241,121 and a pro-forma NOI of $313,365 (7.77% cap rate, 10.09% pro-forma cap rate). A substantial 8,450 square feet of vacant space allows for immediate NOI growth. The property benefits from recent capital improvements, including a 2022 roof replacement and recent HVAC upgrades. Leases are available, with options varying. The property's location near the University of Illinois (less than 2 miles), downtown Urbana (less than 1.5 miles), and downtown Champaign (approximately 3 miles), combined with its high visibility on a major retail corridor (N Cunningham Avenue) and proximity to I-74, ensures strong traffic and consumer base. The current average rent is $8.77, significantly below market rate of $16.32 NNN, presenting a substantial opportunity to increase profitability. The property is zoned commercial and features a fee simple ownership.


Value Estimations

based on Realmo’s proprietary methodology
  • AI approach

    Method
    Estimation
    Statistic approach
    $515,000

Get a detailed, property-specific valuation — fast and free


Location Insight

  • Map
  • Local Demand
City
Urbana
County
Champaign
State
Illinois
Longitude
-88.1991
Latitude
40.1259
CBSA code
16580
CBSA name
CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$16,123
$78,800
$72,770
$151,570
-
$236,400
$218,310
$454,710
More about this property
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