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    302 Market St Champaign, IL 61820

    Sponsored
    For Sale
    $2,200,000

    2.05 Acres, CB1 Zoning, $2.2M

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional 2.05-acre commercial land parcel presents a rare development opportunity in Champaign, Illinois. Strategically located at the intersection of Downtown, Midtown, and Campustown, this property offers unparalleled access to a vibrant and densely populated area. The site, encompassing approximately 89,348 square feet, is zoned CB1 – Central Business Urban Fringe, allowing for a maximum building height of 85 feet with no setback, open space reserve (OSR), or floor-to-area ratio (FAR) restrictions. This flexible zoning provides significant development potential. The property includes three existing vacant buildings constructed between 1935 and 1973, offering potential for adaptive reuse or demolition. Its prime location benefits from proximity to the University of Illinois (over 56,000 students and 15,000+ faculty and staff), major arterial roads (Neil Street and Springfield Avenue), and the Illinois Terminal. This location is further enhanced by its designation within a Tax Increment Financing (TIF) District and Enterprise Zone, providing potential economic incentives. The property's size and zoning make it ideal for a variety of large-scale development projects. This is a unique chance to acquire a significant development site in a high-demand area. The asking price is $2,200,000. The address is 302 S Market St, Champaign, IL 61820.

    Property Features for 302 Market St

    General Information

    Property type
    Land
    Lot Size
    89,298 SF

    HighLights

    • Exceptional development opportunity.
    • Located in a Tax Increment Financing (TIF) District and Enterprise Zone, offering potential tax benefits.
    • Features flexible zoning, allowing for diverse development options.
    • Prime location at the intersection of Downtown, Midtown, and Campustown.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.242373
    Latitude
    40.113419

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    FAQs

    What type of property is this?
    Land - 2.05 Acres, CB1 Zoning, $2.2M
    Where is this land located?
    The property is located at 302 Market St Champaign, IL.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: Exceptional development opportunity.; Located in a Tax Increment Financing (TIF) District and Enterprise Zone, offering potential tax benefits.; Features flexible zoning, allowing for diverse development options.
    (217) 403-3424
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    302 Market 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
    302 Market St Champaign, IL 61820
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