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    44 Main St Champaign, IL 61820

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    For Lease
    Contact for pricing

    Historic building, flexible spaces, prime location.

    Lot size:
    10,075 SF

    Property Features for 44 Main St

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    10,075 SF

    Building Details

    Year Built
    1916
    Stories
    5

    Spaces For Lease

    at 44 Main St, Champaign, IL 61820 Contact us
    Unit Suite 418-420

    $15 /Mo

    Size
    806 SF
    Contact us
    Unit Suite 319-320

    $15 /Mo

    Size
    796 SF
    Contact us
    Unit Suite 405

    $15 /Mo

    Size
    325 SF
    Contact us
    Unit Suite 517

    $15 /Mo

    Size
    396 SF
    Contact us
    Unit Suite 415

    $15 /Mo

    Size
    149 SF
    Contact us
    Unit Suite 303

    $15 /Mo

    Size
    839 SF
    Contact us
    Unit Suite 402

    $15 /Mo

    Size
    281 SF
    Contact us
    Unit Suite 411A

    $15 /Mo

    Size
    205 SF
    Contact us
    Unit Suite 417-417A

    $15 /Mo

    Size
    309 SF
    Contact us
    Unit Suite 404

    $15 /Mo

    Size
    314 SF
    Contact us
    Unit Suite 501

    $15 /Mo

    Size
    199 SF
    Contact us
    Unit Suite 301

    $15 /Mo

    Size
    230 SF
    Contact us
    Unit Suite 502

    $15 /Mo

    Size
    281 SF
    Contact us
    Unit Suite 401

    $15 /Mo

    Size
    230 SF
    Contact us
    Unit Suite 102

    $15 /Mo

    Size
    3,411 SF
    Contact us
    Unit Suite 302

    $15 /Mo

    Size
    281 SF
    Contact us
    Unit Suite 514

    $15 /Mo

    Size
    306 SF
    Contact us
    Unit Suite 403

    $15 /Mo

    Size
    225 SF
    Contact us
    Unit Suite 416

    $15 /Mo

    Size
    229 SF
    Contact us
    Unit Suite 516

    $15 /Mo

    Size
    263 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Alan Nudo
    Alan Nudo

    Listing Agency: Coldwell Banker Commercial Devonshire Realty Listing Agent: Alan Nudo

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This five-story, 1916 building offers versatile office suites in Champaign's vibrant downtown, ranging from 149 to 3,411 contiguous square feet. Located at 44 E Main St, near Walnut Street, this property boasts a prime location within the historic district, surrounded by numerous restaurants and retail establishments. The building features an elevator, common restrooms, and ample parking available for rent in a private lot. Suites are available as-is or with landlord-provided fit-outs to meet tenant needs. Suite 102, for example, offers a first-floor space previously used as a Pilates studio, featuring high ceilings, abundant natural light, a kitchenette, washer/dryer hookups, two changing rooms, two restrooms, and three offices. The building's zoning is CB2 (Champaign County). Leases are absolute gross, with the landlord covering taxes, CAM, building, and liability insurance. Tenants are responsible for electricity, telecommunications, janitorial services, and cleaning. Heating, trash, and water are included in the rent. The $15.00 per square foot rate reflects this comprehensive approach. The property's APN is 42-20-12-434-005. With ongoing development in the area, this location presents a unique opportunity for businesses of all sizes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Adapt-A-Lap Office Home Health Care Service Lawrence Kessler Physician PRP injection Clinic ... Corporate Office Renee M. Dumond, ... Physician Kathleen E. El ... Physician

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2414634
    Latitude
    40.1176465

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    FAQs

    What type of property is this?
    Office space - Historic building, flexible spaces, prime location.
    Where is this office space located?
    The property is located at 44 Main St Champaign, IL.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    Request Owner's contact information
    44 Main St Champaign, IL 61820
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    Champaign, IL 61820
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    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
    44 Main St Champaign, IL 61820
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    Contact for Pricing
    Please call us for current price
    and status of this listing Alan Nudo
    Alan Nudo
    Real Estate License ID: 475122494
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