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    234 Neil St Champaign, IL 61820

    Sponsored
    For Sale
    $5,950,000

    Prime Champaign location, flexible zoning, development potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional 3.307-acre development site in Champaign, Illinois, presents a rare investment opportunity. Located at the intersection of Downtown, Midtown, and Campustown, this property offers unparalleled access to a vibrant community. The site comprises ten parcels totaling approximately 144,053 square feet, zoned CB1 and CB2, allowing for significant flexibility in development plans. CB1 zoning permits buildings up to 85 feet tall, while CB2 allows for structures reaching 115 feet. Importantly, neither zoning classification imposes setback, open space reserve (OSR), or floor-to-area ratio (FAR) restrictions. The property includes eight existing buildings, constructed between 1915 and 1980, offering potential for adaptive reuse or demolition. Its strategic location, bordered by major thoroughfares like Neil Street and Springfield Avenue, and proximity to the Illinois Terminal, ensures excellent accessibility. The University of Illinois, with its substantial student and faculty population, is also within easy reach, creating a dynamic and high-demand market. This site is situated within a Tax Increment Financing (TIF) District and Enterprise Zone, presenting additional economic advantages for developers. The asking price is $5,950,000, and the APN is 42-20-12-482-003. This is a unique chance to acquire a large-scale development site in a high-growth area with considerable potential for substantial returns.

    Property Features for 234 Neil St

    General Information

    Property type
    Land
    Lot Size
    144,053 SF

    HighLights

    • Rare 3.307‑acre development opportunity in Champaign, IL.
    • Located at the intersection of Downtown, Midtown, and Campustown, offering excellent accessibility.
    • Ten parcels totaling 144,053 square feet, zoned CB1 & CB2, allowing for buildings up to 115 feet tall with no setback, OSR, or FAR restrictions.
    • Situated within a Tax Increment Financing (TIF) District and Enterprise Zone.
    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
    -88.2429514
    Latitude
    40.1141295

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    FAQs

    What type of property is this?
    Land - Prime Champaign location, flexible zoning, development potential.
    Where is this land located?
    The property is located at 234 Neil St Champaign, IL.
    What is the asking price?
    The asking price for this property is $5,950,000.
    What are key features of this property?
    This property features: Rare 3.307-acre development opportunity in Champaign, IL.; Located at the intersection of Downtown, Midtown, and Campustown, offering excellent accessibility.; Ten parcels totaling 144,053 square feet, zoned CB1 & CB2, allowing for buildings up to 115 feet tall with no setback, OSR, or FAR restrictions.
    (217) 403-3424
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    234 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
    234 Neil St Champaign, IL 61820
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