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    500 Walnut St Champaign, IL 61820

    For Lease
    $20 SF/Yr

    Downtown Champaign retail & office suites

    Lot size:
    38,540 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    New Market Commons offers 38,540 square feet of prime retail and office space in downtown Champaign, Illinois. This repurposed building, completed in Fall 2018, features six available suites ranging from 1,782 to 5,990 contiguous square feet. Currently, 16,513 square feet are vacant. Each space includes storefront elevations, finished demised space, code-compliant electrical and lighting, sealed concrete floors, one ADA-compliant restroom, and separate HVAC and electrical systems. The owner is open to build-outs for qualified tenants. The property, zoned CI - Commercial Industrial (APN: 42-20-12-288-011, 012, 010), boasts a vintage, urban industrial vibe, perfect for boutiques, art studios, restaurants, and more. Located at 500 N Walnut St, Champaign, IL 61820, it benefits from high traffic counts (Washington St: 7,800 VPD

    Property Features for 500 Walnut St

    General Information

    Property type
    Individual retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    38,540 SF
    Total Rate
    64233.33

    Unit(s) available at that property

    Space
    109
    Size
    1,782 SF
    Rate per SF
    $30
    Space
    113
    Size
    1,792 SF
    Rate per SF
    $30
    Space
    Suite 114
    Size
    2,806 SF
    Rate per SF
    $30
    Space
    Suite 201-202
    Size
    4,143 SF
    Rate per SF
    $30
    Space
    Size
    0 SF
    Rate per SF
    $30
    Space
    Suite 101
    Size
    5,990 SF
    Rate per SF
    $27
    Space
    Suite 102
    Size
    5,990 SF
    Rate per SF
    $27

    HighLights

    • 38,540 SF of retail and office space in downtown Champaign, IL.
    • Six suites available, ranging from 1,782 to 5,990 contiguous SF; 16,513 SF currently vacant.
    • Each suite features storefront elevations, finished space, and separate HVAC & electrical systems.
    • Owner will consider tenant improvements for qualified tenants.
    • Located at 500 N Walnut St, Champaign, IL, with high traffic counts.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Stango Cuisine African Restaurant Wood N' Hog ... Barbecue Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.24109167
    Latitude
    40.12013167

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    FAQs

    What type of property is this?
    Individual retail property - Downtown Champaign retail & office suites
    Where is this individual retail property located?
    The property is located at 500 Walnut St Champaign, IL.
    What is the lease rate?
    The lease rate is $27-$30 SF/Yr.
    What are key features of this property?
    This property features: 38,540 SF of retail and office space in downtown Champaign, IL.; Six suites available, ranging from 1,782 to 5,990 contiguous SF; 16,513 SF currently vacant.; Each suite features storefront elevations, finished space, and separate HVAC & electrical systems.
    Request Owner's contact information
    500 Walnut 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
    500 Walnut St Champaign, IL 61820
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