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    Office Suites for Lease Title is generated by Realmo AI

    701 Devonshire Dr Building C, Champaign, IL 61820

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    Office suites available for lease in Champaign, Illinois.

    Type:Office
    Added:
    Nov 24, 2021
    Days on Market:
    1656
    Last Refresh:
    May 12 at 10:53 pm

    Property Features for 701 Devonshire Dr Building C

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1978

    Spaces For Lease

    at 701 Devonshire Dr Building C Contact us

    Suite 206A $300/Mo

    Size
    110 SF
    Type
    Office
    Contact us

    Suite 202B $800/Mo

    Size
    369 SF
    Type
    Office
    Contact us

    Suite 201E $300/Mo

    Size
    110 SF
    Type
    Office
    Contact us

    Suite 210A $325/Mo

    Size
    120 SF
    Type
    Office
    Contact us

    Suite 207 $900/Mo

    Size
    435 SF
    Type
    Office
    Contact us

    Suite 123 $500/Mo

    Size
    193 SF
    Type
    Office
    Contact us

    Suite 201F $500/Mo

    Size
    200 SF
    Type
    Office
    Contact us

    Virtual Office Space $175/Mo

    Size
    Type
    Office
    Contact us

    Suite 205 $1,250/Mo

    Size
    675 SF
    Type
    Office
    Contact us

    Suite 101A $450/Mo

    Size
    120 SF
    Type
    Office
    Contact us

    Suite 138 $375/Mo

    Size
    130 SF
    Type
    Office
    The Business Technology Center (BTC) offers small to large office suites for lease....
    show more
    Contact us

    Suite 209 $1,575/Mo

    Size
    852 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Zach Wetherell

    Listing agent Zach Wetherell License #IL

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Nov 24, 2021

    Source Crexi

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

    All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Commercial Devonshire Realty

    HighLights

    • Utilities included in lease.
    • Flexible office suite sizes available.
    • Free access to conference rooms.
    • Virtual office space available.
    • Located in Colony Square Complex.
    • Additional services available for a fee (phone, internet, etc.).

    Overview

    The Business Technology Center (BTC) offers office suites ranging from small to large for lease. Tenants have the option to lease individual offices or multiple offices, depending on their business requirements. The leases include utilities at no additional charge. For an additional fee, the BTC provides phone and voicemail service, fiber internet, access to a copier/fax/scanner, and a postage meter. Free access to conference rooms is also available. Virtual office space is offered starting at $175.00 per month, which includes access to an address/mailbox and up to 10 hours per month of conference room use. The property is located off Devonshire Drive in the Colony Square Complex, west of the 17-acre Carriage Center retail development along South Neil Street. Neighboring businesses in Colony Square include Hope Springs, Colony Square Cleaners, Chesser Financial, and Colony Property Management. Mattis Park is located to the east of the property.
    Property Profile Location Intelligence

    Current Use by Public Records

    Metro Infusion Center Medical Clinic Melissa Lopez Hittle ... Insurance Agency Business & Technology Center Corporate Office Jr's Driving School Training Center Jen Watson Consulting Advertising Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center 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
    -88.2548226
    Latitude
    40.0886037

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    FAQs

    What type of property is this?
    Office units - Office suites available for lease in Champaign, Illinois.
    Where is this office units located?
    The property is located at 701 Devonshire Dr Building C Champaign, IL.
    What is the lease rate?
    The lease rate is $2,100 /Mo.
    What are key features of this property?
    This property features: Utilities included in lease.; Flexible office suite sizes available.; Free access to conference rooms.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Zach Wetherell
    Real Estate License ID: IL
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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
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