302 Market St Champaign, IL 61820
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 302 Market St
- Construction
- WOOD
- Property type
- Commercial real estate
- APN
- 422012486001
- APU
- 422012486001
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Champaign
- County
- Champaign
- State
- Illinois
- Longitude
- -88.2424
- Latitude
- 40.1134
- CBSA code
- 16580
- CBSA name
- CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA
