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Property profile & analytics

1502 Prospect Ave Champaign, IL 61820

  • Commercial real estate
Value Estimation
$785,000
Last Sale
Sep 01, 2022
$800,000
Location Intelligence
Property ID
US28-2196154
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

Current Use by Public Records

  • Commercial real estate

Property Details for 1502 Prospect Ave

Property type
Commercial real estate
APN
412001351029
APU
412001351029

Description

This exceptional 2,600 square foot freestanding commercial building is ideally situated at 1502 North Prospect Avenue in Champaign, Illinois, within Champaign County. The property boasts a single-tenant occupancy, offering a blank canvas for a variety of retail or restaurant concepts. The entire 2,600 square feet is currently vacant, presenting a unique opportunity for immediate occupancy and customization. The generous 0.48-acre lot provides ample space for parking and potential outdoor seating or signage, enhancing visibility and accessibility for customers. Located in the vibrant city of Champaign, this property benefits from high traffic volume and excellent exposure, making it an attractive location for businesses seeking a strong presence in a thriving market. The property's classification as both retail and restaurant suitable makes it versatile and adaptable to a wide range of commercial uses. The building's single-tenant configuration simplifies management and provides a cohesive brand identity. The zip code is 61820. This is a rare opportunity to secure a prominent commercial space in a desirable location. The property's size and location offer significant potential for growth and profitability. Serious inquiries are encouraged.

Value Estimation

by Realmo proprietary methodology Last update: July 3, 2025
  • AI approach

    CAP return
    Estimation
    Estimation
    $770,000
  • CAP approach

    CAP return
    Estimation
    6%
    $795,000
    6.5%
    $865,000
    7%
    $810,000
  • Comparable approach

    Method
    Estimation
    Relative Method
    $805,000
    Geo Method
    $805,000
  • Alternative Use

    Use
    Estimation
    Distribution
    $690,000
    Retail
    $870,000
    Mixed-Use
    $755,000
    Hospitality
    $700,000
    Educational
    $735,000
    Residential Income
    $825,000
    Energy
    $850,000
    Income-Based Land
    $810,000
    Food Service
    $730,000

Location Insight

  • Map
  • Local Demand
City
Champaign
County
Champaign
State
Illinois
Longitude
-88.2576
Latitude
40.1311
CBSA code
16580
CBSA name
CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$19,236
$80,080
$133,230
$213,310
-
$240,240
$399,690
$639,930
More about this property
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