608 Town Center Blvd Champaign, IL 61822
- Commercial real estate
Current Use by Public Records
- Las Palmas Mexican Grill / Mexican Restaurant
Property Details for 608 Town Center Blvd
- Construction
- WOOD
- Property type
- Commercial real estate
- APN
- 411436350016
- APU
- 411436350016
Description
This exceptional Champaign, IL commercial property offers a lucrative investment opportunity. The 5,800 sq ft restaurant, situated on a major corridor connecting North Prospect shopping center and Marketplace Mall, is currently leased for five years with two five-year renewal options, generating a gross monthly rent of $7,500. The property boasts a prime location, just one block west of the new Costco within the mall complex. In addition to the thriving restaurant, the property includes nearly two acres of land, with one acre currently vacant and available for development. Plans allow for the construction of an additional 6,000 sq ft building, presenting significant expansion potential. The entire property is offered at $2,150,000. Alternatively, the vacant acre can be purchased separately for $1,100,000. This presents a unique chance to acquire a high-performing restaurant with substantial future development possibilities in a rapidly growing commercial area. The existing lease provides immediate income, while the vacant land offers significant long-term growth potential. This property is ideal for investors seeking a blend of stable income and future development upside. The location's proximity to major retail anchors ensures high visibility and strong tenant demand.
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
- -88.2522
- Latitude
- 40.143
- CBSA code
- 16580
- CBSA name
- CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA
