608 University Ave Champaign, IL 61820
- Retail space
- 36,380 SF
- 1.00 lot acres
Current Use by Public Records
- US Marine Corps Officer Selection Station Champaign / Military Recruiting Office
- AILife Insurance Co.- David Murphy Supervising Agent / Life Insurance Agency
- AILife Insurance Co. / Life Insurance Agency
- AILife Insurance Agent Gervais Lumedo / Life Insurance Agency
- Jilly's Healing Studio / Scrapbooking Store
Property Details for 608 University Ave
- Lot size
- 1.00 lot acres
- Property size
- 36,380 SF
- Property type
- Retail space
- APN
- 462107338021
- APU
- 462107338021
Description
Latitude, a Class A, two-building mixed-use development in Champaign, Illinois, offers exceptional retail and office space opportunities. This six-story complex, built in 2016, boasts 20,942 square feet of ground-floor commercial space across two city blocks, strategically located on East University Avenue (21,800 vehicles per day). Currently, 3,370 square feet of contiguous space is available in the east building, divisible into units as small as 1,441 square feet, to accommodate various tenant needs. Spaces are delivered as grey shell with a $50 per square foot tenant improvement allowance. The property benefits from high-speed fiber internet access and includes an outdoor patio area ideal for restaurant or retail use. Parking is available on the north side of the building, supplemented by metered street parking. One notable space, formerly a Bearology location, offers 772 square feet of usable space (1,372 square feet rentable), featuring an open counter with plumbing, a back room for storage, and a student lounge area. The property's zoning is CB1-Central Business Urban Fringe, and its prime location places it near the University of Illinois Engineering Campus, OSF Hospital, Carle Hospital, and downtown Champaign. The west building is fully leased. This presents a unique chance to establish a presence in a thriving, high-traffic area within a modern, well-maintained development.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,015,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,255,000
- 6.5%
- $1,365,000
- 7%
- $1,205,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,140,000
- Geo Method
- $1,355,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,400,000
- Retail
- $1,485,000
- Mixed-Use
- $1,345,000
- Hospitality
- $1,485,000
- Educational
- $1,275,000
- Residential Income
- $1,280,000
- Energy
- $1,300,000
- Income-Based Land
- $1,135,000
- Food Service
- $1,130,000
Location Insight
- Map
- Local Demand
- City
- Champaign
- County
- Champaign
- State
- Illinois
- Longitude
- -88.2297
- Latitude
- 40.1167
- CBSA code
- 16580
- CBSA name
- CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA
