Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1706 State St Champaign, IL 61820-7241
    Back to Search
    Property profile & analytics

    1706 State St, Champaign, IL 61820-7241

    View on Map
    • Turn key restaurants
    Off-Market
    Property ID
    US28-0507258
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 1706 State St

    Property type
    Turn key restaurants
    APN
    452024201048
    APU
    452024201048

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 23, 2016 — Cck 2010 LLC — Deed · related $1.9M · First Secure Cmnty Bk
    May 16, 2016 — Cck2010 LLC — Deed · related $60k · First Fed'l Svgs Bk
    Jul 8, 2010 — Wg Properties LLC North Star Trust Company Deed —
    — — Cck2010 LLC — Deed Of Trust · related $60k · First Fed'l Svgs Bk
    — — Cck 2010 LLC — Deed Of Trust · related $1.9M · First Secure Cmnty Bk

    Description

    This exceptional 6,584-square-foot free-standing retail building, constructed in 1998, is ideally situated at 1706 S State Street in Champaign, Illinois, zip code 61820. Currently vacant, this single-tenant property offers significant flexibility for a variety of uses. Its CG zoning allows for adaptation to flex space, office space, storage, or other retail configurations. The building's strategic location between State Street and Neil Street, just half a block south of Kirby Avenue, ensures high visibility and accessibility. Benefit from daily exposure to University of Illinois and Champaign-Savoy residential traffic, further enhanced by prominent Neil Street signage. The property includes a generous 40 parking spaces, a significant advantage in a high-traffic area. The building's adaptable design even allows for the potential addition of an overhead door, perfectly suited for flex space users. For qualified tenants, an attractive incentive of two months of free rent is available upfront. This presents a unique opportunity to secure a well-located, versatile commercial space with substantial parking in a thriving Illinois market. The property is zoned CG.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2462
    Latitude
    40.0953
    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
    $23,445
    $28,760
    $231,220
    $259,980
    -
    $86,280
    $693,660
    $779,940

    Comparable in this City

    • Value Estimation by Request

      134 Church St

      RESTAURANT
      134 Church St, Champaign, IL 61820-3511
      View Details
    • Value Estimation by Request

      10 Anthony Dr

      RESTAURANT
      10 Anthony Dr, Champaign, IL 61820-7802
      View Details
    • Value Estimation by Request

      201 Neil St

      RESTAURANT
      201 Neil St, Champaign, IL 61820-4012
      View Details
    • Value Estimation by Request

      515 Neil St

      RESTAURANT
      515 Neil St, Champaign, IL 61820-3604
      View Details
    • Value Estimation
      $750,000

      607 Grn St

      RESTAURANT
      607 Grn St, Champaign, IL 61820-5701
      View Details
    • Value Estimation by Request
      0.36 Acres

      401 Kirby Ave

      RESTAURANT
      401 Kirby Ave, Champaign, IL 61820-7209
      View Details

    Similar Nearby for Sale

    • $1,250,000
      5,865 SF

      Downtown Champaign Mixed-Use Building

      Prime mixed-use property in downtown Champaign with rental income.
      320 N Neil St, Champaign, IL 61820
      View Details
    • Contact for pricing
      4,980 SF

      Top-Performing Panera Bread For Sale

      Corporate-guaranteed Panera Bread in top 5% nationwide, Champaign, Illinois.
      1903 Convenience Pl, Champaign, IL 61820
      View Details
    • Contact for pricing
      1,400 SF

      Multi-Tenant Building on University Avenue

      Multi-tenant building with high visibility and ample parking.
      505-519 E University Ave, Champaign, IL 61820
      View Details
    • Contact for pricing
      Pending

      Former Gas Station with Vacant Lot

      Former gas station with development potential near downtown Champaign.
      601 N Neil St, Champaign, IL 61820
      View Details
    • Contact for pricing
      3,160 SF

      Freestanding Retail/Office Building for Lease

      Freestanding retail/office building in Champaign, subject to Savoy Zoning.
      2103 N Dunlap Ave, Champaign, IL 61820
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,143 SF

      Downtown Champaign Retail Opportunity

      Redeveloped retail spaces in downtown Champaign, ranging from 1,782-5,990 SF.
      500 N Market St, Champaign, IL 61820
      View Details
    • Contact for pricing

      Downtown Champaign Mixed-Use Property

      Two-story building in downtown Champaign, ideal for restaurant/bar use.
      320 N Neil St, Champaign, IL 61820
      View Details
    • Contact for pricing
      1,468 SF

      Downtown Retail Space with Patio

      Retail space with kitchen, restrooms, and outdoor seating.
      110-120 N Neil St, Champaign, IL 61820
      View Details
    • Contact for pricing
      3,598 SF

      Downtown Champaign Commercial Space Available

      Prime 2,688 SF space in vibrant downtown Champaign.
      6 Taylor St E, Champaign, IL 61820
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Single tenant retail space available, approximately 2,600 square feet.
      1502 N Prospect Ave, Champaign, IL 61820
      View Details
    • Contact for pricing

      Restaurant Space Near University Campus

      Turnkey restaurant space with high visibility near campus.
      209 E University Ave, Champaign, IL 61820
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1706 State St
    Champaign, IL 61820-7241
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1706 State St, Champaign, IL, 61820
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!