Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2208 W Springfield Ave Champaign, IL 61821
    Back to Search
    Property profile & analytics

    2208 W Springfield Ave Champaign, IL 61821

    View on Map
    • Car washes
    For Sale
    $825,000
    View Listing →
    Twelve-Bay Self-Service Car Wash For Sale
    $825,000
    7,680 SF

    Twelve-Bay Self-Service Car Wash

    7,680 SF car wash on Springfield Avenue.

    2208 W Springfield Ave, Champaign, IL 61821
    View Listing
    Property ID
    US28-0011035
    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

    • CU Auto Bath Systems / Car Wash

    Property Details for 2208 W Springfield Ave

    Property type
    Car washes
    APN
    412010451027
    APU
    412010451027

    Description

    This exceptional investment opportunity presents a 7,680 square foot, twelve-bay self-service car wash located at 2208 W Springfield Ave, Champaign, IL 61821. Built in 1979, this block building sits on a 0.75-acre lot (APN: 41-20-10-451-027) and boasts 3-phase, 600-amp electrical service. Currently featuring twelve bays, six were inoperable in 2023 but will be fully operational by June 2024. Internal space includes a central storage area, mechanical/maintenance room, and a restroom. The property enjoys a prime location on a high-traffic arterial road (Springfield Avenue), seeing 16,200 vehicles daily. Surrounding businesses include national chains like Burger King, Taco Bell, Papa Johns, Dunkin Donuts, and Circle K, as well as regional banks. The property's zoning is CG - Commercial General. A potential cross-access parking agreement may be needed with the adjacent property at 2206 W. Springfield Ave. This property is also available for purchase in conjunction with the neighboring property. Noteworthy is the strong historical net operating income (NOI): $184,858 in 2023, $192,711 in 2022, and $198,209 in 2021. The asking price is $1,350,000, translating to $175.78 per square foot.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $595,000
      ML approach
      $595,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2852
    Latitude
    40.1133
    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
    $21,349
    $142,480
    $94,260
    $236,740
    -
    $427,440
    $282,780
    $710,220

    Comparable in this City

    • Value Estimation by Request

      Champaign, IL 61821

      GAS STATION
      Champaign, IL 61821
      View Details
    • Value Estimation
      $700,000

      1200 Bloomington Rd

      VEHICLE SALES, RENTALS
      1200 Bloomington Rd, Champaign, IL 61821-1647
      View Details
    • Value Estimation
      $1,420,000

      707 Mattis Ave

      AUTO REPAIR, GARAGE
      707 Mattis Ave, Champaign, IL 61821-2449
      View Details
    • Value Estimation by Request
      0.85 Acres

      1102 Bloomington Rd

      VEHICLE SALES, RENTALS • 0.85 Acres
      1102 Bloomington Rd, Champaign, IL 61821-1649
      View Details
    • Value Estimation by Request
      1,372 SF

      1701 Springfield Ave

      Automotive properties • 1,372 SF
      1701 Springfield Ave, Champaign, IL 61821
      View Details
    • Value Estimation by Request

      1308 Church St

      AUTO REPAIR, GARAGE
      1308 Church St, Champaign, IL 61821
      View Details

    Similar Nearby for Sale

    • $825,000

      Twelve-Bay Self-Service Car Wash

      Twelve-bay car wash with mechanical room and restroom.
      2208 W Springfield Ave, Champaign, IL 61821
      View Details
    • Contact for pricing
      7,680 SF

      Twelve-Bay Self-Service Car Wash

      7,680 SF car wash on Springfield Avenue.
      2208 W Springfield Ave, Champaign, IL 61821
      View Details
    • $575,000

      Transmission Repair Business and Property

      Well-equipped auto shop with established business for sale.
      1519 N Willis Ave, Champaign, IL 61821
      View Details
    • $2,029,230
      1,372 SF

      Take 5 Champaign Investment Opportunity

      1,372 SF Take 5 property for sale in Champaign, IL.
      1701 West Springfield Ave, Champaign, IL 61821
      View Details
    • Contact for pricing

      Champaign Retail Opportunity: Country Fair

      Over 300,000 SF shopping center on 36 acres for sale.
      229 S Mattis Ave, Champaign, IL 61821
      View Details
    • $475,000

      Former Auto Sales Facility

      3,168 SF building with office and garage space for sale.
      915 W Bloomington Rd, Champaign, IL 61821
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Well-Maintained Shopping Center Space

      Shopping center space anchored by Schnucks, near university.
      109 N Mattis Ave, Champaign, IL 61821
      View Details
    • $24 SF/Yr
      2,587 SF

      Retail Building in High-Traffic Area

      2,587 SF retail building on 0.90-acre lot for lease.
      1806 W Bradley Ave, Champaign, IL 61821
      View Details
    • Contact for pricing

      Well-Maintained Shopping Center

      Shopping center anchored by Schnucks, near Interstate 57 and 72.
      109 N Mattis Ave, Champaign, IL 61821
      View Details
    • $8 SF/Yr
      6,128 SF

      Retail Showroom Space Available

      6,128 SF retail showroom space for lease.
      106 S Country Fair Dr, Champaign, IL 61821
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Retail space available for rent at Bloomington Rd & Hagan Rd.
      Bloomington Rd & Hagan Rd, Champaign, IL 61821
      View Details
    • Contact for pricing

      Well-Maintained Shopping Center For Rent

      Shopping center anchored by Schnucks, near Interstate 57 and 72.
      101 N Mattis Ave, Champaign, IL 61821
      View Details
    View Listing
    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.
    2208 W Springfield Ave
    Champaign, IL 61821
    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
    2208 W Springfield Ave, Champaign, IL, 61821
    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!