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Property summary
This iconic 9,800 square foot free-standing retail building at 306 Springfield Avenue in Urbana, Illinois, presents a unique investment opportunity. Located in the heart of downtown, just blocks from the University of Illinois campus, this property boasts unparalleled visibility and high foot traffic. Previously home to a successful grocery and bakery for over three decades, the building offers a wealth of existing infrastructure, including extensive refrigeration space with freezers and shelving, a full bakery and kitchen, and a spacious cafe area. The property sits on a sizable 0.75-acre lot zoned for general commercial use, providing ample space for expansion or outdoor amenities. The interior is modern and updated, ready for immediate occupancy. The asking price is $1,500,000, with the option to purchase existing fixtures and equipment for an additional $200,000. This property is ideal for a single large business or could be easily adapted into a multi-tenant retail space. Its prime location and versatile layout make it an exceptional investment opportunity in a thriving community. The building's history as a beloved local establishment adds to its unique appeal and potential for continued success. This is a key-in-ready property ready for a new chapter.
Property profile
VerifiedCap rate & NOI
Current use
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Physician
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Cafe & Coffee Shop
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Specialty Food Shop Supermarket
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Restaurant
Location
Value estimations
Owner & transaction history
Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
from $99/month
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
from $99/month
Derived from the Urbana market rent, vacancy and expense benchmarks for this use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Property tax & assessments
Tax year 2023Property description
Physical attributes from public recordsZoning & alternative use
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
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