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    FOR SALE
    Commercial real estate

    306 W Springfield Ave W, Urbana, IL 61801

    Entity Owned 11-yr Hold Absentee Owner ~ Est. High Equity
    Property ID
    US28-2459638
    306 W Springfield Ave W, Urbana, IL 61801 For Sale 1 / 65
    $1,300,000
    306 W Springfield Ave W, Urbana, IL 61801
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    Property summary
    AI-generated overview

    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
    Verified
    Property type Commercial real estate
    Use group COMMERCIAL (GENERAL)
    APN 922117130015
    UPID US28-2459638
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Current use
    Occupant on record · Public records
    • Nutrition On the Move Physician
    • Strawberry Fields Cafe Cafe & Coffee Shop
    • World Harvest International & Gourmet Specialty Food Shop Supermarket
    • Afghan Cuisine Restaurant Restaurant
    4 occupants on record
    Value estimations
    Realmo proprietary · 4 methods
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    Owner & transaction history
    Abrar5 INC · 11 yrs held
    Abrar5 INC
    since 2015
    2 recorded transactions
    2015
    $970,000
    1969
    —
    Zoning & alternative use
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
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