Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    402 W Griggs St Urbana, IL 61801

    • Commercial real estate
    For Sale
    View listing
    $599,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2268700
    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.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 402 W Griggs St

    Property type
    Commercial real estate
    APN
    912108379005
    APU
    912108379005

    Description

    This exceptional 1.05-acre commercial land parcel presents a prime development opportunity in Urbana, Illinois. Strategically located just a few blocks east of the University of Illinois campus, south of the Carle Hospital campus, and one block from downtown Urbana, this property enjoys unparalleled accessibility and visibility. The property is zoned B3, offering a wide range of potential uses, making it highly versatile for various development projects. The asking price is $699,000. The lot's size and zoning regulations provide significant flexibility for developers seeking to capitalize on the area's strong demand for commercial and residential space. Its proximity to major institutions and the vibrant downtown area ensures high foot traffic and potential for strong returns on investment. This location offers a unique blend of convenience and growth potential, making it an attractive proposition for developers seeking a high-impact project in a thriving Illinois community. The address is 402 W Griggs St, Urbana, IL 61801. This is a rare opportunity to acquire a sizable, well-situated commercial lot in a highly desirable area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Urbana
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2121
    Latitude
    40.1148
    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
    $4,356
    $40,950
    $0.00
    $40,950
    -
    $122,850
    $0.00
    $122,850

    Comparable in this City

    • Value Estimation by Request
      0.72 Acres

      2007 Lincoln Ave

      COMMERCIAL (GENERAL) • 0.72 Acres
      2007 Lincoln Ave, Urbana, IL 61801-1026
      View Details
    • Value Estimation by Request

      1908 Linview Ave

      COMMERCIAL (GENERAL)
      1908 Linview Ave, Urbana, IL 61801-1056
      View Details
    • Value Estimation by Request

      201 Main St

      COMMERCIAL (GENERAL)
      201 Main St, Urbana, IL 61801-2621
      View Details
    • Value Estimation by Request

      119 Race St

      COMMERCIAL (GENERAL)
      119 Race St, Urbana, IL 61801-2625
      View Details
    • Value Estimation by Request

      1308 University Ave

      COMMERCIAL (GENERAL)
      1308 University Ave, Urbana, IL 61801
      View Details
    • Value Estimation by Request

      709 University Ave

      COMMERCIAL (GENERAL)
      709 University Ave, Urbana, IL 61801-1765
      View Details

    Similar Nearby for Sale

    • $1,049,796
      4.82 Acres

      Urbana Commercial Land - $1M+

      4.82-acre commercial lot in prime Urbana location.
      2810 Philo Rd, Urbana, IL 61801
      View Details
    • $625,000
      7,303 SF

      Urbana Commercial Space - Main Street

      Prime Urbana location, 7,303 sq ft. High-traffic area.
      106 Main St, Urbana, IL 61801
      View Details
    • $350,000
      0.15 Acres

      Urbana Rooming House - Great Investment

      11 Bedroom, 4 Bath Rooming House - High Rental Income Potential
      804 Oregon St, Urbana, IL 61801
      View Details
    • $625,000
      7,303 SF

      Urbana Main Street Commercial Space

      Prime Urbana location, large commercial space.
      110 Main St, Urbana, IL 61801
      View Details
    • $699,000
      1.05 Acres

      Urbana Commercial Land: Prime Development

      1.05-Acre Lot, B3 Zoning, High-Demand Location
      402 Griggs St, Urbana, IL 61801
      View Details
    • $479,000

      Urbana Multi-Family Investment Opportunity

      Charming Urbana apartment building, excellent location.
      1008 Busey Ave, Urbana, IL 61801
      View Details

    Similar Nearby for Lease

    • $1,125 /Mo
      906 SF

      Office Space with Covered Parking

      Spacious office with high visibility and covered parking.
      312 Springfield Ave, Urbana, IL 61801
      View Details
    • $12 SF/Yr
      17,146 SF

      Downtown Urbana Office Space For Lease

      Prime Urbana Office: 6,840 SF, Great Views
      115 Main St, Urbana, IL 61801
      View Details
    • $16 SF/Yr
      1,625 SF

      Urbana Retail/Office Suite A

      1,625 SF Move-in Ready Office Space
      2740 Philo Rd, Urbana, IL 61801
      View Details
    • Contact for pricing

      Office Spaces For Rent

      Two office spaces available in Urbana, Illinois.
      123 W Main St, Urbana, IL 61801
      View Details
    • $9 SF/Yr
      1,365 SF

      Retail/Office Suites Near U of I

      Two retail/office suites available near the University of Illinois campus.
      710 S Goodwin Ave, Urbana, IL 61801
      View Details
    • $17 SF/Yr
      2,200 SF

      Urbana Medical/Dental Office Space

      Premier medical/dental office space in Urbana, approximately 2,200 sq ft.
      1209 E Colorado Ave, Urbana, IL 61801
      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.
    402 W Griggs St
    Urbana, IL 61801
    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

    Google sign-in failed. Please try again or use another login method.