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Property profile & analytics
FOR SALE
Commercial real estate

507 S Broadway Ave Urbana, IL 61801

Entity Owned 13-yr Hold Free & Clear
Property ID
US28-2080411
507 S Broadway Ave, Urbana, IL 61801 For Sale
$970,000
507 S Broadway Ave, Urbana, IL 61801
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Property summary
AI-generated overview

This exceptional 5,100 square foot office building is ideally situated at 507 S. Broadway Avenue in Urbana, Illinois. The property boasts seven individual offices, a spacious reception/lobby area perfect for client interaction, and a secure record vault for sensitive documents. A convenient kitchenette and separate men's and women's restrooms add to the functionality of the space. Natural light floods the interior thanks to multiple atriums, creating a bright and welcoming atmosphere. One office even features a large private balcony. Access is convenient via elevator from the main lobby, or by using one of the two stairwells. Ample on-site parking is provided, supplemented by additional on-street parking options. The building's location offers unparalleled convenience, being within walking distance of Lincoln Square Mall, Urbana City offices, the Champaign County Courthouse, the Federal Courthouse, and the heart of downtown Urbana. Easy access to I-74 is provided via Vine Street/Cunningham Avenue. This property benefits from aggressive B-3 and B-4 zoning, presenting significant potential for future development in Urbana's growing downtown area. Furthermore, the City of Urbana offers TIF incentives for this location. Owner financing is available with a 25% down payment, a 6% interest rate, and a 5-year balloon payment. This presents a unique opportunity for a business seeking a prominent and well-equipped office space in a thriving urban setting.

Property profile
Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
APN 922117252013
UPID US28-2080411
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
  • PNC Bank Bank Loan Service
  • Tepper Mann & Cottrell Law Firm
  • PNC Mortgage Loan Service Bank
  • Arlynn Gottlieb, M.S.W., L.C.S.W. Psychotherapist Marriage Or Relationship Counselor
  • Sarah M Waterman, LMT Alternative Medicine Practice Spa & Massage Center
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
by Request
Owner & transaction history
Porges Properties LLC-507 Sou · 13 yrs held
Porges Properties LLC-507 Sou
since 2013
5 recorded transactions
2013
Price N/A
2004
Price N/A
2004
$500,000
2002
Price N/A
2000
$100,000
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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More about this property
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