Add Listing
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

    507 University Ave Champaign, IL 61820-3828

    • Retail space
    OFF-MARKET
    Last Sale
    Jun 21, 2023
    $2,250,000
    Value Estimations
    $2,250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1123819
    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

    • Yatai Restaurant / Restaurant
    • KBD217 Pop Up Shop / Clothing & Fashion Store / (Bike/Boat/Book/etc) Store
    • Thrifty Nickel's American Classifieds / Publishing House / Newspaper & Magazine

    Property Details for 507 University Ave

    Property type
    Retail space
    APN
    462107380004
    APU
    462107380004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,245,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Champaign
    County
    Champaign
    State
    Illinois
    Longitude
    -88.2311
    Latitude
    40.1161
    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
    $10,492
    $105,090
    $11,260
    $116,350
    -
    $315,270
    $33,780
    $349,050

    Comparable in this City

    • Value Estimation by Request

      609 University Ave

      RETAIL STORES (PERSONAL SERVICES)
      609 University Ave, Champaign, IL 61820-3830
      View Details
    • Value Estimation by Request

      29 Grn St

      RETAIL STORES (PERSONAL SERVICES)
      29 Grn St, Champaign, IL 61820-6590
      View Details
    • Value Estimation by Request

      14 Anthony Dr

      RETAIL STORES (PERSONAL SERVICES)
      14 Anthony Dr, Champaign, IL 61820-2748
      View Details
    • Value Estimation by Request

      1104 Prospect Ave

      RETAIL STORES (PERSONAL SERVICES)
      1104 Prospect Ave, Champaign, IL 61820-2839
      View Details
    • Value Estimation by Request

      12 Main St

      RETAIL STORES (PERSONAL SERVICES)
      12 Main St, Champaign, IL 61820-3616
      View Details
    • Value Estimation by Request
      0.80 Acres

      2202 Neil St

      RETAIL STORES (PERSONAL SERVICES) • 0.80 Acres
      2202 Neil St, Champaign, IL 61820-7506
      View Details

    Similar Nearby for Sale

    • $1,200,000
      0.66 Acres

      Retail Property Near University Campus

      Profitable retail business opportunity in Champaign, Illinois.
      32 E Green St, Champaign, IL 61820
      View Details
    • $1,700,000
      0.09 Acres

      Established Liquor Store Business Opportunity

      Profitable liquor store business for sale in Champaign, Illinois.
      606 S 6Th St, Champaign, IL 61820
      View Details
    • $3,850,000
      0.29 Acres

      Historic Downtown Champaign Mixed-Use Building

      Landmark building with retail, residential, and office space.
      41 E University Ave, Champaign, IL 61820
      View Details
    • $3,000,000
      1,400 SF

      Multi-Tenant Building on University Avenue

      Multi-tenant building with high visibility and ample parking.
      505-517 E University Ave, Champaign, IL 61820
      View Details
    • $650,000
      3,160 SF

      Freestanding Retail/Office Building for Lease

      Freestanding retail/office building in Champaign, subject to Savoy Zoning.
      2103 N Dunlap Ave, Champaign, IL 61820
      View Details
    • $1,500,000

      Downtown Champaign Commercial Space

      Prominent commercial space in Downtown Champaign near popular venues.
      114 S Neil St, Champaign, IL 61820
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      12,163 SF

      Spacious Retail Sublease Opportunity

      Large retail space available for sublease in Champaign, Illinois.
      105-107 W Green St, Champaign, IL 61820
      View Details
    • $22 SF/Yr
      5,868 SF

      Champaign Retail Space: Neil St Corridor

      Modern Retail/Office Suite - High Traffic Area
      1005 Neil St, Champaign, IL 61820
      View Details
    • Contact for pricing

      Downtown Champaign Retail/Office Space

      First floor commercial space in downtown Champaign for lease.
      105 S Walnut St, Champaign, IL 61820
      View Details
    • $14 SF/Yr
      20,942 SF

      Champaign Mixed-Use Opportunity

      Class A Retail/Office Space Available
      608 University Ave, Champaign, IL 61820
      View Details
    • $29 SF/Yr
      882 SF

      Retail Space in Carriage Center

      Multi-tenant retail center space available for lease.
      2001-2007 S Neil St, Champaign, IL 61820
      View Details
    • $1,480 /Mo
      813 SF

      Versatile Retail Space Available

      Retail space in mixed-use building, Champaign, IL.
      513 N Hickory St, Champaign, IL 61820
      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.
    507 University Ave
    Champaign, IL 61820-3828
    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.
    Sign Up Successful!
    You now have access to more from Realmo!