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Property profile & analytics
FOR LEASE
Retail space

608 E University Ave Champaign, IL 61820

36,380 SF 1 ac lot
Entity Owned 6-yr Hold ~ Est. High Equity
Property ID
US28-4911156
Property summary
AI-generated overview

Latitude, a Class A, two-building mixed-use development in Champaign, Illinois, offers exceptional retail and office space opportunities. This six-story complex, built in 2016, boasts 20,942 square feet of ground-floor commercial space across two city blocks, strategically located on East University Avenue (21,800 vehicles per day). Currently, 3,370 square feet of contiguous space is available in the east building, divisible into units as small as 1,441 square feet, to accommodate various tenant needs. Spaces are delivered as grey shell with a $50 per square foot tenant improvement allowance. The property benefits from high-speed fiber internet access and includes an outdoor patio area ideal for restaurant or retail use. Parking is available on the north side of the building, supplemented by metered street parking. One notable space, formerly a Bearology location, offers 772 square feet of usable space (1,372 square feet rentable), featuring an open counter with plumbing, a back room for storage, and a student lounge area. The property's zoning is CB1-Central Business Urban Fringe, and its prime location places it near the University of Illinois Engineering Campus, OSF Hospital, Carle Hospital, and downtown Champaign. The west building is fully leased. This presents a unique chance to establish a presence in a thriving, high-traffic area within a modern, well-maintained development.

Property profile
Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Total area 36,380 SF
Lot 1 ac (43,560 SF)
APN 462107338021
UPID US28-4911156
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
  • US Marine Corps Officer Selection Station Champaign Military Recruiting Office
  • AILife Insurance Co.- David Murphy Supervising Agent Insurance Agency
  • AILife Insurance Co. Insurance Agency
  • AILife Insurance Agent Gervais Lumedo Insurance Agency
  • Jilly's Healing Studio (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$1.25M
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$1.22M
Owner & transaction history
Sq Illinois-latitude LLC · 6 yrs held
Sq Illinois-latitude LLC
since 2020
Last sale
$1.3M
2 recorded transactions
2020
$20.0M
2014
$1.3M
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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