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218 W Main St 7,750 SF 100% Leased Office Building Urbana, IL 61801 $1,150,000 ($148.39/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- Fully Renovated & 100% Leased
- Prime Downtown Urbana Location
- Mixed-Use Income Property
EXECUTIVE SUMMARY
The Stephen’s Building at 218 W Main Street in Downtown Urbana, Illinois, offers a rare opportunity to acquire a fully renovated and fully leased mixed-use property in the heart of downtown. This landmark two-story brick building has been thoughtfully modernized while preserving its historic character, creating a turnkey investment with dependable cash flow and minimal maintenance needs.
±7,750 SF mixed-use building with two commercial suites and four residential apartments
Comprehensive renovation completed in 2013
100% occupancy with a diverse tenant mix
Separate utilities and updated mechanical systems
Prime Main Street visibility adjacent to the Urbana City permit parking lot
Secure residential access and attractive historic finishes
Steps from the Champaign County Courthouse, Busey Bank, and downtown dining
Downtown Urbana continues to evolve as a walkable hub of commerce, dining, and community life, supported by ongoing investment and proximity to the University of Illinois. This property is positioned at the center of that growth, benefiting from steady demand and high visibility.
±7,750 SF mixed-use building with two commercial suites and four residential apartments
Comprehensive renovation completed in 2013
100% occupancy with a diverse tenant mix
Separate utilities and updated mechanical systems
Prime Main Street visibility adjacent to the Urbana City permit parking lot
Secure residential access and attractive historic finishes
Steps from the Champaign County Courthouse, Busey Bank, and downtown dining
Downtown Urbana continues to evolve as a walkable hub of commerce, dining, and community life, supported by ongoing investment and proximity to the University of Illinois. This property is positioned at the center of that growth, benefiting from steady demand and high visibility.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$115,140
|
$14.86
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$115,140
|
$14.86
|
| Taxes |
$15,604
|
$2.01
|
| Operating Expenses |
$18,900
|
$2.44
|
| Total Expenses |
$34,504
|
$4.45
|
| Net Operating Income |
$80,636
|
$10.40
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $115,140 |
| Annual Per SF | $14.86 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $115,140 |
| Annual Per SF | $14.86 |
| Taxes | |
|---|---|
| Annual | $15,604 |
| Annual Per SF | $2.01 |
| Operating Expenses | |
|---|---|
| Annual | $18,900 |
| Annual Per SF | $2.44 |
| Total Expenses | |
|---|---|
| Annual | $34,504 |
| Annual Per SF | $4.45 |
| Net Operating Income | |
|---|---|
| Annual | $80,636 |
| Annual Per SF | $10.40 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
7,750 SF
Building Class
C
Year Built/Renovated
1900/2013
Price
$1,150,000
Price Per SF
$148.39
Cap Rate
7%
NOI
$80,500
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
3,875 SF
Building FAR
1.48
Lot Size
0.12 AC
Zoning
B4 - B-4 Central Business District: allows mixed-use, retail, office, and residential in Urbana’s downtown core with flexible height and zero setbacks.
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Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 92-21-17-201-001 | Total Assessment | $151,290 |
| Land Assessment | $42,940 | Annual Taxes | $15,604 ($2.01/SF) |
| Improvements Assessment | $108,350 | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Number
92-21-17-201-001
Land Assessment
$42,940
Improvements Assessment
$108,350
Total Assessment
$151,290
Annual Taxes
$15,604 ($2.01/SF)
Tax Year
2024 Payable 2024
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218 W Main St
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