1502 Cunningham Ave Urbana, IL 61802

Northgate Plaza, a 49,830 square foot shopping center in Urbana, Illinois, presents a compelling value-add opportunity. Located on a 7.02-acre lot at 1502 & 1508 N Cunningham Ave (61802), this single-story, 1983-built property (renovated in 2023) boasts eight tenants, including Dollar General and Harbor Freight. Currently 83.04% occupied, the center offers significant upside potential. The asking price is $3,105,000, representing a price per square foot of $62.31, with a current NOI of $241,121 and a pro-forma NOI of $313,365 (7.77% cap rate, 10.09% pro-forma cap rate). A substantial 8,450 square feet of vacant space allows for immediate NOI growth. The property benefits from recent capital improvements, including a 2022 roof replacement and recent HVAC upgrades. Leases are available, with options varying. The property's location near the University of Illinois (less than 2 miles), downtown Urbana (less than 1.5 miles), and downtown Champaign (approximately 3 miles), combined with its high visibility on a major retail corridor (N Cunningham Avenue) and proximity to I-74, ensures strong traffic and consumer base. The current average rent is $8.77, significantly below market rate of $16.32 NNN, presenting a substantial opportunity to increase profitability. The property is zoned commercial and features a fee simple ownership.