508 Race StUrbana, IL 61801

Property Details for 508 Race St

Property type

Other commercial real estate

APN

922117252009

APU

922117252009

Description

This fee-simple, two-story office building in Urbana, IL, totals 10,800 square feet on a 0.52-acre lot. Built in 1989 and renovated in 2019, it's a Class B property currently 100% occupied by the Illinois Department of Children and Family Services (DCFS) under a modified gross lease with a remaining term of 4.5 years (expiring April 30, 2029). The lease commenced May 1, 2024, and includes a 10-year term with 2% rent escalations in years two and four. The property boasts a strong net operating income (NOI) of $85,253 and a pro-forma NOI of $98,404, resulting in an attractive 8% pro-forma cap rate. Recent improvements include an ADA-compliant elevator upgrade, new paint, cleaned carpets, new ceiling tiles, cleaned light covers, and a rebalanced HVAC system. The building's location in Urbana, near the University of Illinois, benefits from a diverse economy encompassing technology, education, healthcare, and agriculture. The government lease provides predictable cash flow and reduced risk of vacancy or default, making this a compelling investment opportunity. The asking price is $1,230,000.

Location Insight

City

Urbana

County

Champaign

State

Illinois

Latitude

40.1086

Longitude

-88.2084

CBSA code

16580

CBSA name

CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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