507 Town Center BlvdChampaign, IL 61822

Property Details for 507 Town Center Blvd

Lot size

3.31 AC

Property type

Retail space

APN

412001126045

APU

412001126045

Description

This exceptional Class A, 21,152 square foot shopping center in Champaign, IL, presents a compelling investment opportunity. Boasting an 8.0% cap rate and a $5,475,000 asking price, the property enjoys a prime location directly across from a high-traffic Menards, attracting over 1.4 million annual visitors. The center is 100% occupied by eight tenants, featuring a diverse mix of e-commerce resistant businesses, with a weighted average lease term exceeding four years. The largest tenant recently signed a seven-year renewal. The property benefits from strong rent bumps and a stable NOI of $437,800. Built in 2007, this single-story building features a low-maintenance brick exterior and energy-efficient LED lighting. A significant value-add opportunity exists with an included 41,000 square foot developable pad site, offering potential for expansion or separate sale. The property's strategic location is further enhanced by its proximity to a top-performing regional mall and other major retailers, including Walmart, Target, and Meijer. This multi-tenant retail investment offers a compelling combination of strong current performance and future growth potential. The property is offered as a fee simple interest on a 3.31-acre site. NNN lease structure.

• CAP approach

  CAP return

  Valuation

  6%

  $68,114,840

  6.5%

  $62,875,240

  7%

  $58,384,152

• Comparable approach

  Method

  Valuation

  Relative Method

  $47,325,516

  Geo Method

  $47,325,516

• Alternative Use

  Use

  Valuation

  Residential

  $53,037,616

  Hospitality

  $48,582,172

  Educational

  $40,419,796

  Medical

  $41,809,896

  Retail

  $62,875,240

Location Insight

City

Champaign

County

Champaign

State

Illinois

Latitude

40.1416

Longitude

-88.2519

CBSA code

16580

CBSA name

CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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