608 University AveChampaign, IL 61820

Property Details for 608 University Ave

Lot size

1.00 AC

Property size (Sq ft)

36,380 SF

Property type

Retail space

APN

462107338021

APU

462107338021

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $17,186,498

  6.5%

  $15,864,460

  7%

  $14,731,284

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,941,007

  Geo Method

  $11,941,007

• Alternative Use

  Use

  Valuation

  Residential

  $13,382,265

  Hospitality

  $12,258,083

  Educational

  $10,198,581

  Medical

  $10,549,326

  Retail

  $15,864,460

Location Insight

City

Champaign

County

Champaign

State

Illinois

Latitude

40.1167

Longitude

-88.2297

CBSA code

16580

CBSA name

CHAMPAIGN-URBANA, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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