Address
702 Bloomington Road, Champaign, IL
Price
$ 625,000
Property Attributes
- MLS#12752854
- TypeCommercial
- Listing Status Active
- CountyCHAMPAIGN
- CityChampaign
- AreaChampaign - Savoy
- Zip61820
- StyleCommercial,Office
- Year Built1971
- Taxes$ 10054
- Price$ 625,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage7572
- Lot Size0.56 Acres
Data Source:
Midwest Real Estate Data (MRED)
Property Description
Well-positioned two-story office property offering an excellent opportunity for an investor or owner-user. Originally constructed in 1971, the building currently operates as a multi-tenant executive/co-working office center with approximately 32 individual office suites, providing an established source of rental income and significant upside potential. The building offers a functional layout on both levels, with numerous private office spaces, restrooms, and an inviting lobby and reception area. Ample on-site parking is available along the west and north sides of the property, providing convenient access for both tenants and their clients. A number of improvements have been completed over the years, including replacement of HVAC compressors, installation of security fencing, a newer roof, lobby updates, enhanced hallway lighting, new carpeting, and fresh interior paint. These updates provide a solid foundation for continued operation while allowing a new owner to further enhance the property. The Bloomington Road location offers convenient access to Interstate 74 via both Prospect Avenue and Neil Street, providing easy connectivity for employees, tenants, customers, and clients. One of the property's most attractive features is its potential for increased Net Operating Income (NOI). Current rents are $6,005 a month, but Current occupancy is approximately 61 percent, leaving considerable room to add additional tenants. In addition, a number of existing leases are currently below prevailing market rental rates, creating an opportunity to increase revenue as leases renew. Most leases are structured on a one-year basis, while the property also benefits from a number of established, long-term tenants. The property provides multiple avenues for a new owner, including continuing the existing executive office/co-working model, repositioning the property to maximize rental income, occupying the building for an owner-user operation, or exploring the potential for a single-tenant lease. Contact the listing agent for additional information, including the current rent roll and historical financial information.
| Price History | |
|---|---|
| 9/15/2026 | Listed $625,000 |
General Features
| Cooling | Central Air |
|---|---|
| Construction Materials | Block |
| Year Built | 1971 |
| Electric | Service - 201 to 600 Amps |
| Tenant Pays | Other |
| Stories Count | 2 |
| Township | Champaign |
| Property Subtype | Office |
| Tax Year | 2025 |
| Current Use | Commercial,Office |
| Gross Income | 87599 |
| County | Champaign |
| Property Type | Commercial Sale |
| Status | Active |
| Directions | Located on Bloomington Road near the intersection of Hagan. |
| City | Champaign |
| Number Of Units Total | 32 |
| MLS Area | Champaign,Savoy |
| Lot Size Square Feet | 24393 |
| Tax Annual Amount | 10054.92 |
| Additional Parcels Y/N | No |
| Leasable Area | 7572 |
| Standard Status | Active |
| Property Type | Office/Tech |
Exterior Features
| Building Area Total | 7572 |
|---|---|
| Lot Dimensions | 213X103X33X231X139 |
| Lot Size Acres | 0.56 |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Commercial Average in 61820
Price
Taxes
Year Built
Visits
Midwest Real Estate Data (MRED) All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than eXp Realty in Illinois may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2026 All rights reserved.Based on information submitted to the MLS GRID as of September 25, 2026 2:41 AM UTC All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice.
Data is updated as of September 25, 2026 2:41 AM UTC
