5 Points Commerce Center
510 N Cunningham Ave Urbana, IL
22,472 sqft
Total Area
Fully leased retail center
8.8 cap
Cap Rate based on T-11
Strong return potential
$89 sqft
Price Per SqFt
$2,000,000 total price
14-unit property located in Urbana, Illinois.
Offered by Swick Realty, Spencer Schelp. 217.823.3110 | schelp@gmail.com | License #: IL 471.018686
Property Overview

1

Size and Layout
22,472 sqft retail center with 14 units

2

Occupancy
100% leased with mix of NNN and Gross leases

3

Tenant Mix
Diverse: restaurants, gym, spa, bakery, grocery, and more

4

Unit Sizes
12 units at 1,500 sqft, two at 2,236 sqft
Located in Wal-Green's shadow, close to University of Illinois & Carle Health, QSRs, retail, cannabis dispensary, and other strip centers.
Location and Traffic
Situated at 510 N Cunningham Ave., Urbana, Illinois 61802, this retail center benefits from high visibility and traffic. The intersection of Cunningham & University sees 37,600 cars per day, ensuring consistent exposure for tenants.
37.6K
Daily Traffic
Cars passing the intersection daily
14
Units
Diverse retail spaces
22.4K
Square Feet
Total retail space
Financial Highlights
Key Figures
  • Property Value: $2,000,000.00
  • Loan Amount: $1,000,000.00
  • Equity: $1,000,000.00
  • Cap Rate: 9.75%
Income and Expenses
  • Gross Scheduled Income: $318,525.00
  • Vacancy Loss: $15,926.00
  • Expenses: $107,567.25
  • NOI: $195,031.75
Tenant Update and Lease Information
As of 12/1/2024, tenant #9 will be moving to #7 at $1/sqft/month + $6.78 NNN for the remainder of their lease (50 months). A girls dance studio, will occupy #9 with a 3-year lease at $1/ft/month + $6.78 NNN. The next renewal is March 2025 for #14 (El Oasis, end cap with drive-through). February 2025 the lease for the City of Urbana in #6 expires. It is possible they extend their lease.
Ownership and Management

1

Ownership Structure
TIC (Tenants in Common) with 3 owners

2

Property Owner
Bearhorn Et Al

3

Management
Only Epic Holdings
4350 Brownsboro Rd, Suite 110, Louisville, KY 40207

4

Exclusive Listing Broker
Spencer Schelp for Swick Realty
schelp@gmail.com
217.823.3110
Investment Potential
This retail center offers a strong investment opportunity with its 100% occupancy, diverse tenant mix, and prime location seeing 34,600 CPD at the intersection of Cunningham & University. Offered at a 9.75% cap rate with $195,031.75 annual cash flow. Recent lease renewals and net-new tenants indicate a stable and attractive property for long-term investment.
Placer.AI data
Area Demographics Overview
Population Trends (2018-2022)
060,000120,000180,00020222021202020192018

1 Mile

3 Miles

5 Miles

2022 Income Distribution

2022 Income Distribution

Key 2022 Metrics

Median Age (1 Mile) Median Income (1 Mile) Total Employees (1 Mile) Housing Occupancy Rate

Primary employment sectors within 1 mile: Education (University of Illinois) & Healthcare (Carley Health) (9,769), Management & Business (10,262), and Retail Trade (2,148). The area shows a predominantly younger population with high renter ratio (2:1) and steady population trends.
T-9, Rent Roll:
One-time fees that should be walked out of Expenses:
  • 5011 Lease Commission/Coordination Fee $5,865.00
  • 5107 Make Ready $1,530.89 (#6 clean out)
  • 5108 Other Repairs $3,792.00 (masonry calk of exterior)
  • 5109 Plumbing $2,216.00 (pipe burst / repair from winter storm)

Google Drive

Dec 2024 510 Details - Google Drive

Building Details

Google Drive

5 points building details - Google Drive

Contact Us
Swick Realty
812 D Hampshire St.
Quincy, IL 62301
Spencer Schelp
License #: IL 471.018686
Contact Details
217.823.3110
schelp@gmail.com
2018180,000