214 W Main St, Urbana, IL 61801 For Sale

Property Description

Property was originally constructed in 1903 and remodeled in 2014 as a bar on the main level and karaoke business on the second level. The main level is 4,400 square feet and consists of a bar area with open area, five karaoke rooms, full kitchen, and restrooms. The second level is 4,400 SF and has its own separate entrance to the space and consists of a bar area with private seating, restrooms, and 7 private karaoke rooms. They karaoke business on the second level has signed a 5 year lease which started in January 2026. The seller is collecting $4,000 per month in gross rent from the second floor tenant with annual $150/month increases in rent. The property has additional storage on an upper level above the second floor. A back stairwell was added in 2014 when the property was remodeled. The building also has a full basement which has a restroom, walk-in cooler/freezer, office space and additional storage. The HVAC system was new in 2014 when the building was remodeled and a new roof was installed in June 2025. The building is sprinkled with a wet system for the first floor and basement levels, and a dry system for the second floor. Currently the first floor and basement space are not being used and would be well suited for an owner-occupied business or to lease out to another business.

Area Description

Property is located in Downtown Urbana along west Main Street where Main Street and Springfield Avenue split and north of Busey Bank.