129 N Race Street

Description

Unique Downtown Urbana Mixed Use - Redevelopment Opportunity. Pleased to offer this well-located property on Race Street, currently home to Analog Wine Bar. The two-building, one- and two-story brick structure totals approximately 5,561 SF and sits on a .61 acre lot (effective usable site area of approximately 21,000 SF), with on-site parking for 25 vehicles and abundant nearby public parking. Constructed circa 1900 and thoughtfully updated, the property features a remodeled first floor with refinished concrete floors, high ceilings, updated mechanicals, electrical, plumbing, and a membrane roof. The ground level includes a coffee/wine bar, lounge, kitchen/prep area, event space, offices, restrooms, and access to a rear deck for outdoor use. The second floor (1,445 SF) is currently configured as office space and is well-suited for future residential or creative reuse with renovation. The property is zoned B-4 (Central Business), allowing for a wide range of high-density commercial uses including restaurant, retail, tavern, office, and upper-story residential. Directly adjacent and north of the property is multiple parcels owned by the City of Urbana and recently the buildings were demolished to make way for a large scale redevelopment project. The City of Urbana will be releasing a developer request for proposal in late spring 2026. 129 Race could be included in a developer project to increase the magnitude of a project. Property Highlights: Analog Wine Bar lease in place; tenant pays utilities and maintenance. Second-floor tenant on a month-to-month lease . Strong downtown location with excellent visibility and access. Functional mixed-use layout consistent with highest and best use. Opportunity to be purchased to enhance a redevelopment project to the north. This offering presents a compelling opportunity for an investor or owner-user seeking a stabilized asset with upside potential in a central business district setting. Building Size: 5,561 SF (4,116 SF first floor; 1,445 SF second floor). Site Size: 26,406 SF total (21,000 SF usable). Construction: Circa 1900 brick building; one- and two-story. Zoning: B-4 - Central Business District. Current Use: Mixed-use (restaurant / wine bar, office, flex space). Income & Tenancy: Analog Wine Bar lease in place ; tenant pays utilities & maintenance. Second-floor tenant month-to-month . Building Features: Recently remodeled first floor with refinished concrete floors. Updated mechanicals, electrical, and plumbing. Gas-fired forced air HVAC with central A/C (both floors). Membrane roof. Rear deck and exterior access for event or outdoor use. Parking & Access 42 on-site parking spaces (some leased to neighboring tenants; ~25 usable). Abundant nearby public parking. Location & Use Potential: Strong Race Street frontage with high visibility. Suitable for restaurant, retail, tavern, office, or mixed-use. Upper floor adaptable for office or residential conversion (with renovation).