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    Blake Pryor, Ccim, Springfield, IL

    License ID: TX 580152
    Coldwell Banker Commercial Devonshire Realty
    Association
    Capital Area Association Of Realtors

    Service Locations

    Contact details

    Phone:
    (217) 547-6650
    Office Address:
    427 E. Monroe St., Suite 400, Springfield, IL, 62701

    Performance

    Listings
    8

    Listings

    For Sale (7)

    View map
    • $79,900
      0.56 Acres

      High-Traffic Springfield Corner Lot

      Prime Redevelopment Opportunity, High Visibility
      1420-1430 6Th St, Springfield, IL 62703
      View Details
    • $47,500
      0.69 Acres

      Springfield Commercial Land - I-55 Access

      0.69-acre lot, development ready
      6410 6Th St, Springfield, IL 62703
      View Details
    • $2,900,000
      36,631 SF

      36,631 SF on 2.39 AC Exceptional Class A Office Facility For Sale Or Lease

      36,631 SF on 2.39 AC Exceptional Class A Office Facility For Sale Or Lease
      740 E. Ash St., Springfield, IL 62703
      View Details
    • $135,000
      4 SF

      Adaptable Retail Building For Sale

      4,236 SF building with showroom, shop area, and storage.
      2900-2908 Ridge Ave, Springfield, IL 62702
      View Details
    • $1,200,000
      15 SF

      Freestanding Retail Property on Hard Corner

      High-visibility retail property with ample parking and strategic location.
      920 E Grand Ave, Springfield, IL 62702
      View Details
    • $1,800,000
      36,631 SF

      Class A Freestanding Office Facility

      Exceptional Class A office building with high-end finishes and modern amenities.
      740 E Ash St, Springfield, IL 62703
      View Details
    • $47,500

      Commercial Site Ready For Development

      0.69-acre commercial site suitable for various developments.
      6410 St Frontage Rd E, Springfield, IL 62712
      View Details

    For Lease (1)

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    • $505 /Mo
      12,500 SF

      West Side Office Space For Lease

      West Side Office Space For Lease
      386 S Koke Mill Rd, Springfield, IL 62711
      View Details

    Leases and Sales on Map

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    • For Lease

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    Blake Pryor, Ccim, Springfield, IL
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    Blake Pryor, Ccim, Springfield, IL
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