Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3104 Constitution Dr Springfield, IL 62704

    Sponsored
    For Sale
    $818,120

    COMMERCIAL - Springfield, IL

    Lot size:
    3.75 Acres
    Days on Market:
    122
    Last Refresh:
    Feb 22 at 1:06 am

    Property Features for 3104 Constitution Dr

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Industrial
    APN
    21-13.0-205-005
    Lot size
    3.75 Acres

    Utilities

    Sewer type
    Public Sewer

    We can help!

    Listing Contact
    Katelyn Rexroad

    The Real Estate Group, Inc. (217) 787-7000

    Listing agent Katelyn Rexroad

    Listing date Oct 24, 2025

    MLS# CA1039636

    Copyright © 2025 RMLS Alliance. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Springfield Commercial Land Opportunity

    This property offers over 3.75 acres of land situated in a commercial area of Springfield, Illinois. Located on the Westside, the site benefits from high traffic and visibility. The surrounding area includes established businesses such as Target, Walmart, and Skyzone, contributing to consistent customer traffic and ongoing development. This location is suitable for retail, dining, entertainment, or service-based establishments. The property benefits from accessibility and proximity to neighboring businesses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.714204
    Latitude
    39.749076

    Nearby Similar for Sale

    • New
      $599,900
      5,400 SF

      Westchester Professional Arts Office Building

      5,400 SF office building with existing tenant for cashflow.
      10540 W Cermak Rd, Westchester, IL 60154
      View Details
    • $55,000
      Pending

      Springfield Two-Unit Income Property

      Two-unit property near downtown Springfield, ideal for investors or owner-occupants.
      1510 S 6Th St, Springfield, IL 62703
      View Details
    • $499,900
      0.50 Acres

      Retail/Restaurant Building with Gaming Room

      Commercial building suitable for retail or restaurant use with gaming.
      1577 W Wabash Ave, Springfield, IL 62704
      View Details
    • $695,000
      91.00 Acres

      Well-Maintained Springfield Office Building

      Move-in ready office building with ample parking and functional layout.
      801 S Durkin Dr, Springfield, IL 62704
      View Details
    • $199,900
      Pending

      Springfield Commercial Property Near Capitol

      Corner property near State Capital, suitable for church or offices.
      116 E Edwards St, Springfield, IL 62704
      View Details
    • $1,330,000
      0.12 Acres

      Downtown Springfield Office Building For Sale

      Prime downtown Springfield office building with leased floors.
      600 E Adams St, Springfield, IL 62701
      View Details
    • $1,500,000
      0.74 Acres

      Established Springfield Commercial Package Deal

      Two Subway franchises and a commercial building for sale.
      1295 Toronto Rd, Springfield, IL 62707
      View Details
    • $399,000
      Pending

      Springfield Multifamily Investment Opportunity

      Six-unit apartment building near downtown Springfield.
      102 W Scarritt St, Springfield, IL 62704
      View Details
    • New
      $385,000

      Modern Office Building Near Downtown

      3,715 sq ft office building south of downtown.
      1625 S 6Th St, Springfield, IL 62703
      View Details
    • $850,000

      Spacious Office Building in Springfield

      Well-maintained office building with ample parking and convenient location.
      300 S Grand Ave, Springfield, IL 62704
      View Details
    • $749,000
      0.37 Acres

      Restaurant Building in Springfield, IL

      Move-in ready restaurant with banquet room and updated systems.
      517 S 4Th St, Springfield, IL 62701
      View Details
    • New
      $680,000

      Furnished Historic Apartment Building Investment

      Well-maintained, fully furnished 12-unit building in Springfield, Illinois.
      520 S Grand Ave, Springfield, IL 62703
      View Details

    FAQs

    What type of property is this?
    Commercial land - 3.75 acres of prime land in a high-traffic location.
    Where is this commercial land located?
    The property is located at 3104 Constitution Dr Springfield, IL.
    What is the asking price?
    The asking price for this property is $818,120.
    What are key features of this property?
    This property features: - Prime 3.75+ acre land in a rapidly growing commercial area; - High-traffic location on the Westside with maximum visibility; - Surrounded by major retailers like Target and Walmart
    (217) 891-5238
    Request Owner's contact information
    3104 Constitution Dr Springfield, IL 62704
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3104 Constitution Dr
    Springfield, IL 62704
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

    More about this property
    3104 Constitution Dr Springfield, IL 62704
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Katelyn Rexroad
    Real Estate License ID: 475206329
    (217) 891-5238 (217) 787-7000
    Learn more
    Google sign-in failed. Please try again or use another login method.