Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3601 MITCHELL Drive Springfield, IL 62711

    View on Map
    Claim this Listing
    For Sale
    $740,520

    COMMERCIAL - Springfield, IL

    Lot size:
    3.71 Acres
    Added:
    Aug 24, 2023
    Days on Market:
    979
    Last Refresh:
    Apr 28 at 10:06 pm

    Property Features for 3601 MITCHELL Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    21-12.0-352-001
    Lot size
    3.71 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Annual Amount
    46

    We can help!

    Listing Contact
    Bill Marriott
    Bill Marriott

    Listing agent Bill Marriott License #475116051

    Listing office The Real Estate Group, Inc. 3701 West Wabash, Springfield, IL

    Listing date Aug 24, 2023

    MLS# CA1024322

    Copyright © 2026 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.

    Overview

    Springfield Commercial Land For Sale

    This 3.71-acre commercial land parcel is available for sale. The property is zoned S-2, offering various possibilities for development. It is located just one block north of Wabash and Mercantile Drive, situated north of Friar Tuck and Prairie State Bank. An adjacent 4.32-acre parcel is also available, potentially allowing for a larger combined footprint.
    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 Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.724118
    Latitude
    39.758936

    Nearby Similar for Sale

    • $460,000

      Versatile Commercial Property in Springfield

      7,200 sq ft commercial property with office and warehouse space.
      3112 NORMANDY Road, Springfield, IL 62703
      View Details
    • $695,000

      Well-Maintained Office Building in Springfield

      Move-in ready office building with ample parking and functional layout.
      801 S Durkin Drive, Springfield, IL 62704
      View Details
    • $999,999

      Springfield Commercial Package Deal

      Remodeled Subway franchise and commercial building for sale in Springfield.
      1295 TORONTO Road, Springfield, IL 62707
      View Details
    • $2,500,000

      Springfield Strip Mall For Sale

      Strip mall in high-traffic location with reliable tenants.
      2940 CONSTITUTION Drive, Springfield, IL 62704
      View Details
    • $699,000

      Turnkey Restaurant and Entertainment Venue

      Restaurant/entertainment venue with premier location and front-row Governor's Mansion views.
      517 S 4TH Street, Springfield, IL 62701
      View Details
    • $675,000

      Springfield Industrial Park Warehouse Building

      Warehouse building with commercial kitchen space for sale.
      4753 Jeffory Street, Springfield, IL 62703
      View Details
    • $450,000

      Commercial Space in Springfield, IL

      Located off Interstate 55, convert to your liking.
      6444 6th Street Frontage Road, Springfield, IL 62703
      View Details
    • $349,900

      Restaurant Building in Springfield, IL

      Restaurant building for sale with fully built-out kitchen.
      915 W LAUREL Street, Springfield, IL 62704
      View Details
    • $6,500,000

      Class A Office Building

      Class A office building with on-site parking in Springfield.
      400 W MONROE Street, Springfield, IL 62704
      View Details
    • $365,000

      Updated Office Space, Springfield, IL

      Move-in-ready office space on a visible corner lot.
      1625 S 6TH Street, Springfield, IL 62703
      View Details
    • $749,800

      Springfield Multifamily Investment Opportunity

      Fully occupied 10-unit property on 6.5 acres with development potential.
      2510 & 2518 W JEFFERSON Street, Springfield, IL 62702
      View Details
    • $490,000

      Springfield Commercial Property For Sale

      Commercial property with showroom, shop, and high traffic location.
      2595 S MACARTHUR Boulevard, Springfield, IL 62704
      View Details

    FAQs

    What type of property is this?
    Land - 3.71 acres of commercial land in Springfield, Illinois.
    Where is this land located?
    The property is located at 3601 MITCHELL Drive Springfield, IL.
    What is the asking price?
    The asking price for this property is $740,520.
    What are key features of this property?
    This property features: 3.71 acre lot for sale.; Zoned S‑2, offering many possibilities.; Located 1 block North of Wabash and Mercantile Drive.
    (217) 741-0198
    We can help!
    Listing Contact
    Bill Marriott
    Bill Marriott
    Real Estate License ID: 475116051
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!