Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    427 Monroe St, Unit 302 Springfield, IL 62701

    Sponsored
    For Lease
    Contact for pricing

    COMMERCIAL - Springfield, IL

    Lot size:
    0.50 Acres
    Days on Market:
    39
    Last Refresh:
    Jan 19 at 6:06 am

    Property Features for 427 Monroe St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Zoning
    S-3
    APN
    14340107051
    Lot size
    0.50 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Floors in Building
    4
    Flooring type
    Tile, Carpet
    Building materials
    Brick, Frame
    Roof type
    Membrane

    We can help!

    Listing Contact
    Curtis D Tillett

    The Real Estate Group, Inc. (217) 787-7000 [email protected]

    Listing agent Curtis D Tillett

    Listing date Dec 12, 2025

    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

    Downtown Springfield Office Space Available

    Located in downtown Springfield, this third-floor office suite offers views of the Old State Capitol. The space features three rooms, which can be configured as a reception area, a private office, and storage, or as two to three offices. The property is situated at the corner of 5th and Monroe. The zoning is S-3. The lot size is 0.5 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Brown Management Corp. Business Management Consultant Coldwell Banker Commercial ... Commercial Real Estate Agency Upper Echelon Marketing ... Marketing Agency Veloxinet Internet Service Provider Kristi Mitchell Photography Wedding Photographer

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Law Firm Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.649721
    Latitude
    39.799663

    Nearby Similar for Lease

    • Contact for pricing

      Office Space in Westchester, IL

      Office space available for rent in Westchester, Illinois.
      9825 W Roosevelt Rd, Westchester, IL 60154
      View Details
    • Contact for pricing

      Office Space in Westchester, IL

      Office space available for rent in Westchester, Illinois.
      9825 W Roosevelt Rd, Westchester, IL 60154
      View Details
    • Contact for pricing

      Updated Office Space Available

      Updated office space with utilities included and 24-hour security.
      9825 W Roosevelt Rd, Westchester, IL 60154
      View Details
    • Contact for pricing

      Springfield Commercial Space For Lease

      Office, retail, or warehouse space available in Springfield, Illinois.
      3001 W White Oaks Dr, Springfield, IL 62704
      View Details
    • Contact for pricing
      47,045 SF

      Class A Office Space

      Office space available for rent in Springfield, Illinois.
      2451 W Monroe St, Springfield, IL 62704
      View Details
    • Contact for pricing
      80,586 SF

      Turn-Key Bar/Retail Space Available

      Prime West Springfield location, ready for immediate operation.
      4117 Wabash Ave, Springfield, IL 62711
      View Details
    • New
      Contact for pricing
      25,700 SF

      Downtown Springfield Office Space Available

      Over 11,000 SF of well-kept office space for lease.
      110 W Lawrence Ave, Springfield, IL 62704
      View Details
    • Contact for pricing

      Commercial Space with Auto Potential

      2921 SF commercial space suitable for automotive or other businesses.
      3316 Robbins Rd, Springfield, IL 62711
      View Details
    • New
      Contact for pricing
      10,019 SF

      Historic Springfield Restaurant Opportunity

      Landmark 7,000 sq ft building near Statehouse for lease.
      620 S 1St St, Springfield, IL 62704
      View Details
    • Contact for pricing
      55,321 SF

      Retail Space in Springfield, IL

      Retail space available for lease in Springfield, Illinois.
      3100 Walton Dr, Springfield, IL 62702
      View Details
    • Contact for pricing

      Retail Space Near Interstate

      Conveniently located retail space with ample parking and easy access.
      3050 Lindbergh Blvd, Springfield, IL 62704
      View Details
    • Contact for pricing
      257,440 SF

      Springfield Office Building For Rent

      First-class office building in a park-like setting with updated landscaping.
      3201 W White Oaks Dr, Springfield, IL 62704
      View Details

    FAQs

    What type of property is this?
    Office space - Third floor office suite with views of Old State Capitol.
    Where is this office space located?
    The property is located at 427 Monroe St, Unit 302 Springfield, IL.
    What are key features of this property?
    This property features: - Prime downtown location at the corner of 5th and Monroe.; - Third-floor suite with views of the Old State Capitol.; - Flexible space: can be configured as reception, private office, and storage, or 2-3 offices.
    (217) 553-7022
    Request Owner's contact information
    427 Monroe St, Unit 302 Springfield, IL 62701
    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.
    427 Monroe St, Unit 302
    Springfield, IL 62701
    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
    427 Monroe St, Unit 302 Springfield, IL 62701
    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
    Curtis D Tillett
    Real Estate License ID: 475089421
    (217) 553-7022
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.