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

    4351 Conestoga Dr Springfield, IL 62707

    View on Map
    Sponsored
    For Sale
    $440,000

    LAND - Springfield, IL

    Days on Market:
    35
    Last Refresh:
    Mar 17 at 12:06 am

    Property Features for 4351 Conestoga Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial
    APN
    22190104005

    Utilities

    Utilities
    Electricity Available
    Water source
    Public

    We can help!

    Listing Contact
    Steve Contri
    Steve Contri

    RMP of Springfield,LLC dba Remax Professionals (217) 787-7215

    Listing agent Steve Contri

    Listing date Feb 10, 2026

    MLS# CA1037829 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Prime Commercial Lot in Springfield

    This property features a 2.46-acre commercial lot situated in Prairie Crossing. The lot benefits from visible frontage on Veterans Parkway and is located near major retailers, including Menards and Meijer's, as well as hotels and restaurants. The property is zoned B-1. The lot corners are professionally marked. The taxes are presently assessed value $597,000.
    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 Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.704563
    Latitude
    39.735134

    Nearby Similar for Sale

    • $637,500
      6,000 SF

      Downtown Springfield Office/Retail Opportunity

      Prime corner location in downtown Springfield with office and retail space.
      427 Monroe St, Springfield, IL 62701
      View Details
    • $699,000
      9,000 SF

      Turnkey Restaurant and Entertainment Venue

      Restaurant/entertainment venue with premier location and front-row Governor's Mansion views.
      517 S 4Th St, Springfield, IL 62701
      View Details
    • $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
    • $490,000
      7,200 SF

      Versatile Commercial Property in Springfield

      7,200 sq ft commercial property with office and warehouse space.
      3112 Normandy Rd, Springfield, IL 62703
      View Details
    • $995,000
      8,000 SF

      Commercial Building in Arlington Heights

      Well-maintained commercial building with income potential in high-traffic area.
      505 E Golf Rd, Arlington Heights, IL 60005
      View Details
    • $965,000
      Pending

      Multifamily Asset with Office Space

      19-unit multifamily property with renovated units and office space.
      1025 S 5Th St, Springfield, IL 62703
      View Details
    • New
      $350,000
      4,700 SF

      Spacious Office Building, Springfield, IL

      Spacious office building with parking near high-traffic area.
      3055 S 4Th St, Springfield, IL 62703
      View Details
    • $799,000

      Warehouse with Drive-Through Feature

      23,000 sqft warehouse with office, cooler, and drive-through.
      1030 N Grand Ave, Springfield, IL 62704
      View Details
    • $749,000
      4,230 SF

      Turn-Key Restaurant Building For Sale

      Well-maintained restaurant building with banquet room and updated mechanicals.
      517 S 4Th St, Springfield, IL 62701
      View Details
    • $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
    • $425,000

      Established Retail Outlet in Springfield

      Successful retail outlet with open layout and high ceilings.
      1805 S Macarthur Blvd, Springfield, IL 62704
      View Details
    • $490,000
      7,000 SF

      Springfield Commercial Property For Sale

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

    FAQs

    What type of property is this?
    Commercial land - 2.46 acre commercial lot with high visibility frontage.
    Where is this commercial land located?
    The property is located at 4351 Conestoga Dr Springfield, IL.
    What is the asking price?
    The asking price for this property is $440,000.
    What are key features of this property?
    This property features: - Prime 2.46 acre lot with visible frontage on Veterans Parkway.; - B-1 zoning, suitable for a variety of business uses.; - Located near major retailers, hotels, and restaurants.
    (217) 652-9390
    Request Owner's contact information
    4351 Conestoga Dr Springfield, IL 62707
    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.
    4351 Conestoga Dr
    Springfield, IL 62707
    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
    4351 Conestoga Dr Springfield, IL 62707
    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
    Steve Contri
    Steve Contri
    Real Estate License ID: 75086430
    (217) 652-9390 (217) 787-7215
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!