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    518 E Capitol Ave Springfield, IL 62701

    View on Map
    Sponsored
    For Sale
    $295,000

    COMMERCIAL - Springfield, IL

    Days on Market:
    18
    Last Refresh:
    Mar 10 at 1:06 am

    Property Features for 518 E Capitol Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    S-3
    APN
    14-34.0-176-014

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas

    Building Details

    Year built
    1837
    Floors in Building
    3
    Flooring type
    Concrete, Wood, Tile
    Building materials
    Brick, Wood Siding
    Roof type
    Flat

    We can help!

    Listing Contact
    Crystal Germeraad
    Crystal Germeraad

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

    Listing agent Crystal Germeraad

    Listing date Feb 20, 2026

    MLS# CA1040399

    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

    Historic Springfield Landmark For Sale

    This historic property, known as The Virgil Hickox House and home to the legendary Norb Andy's Tabarin, presents an extraordinary opportunity in downtown Springfield. Constructed in 1839, this Italianate residence has a rich history, serving as a private home, the original Sangamo Club, a Prohibition-era speakeasy, and a local bar and restaurant. Originally owned by Virgil Hickox, a businessman and political figure associated with Abraham Lincoln, the building exemplifies 19th-century architecture adapted for modern use. Since 1937, as Norb Andy's, it has been a gathering place for legislators, journalists, and locals. This property offers unmatched prestige in Illinois' capital city. The upper portion of the property requires cleaning and repairs, but original elements remain intact, offering a foundation for a preservation-minded investor, developer, or entrepreneur. With renovation, the Hickox House could become a restaurant, boutique office, event venue, or mixed-use destination. The zoning is S-3.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Virgil Hickox House Tour Operator Norb Andy's Tabarin Bar & Pub

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Similar Places Nearby

    Rawls Lounge, The Blueprint Bar & Grill, Mac's Lounge, Unique's Bar & Grill, Boone's

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.648618
    Latitude
    39.798113

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    FAQs

    What type of property is this?
    Bar & Pub - Iconic 1839 building, former home of Norb Andy's Tabarin.
    Where is this bar & pub located?
    The property is located at 518 E Capitol Ave Springfield, IL.
    What is the asking price?
    The asking price for this property is $295,000.
    What are key features of this property?
    This property features: - Iconic historic property: The Virgil Hickox House, offering unmatched prestige.; - Prime location in the heart of Illinois' Capital city.; - Versatile potential: Suitable for an investment property, architectural showpiece, or historic venue.
    (217) 685-9575
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    518 E Capitol Ave Springfield, IL 62701
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    Springfield, IL 62701
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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.

    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
    518 E Capitol Ave Springfield, IL 62701
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    We can help!
    Listing Contact
    Crystal Germeraad
    Crystal Germeraad
    Real Estate License ID: 475161193
    (217) 685-9575 (217) 787-7215
    Learn more
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