Spa and Wellness
New
For Sale
$145,000
1009 W ASH Street, Springfield, IL 62704
Commercial Sale, Springfield, IL
Property Size915 SF
Price / SF$158.47
Days on Market3
Property Features for 1009 W ASH Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-1
Directions
S MacArthur turn left after PNC bank(on the left) on to Ash
Standard status
Active
APN
22-05.0-278-024
Taxes and HOA fees
Tax Annual Amount
2291
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Floors in Building
1
Flooring type
Tile
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
The Real Estate Group, Inc.
(217) 787-7000
Listed By:
Xuna Hu
(847) 420-6588
Added: Sep 20
Last Checked: Sep 22 at 12:06PM
MLS# CA1046650
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.
Investment Insights
Based on property information with market context.
This approximately 915-square-foot commercial property is configured for spa, wellness, and service-oriented operations. The interior includes three separate rooms, a reception or sitting area, 1.5 bathrooms, a kitchen, and a laundry area. One interior room does not have an egress window. The property previously operated as a massage therapy business, and the existing arrangement can support private rooms, offices, or customer-facing functions subject to B-1 zoning and applicable approvals.
Recent improvements include a newer roof and HVAC system, along with new paint and flooring. Additional physical features include vinyl siding, tile flooring, forced-air heating, central air, a composition roof, and public sewer service. The property is located in Springfield, Illinois, on W Ash Street.
Recent improvements include a newer roof and HVAC system, along with new paint and flooring. Additional physical features include vinyl siding, tile flooring, forced-air heating, central air, a composition roof, and public sewer service. The property is located in Springfield, Illinois, on W Ash Street.
Key Highlights
- Approximately 915 square feet of commercial space
- Three separate rooms plus reception or sitting area
- 1.5 bathrooms, kitchen, and laundry area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,056
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.31%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$241,120
$241.1K
Cap Rate 7%
$172,229
$172.2K
Cap Rate 9%
$133,956
$134.0K
Market Conditions
NOI Build-Up for 915 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$20.1K $21.96/SF
− Vacancy
−$4.0K −$4.39/SF
EGI
$16.1K $17.57/SF
− OpEx
−$4.0K −$4.39/SF
NOI
$12.1K $13.18/SF
Area
Springfield, IL
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$241,120
Cap Rate 7%
$172,229
Cap Rate 9%
$133,956
Alternative Uses
Best Use
Office B
$172.2K
$150.7K – $200.9K
NOI $12,056 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$224.7K
$196.6K – $262.1K
NOI $15,726 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62704, IL
39,157
Population
20,706
Households
1.9
Avg Household Size
40
Median Age
42%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
3,210
Density / Sq Mi
$66,352
Median Household Income
$44,793
Median Earnings
$924
Median Rent
$166,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Similar Off Market Nearby
- Frisina Possibilities — 1535 S MacArthur Blvd, Springfield, IL 62704
- Solstice Acupuncture & Apothecary — 301 S Grand Ave W, Springfield, IL 62704
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Flexible commercial layout with private rooms, reception space, kitchen, and laundry area.
Where is this spa & wellness property located?
The property is located at 1009 W ASH Street Springfield, IL.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Approximately 915 square feet of commercial space; Three separate rooms plus reception or sitting area; 1.5 bathrooms, kitchen, and laundry area
