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    Class A Office Facility For Sale Title is generated by Realmo AI

    740 E Ash St., Springfield, IL 62703

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    For Sale
    $2,900,000

    36,631 SF on 2.39 AC Exceptional Class A Office Facility For Sale Or Lease

    Property size:
    36,631 SF
    Lot size:
    2.39 Acres
    Price / SF:
    $79/SF
    Added:
    Apr 9, 2025
    Days on Market:
    409
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 740 E Ash St.

    General Information

    Standard status
    Active
    Property type
    Other office properties, Office buildings, Other investment properties, Office Spaces, Investment properties
    Size
    36,631 SF
    Net Rentable
    36,631 SF
    Class
    A
    Elevators
    N/A
    Lot size
    2.39 Acres

    Building Details

    Year Built
    1965
    Year Renovated
    2008
    Buildings
    1
    Stories
    1

    We can help!

    Listing Contact
    Blake Pryor

    Listing agent Blake License #475159138

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Apr 9, 2025

    Overview

    This Class A freestanding office facility, located south of Downtown Springfield, offers a blend of timeless elegance and contemporary convenience. Originally constructed in 1965, the property underwent extensive renovations in 1994 and 2008, including a major addition in 2008. The 36,631 square foot property is situated on a 2.39-acre lot. The building features high-end finishes and thoughtfully designed spaces, including private offices, spacious conference rooms, break areas, and ample open workspaces. Previously home to the State Government for three decades, this location is suitable for another institutional entity or a large-scale end-user. The property is located just off S. 6th St, a thoroughfare with 12,400 AADT, and offers visibility and accessibility. Interstate 55 & 72 are minutes away, ensuring connectivity to regional hubs. It is near the Springfield Clinic Main Campus and historic landmarks like The Governor’s Mansion and Lincoln Home National Historic Site. The property includes a fully operational wet sprinkler system, a 450 AMP 3-Phase electric supply, and a 7’ X 7’ roll-up door for shipping and receiving. The property is in an Enterprise Zone and may qualify for a tax exemption on building materials for future construction, remodel, or rehabilitation, and abatement on the City of Springfield’s portion of the property taxes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Spaces

    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.

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.646306
    Latitude
    39.77874

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    FAQs

    What type of property is this?
    Office property - 36,631 SF on 2.39 AC Exceptional Class A Office Facility For Sale Or Lease
    Where is this office property located?
    The property is located at 740 E Ash St. Springfield, IL.
    What is the asking price?
    The asking price for this property is $2,900,000.
    (217) 547-6650
    We can help!
    Listing Contact
    Blake Pryor
    Real Estate License ID: 475159138
    Learn More
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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
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