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

    386 S Koke Mill Rd Springfield, IL 62711

    View on Map
    Sponsored
    Source: https://www.cbcworldwide.com
    For Lease
    $505 /Mo ($0.48 SF/Yr)

    West Side Office Space For Lease

    Lot size:
    12,500 SF

    Property Features for 386 S Koke Mill Rd

    General Information

    Property type
    Office Units
    Lease Type
    Gross
    RSF (Rentable sq. ft)
    12,500 SF
    USF (Usable sq. ft)
    12,500 SF
    Total Parking Spaces
    27
    Elevators
    N/A
    Total Rate
    505

    Amenities

    Building Details

    Year Built
    1996
    Buildings
    1
    Stories
    2

    Overview

    West Side Office Space

    This west side office space is situated in a quiet, secluded location with minimal traffic, making it suitable for small business owners seeking a peaceful environment. The surrounding area is primarily residential, with some professional and medical offices. Located north of Old Jacksonville Road on the east side of Koke Mill Road, the property offers a one-room office space on the second story. In 2021, the landlord updated the paint and installed LED lighting. A shared meeting room and break room are available for all tenants. Ample parking is provided on-site. The lease rate includes utilities and internet. Access to the second story is via stairs only.

    We can help!

    Listing Contact
    Blake Pryor, Ccim

    Learn more

    Property Insight Report
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Onward Accident & Injury ... Law Firm Barcom Security Security Service Sylvia Cassady Foster Care Service Golden Rule Handyman General Contractor acorn logistics management Warehouse & Storage

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    State
    Illinois
    Longitude
    -89.4337288
    Latitude
    40.0796606

    Nearby Similar for Lease

    • 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
    • Contact for pricing

      Professional Arts Office Building Available

      Office spaces available in a high-visibility Westchester building.
      10540 W Cermak Rd, Westchester, IL 60154
      View Details
    • Contact for pricing
      98,446 SF

      Springfield Office Space For Lease

      Professional office space for lease near White Oaks Mall.
      2205 W Wabash Ave, Springfield, IL 62704
      View Details
    • Contact for pricing

      Professional Office Space Available

      Class A office space for rent in Springfield, Illinois.
      400 S 9Th St Se, Springfield, IL 62703
      View Details
    • Contact for pricing
      98,446 SF

      Springfield Office Space For Lease

      Professional office space for lease near White Oaks Mall.
      2205 W Wabash Ave, Springfield, IL 62704
      View Details
    • Contact for pricing
      55,526 SF

      Retail Space in Springfield

      Retail space for lease in high-traffic Springfield location.
      3100 Walton Dr, Springfield, IL 62702
      View Details
    • Contact for pricing

      Springfield Retail Space For Rent

      Well-lit commercial space with parking, near downtown Springfield.
      723 N Bruns Ln, Springfield, IL 62702
      View Details
    • Contact for pricing
      98,446 SF

      Professional Office Space For Lease

      Professional office space for lease with elevator access and great exposure.
      2205 W Wabash Ave, Springfield, IL 62704
      View Details
    • Contact for pricing

      Springfield Retail Space For Rent

      2,800 SF retail space in a rapidly growing area.
      3252 Ginger Creek Dr, Springfield, IL 62711
      View Details
    • Contact for pricing
      98,446 SF

      Springfield Office Space For Lease

      Professional office space for lease near White Oaks Mall.
      2205 W Wabash Ave, Springfield, IL 62704
      View Details
    • Contact for pricing
      98,446 SF

      Springfield Office Space For Lease

      Professional office space for lease with elevator access.
      2205 W Wabash Ave, Springfield, IL 62704
      View Details
    • Contact for pricing

      Professional Office Space Available

      Class A office space in a professional building.
      400 S 9Th St Se, Springfield, IL 62703
      View Details

    FAQs

    What type of property is this?
    Office units - West Side Office Space For Lease
    Where is this office units located?
    The property is located at 386 S Koke Mill Rd Springfield, IL.
    What is the lease rate?
    The lease rate is $0.48 SF/Yr.
    What are key features of this property?
    This property features:
    (217) 547-6650
    Request Owner's contact information
    386 S Koke Mill Rd Springfield, IL 62711
    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.
    386 S Koke Mill Rd
    Springfield, IL 62711
    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
    386 S Koke Mill Rd Springfield, IL 62711
    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
    Blake Pryor, Ccim
    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!