Springfield Commercial Property on
For Sale
Contact for pricing
1701 S 6th St, Springfield, IL
Corner lot with high visibility and accessibility in Springfield, IL.
Property Size2,550 SF
Lot Size0.33 Acres
Price / SF$196.08
Days on Market1323
Property Features for 1701 S 6th St
General Information
Standard status
Active
Size
2,550 SF
Lot size
0.33 Acres
Property subtype
RETAIL
Listing Agency:
Mid-America Real Estate Group | Chicago
(630) 954-7374
Listed By:
Kevin Reinke · License #471004523
Source:
Moodyscre
Added: Dec 27, 2022
Changed: Jul 6
Last Checked: Aug 10 at 8:54AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Mid-America Real Estate Group | Chicago
Investment Insights
Based on property information with market context.
This property, situated on a corner lot at 6th and Spruce in Springfield, Illinois, is zoned S-2 by the City of Springfield. The site features a building of approximately 2,550 square feet and a storage shed, positioned on approximately 0.4 acres. Located on 6th Street, a major one-way thoroughfare, the property benefits from high visibility and accessibility, with a daily traffic flow of approximately 12,200 cars. The site is enhanced by an on-site pole sign. Previously a quick lube facility, the property includes overhead doors, access from both streets, and a paved lot. It contains two tax parcels and is ideal for a variety of uses.
Key Highlights
- High‑traffic location on 6th Street with approximately 12,200 cars daily.
- Corner lot with high visibility and accessibility.
- Zoned S‑2, suitable for a variety of uses.
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
$29,560
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
5.91%
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%
$591,200
$591.2K
Cap Rate 7%
$422,286
$422.3K
Cap Rate 9%
$328,444
$328.4K
Market Conditions
NOI Build-Up for 2,550 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
$45.9K $18.00/SF
− Vacancy
−$3.7K −$1.44/SF
EGI
$42.2K $16.56/SF
− OpEx
−$12.7K −$4.97/SF
NOI
$29.6K $11.59/SF
Area
Springfield, IL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$591,200
Cap Rate 7%
$422,286
Cap Rate 9%
$328,444
Alternative Uses
Best Use
Retail
$422.3K
$369.5K – $492.7K
NOI $29,560 @ 7.0% cap · market cap 5.91%
Second Best
Industrial
$218.0K
$190.8K – $254.4K
NOI $15,262 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$626.1K
$547.8K – $730.4K
NOI $43,825 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,512
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Corner lot with high visibility and accessibility in Springfield, IL.
Where is this auto shop located?
The property is located at 1701 S 6th St Springfield, IL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: High‑traffic location on 6th Street with approximately 12,200 cars daily.; Corner lot with high visibility and accessibility.; Zoned S‑2, suitable for a variety of uses.
