Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Development Opportunity: Multiple Commercial Parcels Title is generated by Realmo AI

    3385 E Atlanta, Springfield, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    20.65 acres of commercial land available for development.

    Type:LAND
    Lot size:
    1.78 Acres
    Added:
    Feb 18, 2025
    Days on Market:
    458
    Last Refresh:
    Apr 5 at 11:09 pm

    Property Features for 3385 E Atlanta

    General Information

    Standard status
    Active
    Lot size
    1.78 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Denise Bean-Mathis
    Denise Bean-Mathis

    Listing agent Denise Bean-Mathis

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Feb 18, 2025

    Source Moodyscre

    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 Coldwell Banker Commercial Devonshire Realty

    HighLights

    • Excellent development opportunity.
    • Total of 20.65 acres available.
    • 8 parcels available for purchase.
    • Parcels can be sold together or separately.
    • Lot sizes range from 1.19 acres to 4.25 acres.
    • Info sheet available with lot breakdown and pricing.

    Overview

    This property presents an excellent development opportunity with multiple parcels available. The total area encompasses 20.65 acres, divided into 8 individual lots. The lot sizes range from 1.19 acres to 4.25 acres. The parcels can be purchased either together as a single unit or separately, providing flexibility for various development plans.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    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
    -89.6503
    Latitude
    39.8006

    Nearby Similar for Sale

    • $410,000
      4,700 SF

      Spacious Office Building, Springfield, IL

      Over 4700 sq ft office space near high traffic area.
      3055 S 4TH Street, Springfield, IL 62703
      View Details
    • $460,000
      7,200 SF

      Versatile Commercial Property in Springfield

      7,200 sq ft commercial property with office and warehouse space.
      3112 NORMANDY Road, Springfield, IL 62703
      View Details
    • $695,000

      Well-Maintained Office Building in Springfield

      Move-in ready office building with ample parking and functional layout.
      801 S Durkin Drive, Springfield, IL 62704
      View Details
    • $749,999
      15,000 SF

      Multi-Purpose Building with Basketball Court

      15,000 sq ft multi-purpose building with many potential uses.
      1200 N Bradfordton Road, Springfield, IL 62711
      View Details
    • $675,000
      1,500 SF

      Springfield Industrial Park Warehouse Building

      Warehouse building with commercial kitchen space for sale.
      4753 Jeffory Street, Springfield, IL 62703
      View Details
    • $450,000
      5,000 SF

      Springfield Commercial Building Opportunity

      High-visibility commercial property with restaurant and bar potential.
      1577 wabash, Springfield, IL 62704
      View Details
    • $365,000

      Updated Office Space, Springfield, IL

      Move-in-ready office space on a visible corner lot.
      1625 S 6TH Street, Springfield, IL 62703
      View Details
    • $699,000
      9,000 SF

      Turnkey Restaurant and Entertainment Venue

      Restaurant/entertainment venue with premier location and front-row Governor's Mansion views.
      517 S 4TH Street, Springfield, IL 62701
      View Details
    • $999,999

      Springfield Commercial Package Deal

      Remodeled Subway franchise and commercial building for sale in Springfield.
      1295 TORONTO Road, Springfield, IL 62707
      View Details
    • $2,500,000

      Springfield Strip Mall For Sale

      Strip mall in high-traffic location with reliable tenants.
      2940 CONSTITUTION Drive, Springfield, IL 62704
      View Details
    • $349,900

      Restaurant Building in Prime Location

      Restaurant building for sale with fully built-out kitchen.
      915 W LAUREL Street, Springfield, IL 62704
      View Details
    • $225,000
      1,700 SF

      Commercial Building with Ample Parking

      Near 1,700 Sq Ft commercial building with endless possibilities.
      402 Dawson Street, Springfield, IL 62702
      View Details

    FAQs

    What type of property is this?
    Land - 20.65 acres of commercial land available for development.
    Where is this land located?
    The property is located at 3385 E Atlanta Springfield, IL.
    What is the asking price?
    The asking price for this property is $113,920.
    What are key features of this property?
    This property features: Excellent development opportunity.; Total of 20.65 acres available.; 8 parcels available for purchase.
    (217) 377-1944 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Denise Bean-Mathis
    Denise Bean-Mathis
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    3385 E Atlanta, Springfield, IL
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!