Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    1001 N Walnut St Springfield, IL 62702

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,087,200

    Single-tenant office building leased to the State of Illinois.

    Property size:
    14,350 SF

    Property Features for 1001 N Walnut St

    General Information

    Size
    14,350 SF

    Building Details

    Year built
    1996

    Source: Lauren Konen Agent Lauren Konen

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Springfield Office Building For Sale

    The property at 1001 N Walnut Street, Springfield, Illinois, presents an opportunity to acquire a single-tenant office building. Constructed in 1996, the one-story structure comprises 13,590 square feet and is situated on a 0.72-acre lot. The building is 100% leased to the State of Illinois, specifically occupied by the Illinois Prisoner Review Board since 2007. The lease is structured as a Full Service Plus E lease with just under two years of remaining term. The State of Illinois maintains ownership of approximately 8,771 properties totaling 101 million square feet, in addition to leasing 8 million square feet of space statewide. The property benefits from 33 surface spaces and is located in an area zoned R-5 (General Residence and Office District). Strategically located in downtown Springfield, less than two miles from the Illinois State Capitol, the subject property benefits from proximity to the core of state government operations. The property is strategically located by a mix of government and service-related uses.
    Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.663681
    Latitude
    39.813374

    Nearby Similar for Sale

    • $150,000
      Pending

      Mixed-Use Property with Income Potential

      Mixed-use property with commercial space, apartments, and income potential.
      612 South Grand Ave, Springfield, IL 62704
      View Details
    • $550,000
      5,056 SF

      Springfield Bar and Restaurant For Sale

      Near west side bar and restaurant with gaming room.
      1577 W Wabash Ave, Springfield, IL 62704
      View Details
    • $375,000
      Pending

      Updated Commercial Space in Springfield

      Updated 5,227 sq ft commercial space with high visibility.
      2445 S 5Th St, Springfield, IL 62703
      View Details
    • $795,000
      10,000 SF

      Well-Maintained Office Building For Sale

      Move-in ready office building with ample parking in Springfield, IL.
      801 S Durkin Dr, Springfield, IL 62704
      View Details
    • $199,900
      Pending

      Springfield Commercial Property Near Capitol

      Corner property near State Capital with conversion potential.
      116 E Edwards St, Springfield, IL 62704
      View Details
    • $399,000
      Pending

      Springfield Residential Income Property

      Six-unit apartment building near downtown Springfield.
      1001 S 1St St, Springfield, IL 62704
      View Details

    FAQs

    What type of property is this?
    Office building - Single-tenant office building leased to the State of Illinois.
    Where is this office building located?
    The property is located at 1001 N Walnut St Springfield, IL.
    What is the asking price?
    The asking price for this property is $1,087,200.
    What are key features of this property?
    This property features: - 100% leased to the State of Illinois (Illinois Prisoner Review Board), providing stable income.; - Backed by an A- credit rating with a Stable outlook, the State represents a highly secure and creditworthy tenant.; - Strategic downtown Springfield location, less than two miles from the Illinois State Capitol.
    (832) 515-4062
    Request Owner's contact information
    1001 N Walnut St Springfield, IL 62702
    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.
    1001 N Walnut St
    Springfield, IL 62702
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    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.

    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.

    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
    1001 N Walnut St Springfield, IL 62702
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.