Freestanding Professional Office
For Sale
$1,750,000
3167 Robbins Rd, Springfield, IL 62704
Well-maintained two-story office building with 16 private offices and 41 surface parking spaces.
Property Size10,900 SF
Lot Size1.63 Acres
Price / SF$160.55
Days on Market110
Property Features for 3167 Robbins Rd
General Information
Standard status
Active
Size
10,900 SF
Total Parking Spaces
41
Lot size
1.63 Acres
Property subtype
Office
Building Details
Year Built
2001
Stories
2
Listing Agency:
Atlanta
(404) 978-2348
Listed By:
Eric Kulbacki · License #475209285
(404) 978-2348
Source:
Colliers
Added: May 14
Changed: Aug 23
Last Checked: Aug 30 at 1:07PM
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 Atlanta
Investment Insights
Based on property information with market context.
Built in 2001, this well-maintained freestanding office building offers a functional two-floor layout totaling 10,900 rentable square feet. The interior configuration includes 16 private offices, 3 workstations, and 2 conference rooms, supporting professional services and medical administration needs, as well as regional headquarters use. The property also provides 41 surface parking spaces.
Located at 3167 Robbins Road in Springfield, Illinois, the building is positioned within a commercial corridor on the west side of the state capital, with straightforward roadway connectivity throughout the greater Springfield market. The surrounding area includes national retailers, dining, and service providers such as Target, Walmart, Chick-fil-A, Olive Garden, Best Buy, and Kohl’s.
Recent capital improvements include a roof replacement in July 2022 and a new HVAC chiller installed in December 2025.
Located at 3167 Robbins Road in Springfield, Illinois, the building is positioned within a commercial corridor on the west side of the state capital, with straightforward roadway connectivity throughout the greater Springfield market. The surrounding area includes national retailers, dining, and service providers such as Target, Walmart, Chick-fil-A, Olive Garden, Best Buy, and Kohl’s.
Recent capital improvements include a roof replacement in July 2022 and a new HVAC chiller installed in December 2025.
Key Highlights
- Built in 2001, freestanding two‑story office building with 10,900 rentable SF on approx. 1.63 acres
- Layout includes 16 private offices, 3 workstations, and 2 conference rooms for professional services or administration
- 41 surface parking spaces for employee and client parking
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
$143,618
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
8.21%
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%
$2,872,360
$2.9M
Cap Rate 7%
$2,051,686
$2.1M
Cap Rate 9%
$1,595,756
$1.6M
Market Conditions
NOI Build-Up for 10,900 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
$239.4K $21.96/SF
− Vacancy
−$47.9K −$4.39/SF
EGI
$191.5K $17.57/SF
− OpEx
−$47.9K −$4.39/SF
NOI
$143.6K $13.18/SF
Area
Springfield, IL
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$2,872,360
Cap Rate 7%
$2,051,686
Cap Rate 9%
$1,595,756
Alternative Uses
Best Use
Office B
$2.05M
$1.80M – $2.39M
NOI $143,618 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.68M
$2.34M – $3.12M
NOI $187,332 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,102
Businesses Nearby
Explore this area
Business Placement
Demographics for 62704, IL
39,157
Population
20,706
Households
1.9
Avg Household Size
40
Median Age
42%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
3,210
Density / Sq Mi
$66,352
Median Household Income
$44,793
Median Earnings
$924
Median Rent
$166,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained two-story office building with 16 private offices and 41 surface parking spaces.
Where is this office building located?
The property is located at 3167 Robbins Rd Springfield, IL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Built in 2001, freestanding two‑story office building with 10,900 rentable SF on approx. 1.63 acres; Layout includes 16 private offices, 3 workstations, and 2 conference rooms for professional services or administration; 41 surface parking spaces for employee and client parking
