Downtown Office
For Sale
$1,995,000
400 S 9th Street, Springfield, IL 62701
Established office property with quality tenants near courthouses and municipal offices.
Property Size34,000 SF
Price / SF$233.61
Days on Market521
Property Features for 400 S 9th Street
General Information
Standard status
Active
Size
34,000 SF
Class
Class A
Property subtype
Commercial
Zoning
S-3
Taxes and HOA fees
Annual Taxes
$54,043
Building Details
Building Size
34,000 SF
Listing Agency:
The Real Estate Group, Inc.
(217) 553-7022
Listed By:
Curtis Tillett · License #475089421
(217) 553-7022
Source:
Shawneehillsrealestate
Added: Mar 19, 2025
Changed: Aug 13
Last Checked: Aug 20 at 1:19PM
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 The Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
This 8,540-square-foot office building is positioned in downtown Springfield and has quality tenants in place. The property carries S-3 zoning and is situated near the county courthouse, federal courthouse, and other municipal offices.
The surrounding area includes additional Class A office buildings and the Lincoln home site. The property is located at 400 S 9th Street, Springfield, IL 62701. The listing agent has a financial interest in the property.
The surrounding area includes additional Class A office buildings and the Lincoln home site. The property is located at 400 S 9th Street, Springfield, IL 62701. The listing agent has a financial interest in the property.
Key Highlights
- 8,540‑square‑foot office building
- S‑3 zoning
- Quality tenants in place
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
$112,523
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
5.64%
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%
$2,250,460
$2.3M
Cap Rate 7%
$1,607,471
$1.6M
Cap Rate 9%
$1,250,256
$1.3M
Market Conditions
NOI Build-Up for 8,540 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
$187.5K $21.96/SF
− Vacancy
−$37.5K −$4.39/SF
EGI
$150.0K $17.57/SF
− OpEx
−$37.5K −$4.39/SF
NOI
$112.5K $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%
$2,250,460
Cap Rate 7%
$1,607,471
Cap Rate 9%
$1,250,256
Alternative Uses
Best Use
Office B
$1.61M
$1.41M – $1.88M
NOI $112,523 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.83M – $2.45M
NOI $146,772 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,962
Businesses Nearby
Explore this area
Business Placement
Demographics for 62701, IL
1,354
Population
832
Households
1.6
Avg Household Size
36
Median Age
35%
College-Educated
86%
High-School Grad
0.4 sq mi
ZIP Area
3,385
Density / Sq Mi
$32,444
Median Household Income
$31,472
Median Earnings
$667
Median Rent
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Established office property with quality tenants near courthouses and municipal offices.
Where is this office building located?
The property is located at 400 S 9th Street Springfield, IL.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 8,540‑square‑foot office building; S‑3 zoning; Quality tenants in place
