Flex Space with Dock
For Sale
$500,000
Pending
1415 E JEFFERSON Street, Springfield, IL 62703
Commercial Sale, Springfield, IL
Property Size4,752 SF
Days on Market2388
Property Features for 1415 E JEFFERSON Street
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
E. Washington to 14th, head north to property
Standard status
Pending
APN
14270485026
Listing Agency:
The Real Estate Group
(217) 787-7000
Listed By:
Curtis Tillett · License #475089421
(217) 553-7022
Added: Mar 1, 2020
Changed: Sep 7
Last Checked: Sep 14 at 9:06PM
MLS# CA998515
Copyright © 2026 RMLS Alliance. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex space property includes a primary office/warehouse facility with 4,752 SF of office area and 6,448 SF of warehouse space. The building offers a 20' ceiling height and three dock doors, supporting a combination of administrative and storage functions. It was formerly occupied by UCP.
Three smaller buildings are also located on the property and are considered tear-downs. The main facility may be acquired separately or together with other UCP buildings, providing flexibility in structuring the purchase.
Three smaller buildings are also located on the property and are considered tear-downs. The main facility may be acquired separately or together with other UCP buildings, providing flexibility in structuring the purchase.
Key Highlights
- 4,752 SF of office space and 6,448 SF of warehouse space
- 20' ceiling height in the primary building
- 3 dock doors provide loading access
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
$37,031
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
7.41%
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%
$740,620
$740.6K
Cap Rate 7%
$529,014
$529.0K
Cap Rate 9%
$411,456
$411.5K
Market Conditions
NOI Build-Up for 4,752 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
$45.6K $9.60/SF
− Vacancy
−$2.1K −$0.43/SF
EGI
$43.6K $9.17/SF
− OpEx
−$6.5K −$1.38/SF
NOI
$37.0K $7.79/SF
Area
Springfield, IL
Vacancy
4.50%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$740,620
Cap Rate 7%
$529,014
Cap Rate 9%
$411,456
Alternative Uses
Best Use
Office B
$894.5K
$782.7K – $1.04M
NOI $62,612 @ 7.0% cap · market cap 12.52%
Second Best
Flex RnD
$678.3K
$593.5K – $791.4K
NOI $47,481 @ 7.0% cap · market cap 9.50%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,670 @ 7.0% cap · market cap 16.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
20 ft
Clear height
3
Dock-high doors
Location Intelligence
Trade Area within ½ mile
1,223
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62703, IL
28,344
Population
14,320
Households
2
Avg Household Size
37
Median Age
21%
College-Educated
85%
High-School Grad
14.9 sq mi
ZIP Area
1,902
Density / Sq Mi
$44,580
Median Household Income
$36,345
Median Earnings
$971
Median Rent
$93,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse configuration with multiple loading points and additional buildings requiring removal.
Where is this flex space located?
The property is located at 1415 E JEFFERSON Street 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: 4,752 SF of office space and 6,448 SF of warehouse space; 20' ceiling height in the primary building; 3 dock doors provide loading access
