Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Residential Lot Near Downtown Title is generated by Realmo AI

    1423 S 8TH Street, Springfield, IL 62702

    View on Map
    Claim this Listing
    For Sale
    $30,000

    LAND - Springfield, IL

    Added:
    Apr 29, 2026
    Days on Market:
    29
    Last Refresh:
    May 27 at 6:06 am

    Property Features for 1423 S 8TH Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    22-03.0-103-012

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    L 5 B 2 ELIJAH ILES SUB LANDS #3 PT NW 3-15-5
    Tax Annual Amount
    267

    Utilities

    Utilities
    Natural Gas Available
    Water source
    Public

    We can help!

    Listing Contact
    Clayton Yates

    Listing agent Clayton Yates License #475160796

    Listing office The Real Estate Group, Inc. 3701 West Wabash, Springfield, IL

    Listing date Apr 29, 2026

    MLS# CA1043352 Listing URL

    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.

    Overview

    This residential lot is centrally located just off of South Grand, minutes from downtown amenities in Springfield, Illinois.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.645747
    Latitude
    39.786525

    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
    • $975,000
      1,750 SF

      Versatile Commercial Property, Springfield, IL

      High-visibility commercial property with multiple income streams on 3.92 acres.
      3100 E COOK Street, Springfield, IL 62703-0000
      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
    • $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?
    Residential land & home lot - Centrally located residential lot near downtown Springfield amenities.
    Where is this residential land & home lot located?
    The property is located at 1423 S 8TH Street Springfield, IL.
    What is the asking price?
    The asking price for this property is $30,000.
    (217) 371-1370
    We can help!
    Listing Contact
    Clayton Yates
    Real Estate License ID: 475160796
    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
    1423 S 8TH Street, Springfield, IL 62702
    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!