Freestanding Building on Wabash
For Sale
Contact for pricing
Pending
1700 Wabash Ave, Springfield, IL 62704
4,685 SF building on 0.70 acres with drive-thru.
Property Size4,685 SF
Lot Size0.70 Acres
Days on Market168
Property Features for 1700 Wabash Ave
General Information
Standard status
Pending
Size
4,685 SF
Lot size
0.70 Acres
Property subtype
Retail
Zoning
B2
Building Details
Year Built
1984
Buildings
1
Stories
1
Listing Agency:
Marcus & Millichap - Chicago Oak Brook
(630) 570-2250
Listed By:
Steven Weinstock · License #IL 471011175
Source:
Crexi
Added: Feb 24
Changed: Aug 8
Last Checked: Jul 16 at 9:31AM
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 Marcus & Millichap - Chicago Oak Brook
Investment Insights
Based on property information with market context.
The property is a freestanding building with approximately 4,685 square feet of space, situated on a parcel of approximately 0.70 acres. Formerly a Hardee’s restaurant, the property includes existing drive-thru infrastructure, monument signage, and ample on-site parking. The location is along Wabash Avenue, near the intersection of Chatham Road, in one of Springfield’s busiest retail corridors, which experiences daily traffic counts exceeding 25,000 vehicles. The surrounding area includes major national retailers such as Walmart Supercenter, Target, Lowe’s, ALDI, Panera Bread, Chick-fil-A, and Starbucks, along with local businesses and service-based tenants. The property is located in Springfield, the capital of Illinois, which serves as a regional hub for government, healthcare, and education. Recent and ongoing development includes the $65 million Scheels Sports Park, the new Amazon fulfillment center opening in 2025, and the Downtown & Medical District Master Plan. This property offers an opportunity for an owner-user or investor to reposition or lease to a new operator.
Key Highlights
- Excellent opportunity for owner‑user or investor to reposition or lease.
- Located on Wabash Avenue near Chatham Road, a high‑traffic retail corridor with over 25,000 vehicles daily.
- Freestanding ±4,685‑square‑foot building on a ±0.70‑acre parcel with existing drive‑thru infrastructure.
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
$65,050
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
6.67%
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%
$1,301,000
$1.3M
Cap Rate 7%
$929,286
$929.3K
Cap Rate 9%
$722,778
$722.8K
Market Conditions
NOI Build-Up for 4,685 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
$92.8K $19.80/SF
− Vacancy
−$6.0K −$1.29/SF
EGI
$86.7K $18.51/SF
− OpEx
−$21.7K −$4.63/SF
NOI
$65.1K $13.88/SF
Area
Springfield, IL
Vacancy
6.50%
Lease Rate
$19.80 /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%
$1,301,000
Cap Rate 7%
$929,286
Cap Rate 9%
$722,778
Alternative Uses
Best Use
Specialty Retail
$929.3K
$813.1K – $1.08M
NOI $65,050 @ 7.0% cap · market cap 6.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,518 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
877
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - 4,685 SF building on 0.70 acres with drive-thru.
Where is this drive through restaurant located?
The property is located at 1700 Wabash Ave Springfield, IL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Excellent opportunity for owner‑user or investor to reposition or lease.; Located on Wabash Avenue near Chatham Road, a high‑traffic retail corridor with over 25,000 vehicles daily.; Freestanding ±4,685‑square‑foot building on a ±0.70‑acre parcel with existing drive‑thru infrastructure.
