Freestanding Drive-Through
For Sale
$850,000
1700 WABASH Avenue, Springfield, IL 62704
Commercial Sale, Springfield, IL
Property Size4,413 SF
Lot Size0.70 Acres
Price / SF$192.61
Days on Market8
Property Features for 1700 WABASH Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-2
Directions
Wabash between MacArthur and Chatham Road
Standard status
Active
APN
22080326023
Lot size
0.70 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT NW1/4 SW1/4 8-15-5 (175 X 175)
Tax Annual Amount
24850
Legal Description
PT NW1/4 SW1/4 8-15-5 (175 X 175)
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Floors in Building
1
Flooring type
Tile
Building materials
Brick, Glass, Frame
Roof type
Flat
Listing Agency:
The Real Estate Group, Inc.
(217) 787-7000
Listed By:
Jay Clark · License #475103848
(217) 725-3402
Added: Aug 26
Changed: Sep 1
Last Checked: Sep 2 at 12:06PM
MLS# CA1046199
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 freestanding restaurant property includes approximately 4,413 SF of building area on an approximately 0.70-acre parcel. The site includes an existing drive-thru, monument signage, on-site parking, brick, glass, and frame construction, tile flooring, forced-air heating, central air, a flat roof, water availability, and public sewer. The property was formerly occupied by Hardee’s.
Positioned at 1700 Wabash Avenue in Springfield, the property is near the Wabash Avenue and Chatham Road intersection. Daily traffic counts exceed 25,000 vehicles, and the surrounding retail corridor includes Target, Lowe’s, ALDI, Panera Bread, Chick-fil-A, and Starbucks. B-2 zoning supports the property’s commercial restaurant classification.
Positioned at 1700 Wabash Avenue in Springfield, the property is near the Wabash Avenue and Chatham Road intersection. Daily traffic counts exceed 25,000 vehicles, and the surrounding retail corridor includes Target, Lowe’s, ALDI, Panera Bread, Chick-fil-A, and Starbucks. B-2 zoning supports the property’s commercial restaurant classification.
Key Highlights
- +/-4,413 SF freestanding commercial building
- +/-0.70‑acre parcel with existing drive‑thru infrastructure
- Former Hardee's restaurant location
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
$61,273
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
7.21%
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%
$1,225,460
$1.2M
Cap Rate 7%
$875,329
$875.3K
Cap Rate 9%
$680,811
$680.8K
Market Conditions
NOI Build-Up for 4,413 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
$87.4K $19.80/SF
− Vacancy
−$5.7K −$1.29/SF
EGI
$81.7K $18.51/SF
− OpEx
−$20.4K −$4.63/SF
NOI
$61.3K $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%
$1,225,460
Cap Rate 7%
$875,329
Cap Rate 9%
$680,811
Alternative Uses
Best Use
Specialty Retail
$875.3K
$765.9K – $1.02M
NOI $61,273 @ 7.0% cap · market cap 7.21%
Second Best
Retail
$730.8K
$639.4K – $852.6K
NOI $51,155 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$1.08M
$948.1K – $1.26M
NOI $75,844 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25,000 VPD
Traffic count
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 - Freestanding restaurant property with drive-thru infrastructure, monument signage, on-site parking, and B-2 zoning.
Where is this drive through restaurant located?
The property is located at 1700 WABASH Avenue Springfield, IL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: +/-4,413 SF freestanding commercial building; +/-0.70‑acre parcel with existing drive‑thru infrastructure; Former Hardee's restaurant location
