Springfield Commercial Property on
1701 S 6th St, Springfield, IL
For Sale
Contact for pricing
Corner lot with high visibility and accessibility in Springfield, IL.
Property Size2,550 SF
Lot Size0.33 Acres
Price / SF$196.08
Days on Market1416
Property Features for 1701 S 6th St
General Information
Standard status
Size
Lot size
Property subtype
Listing Agency:
Mid-America Real Estate Group | Chicago
(630) 954-7327
Listed By:
Jeff Kuchman
(630) 954-7331
Source:
Moodyscre
Added: Dec 27, 2022
Changed: Nov 5
Last Checked: Nov 10 at 9:47AM
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 Mid-America Real Estate Group | Chicago
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Investment Insights
Based on property information with market context.
This property, situated on a corner lot at 6th and Spruce in Springfield, Illinois, is zoned S-2 by the City of Springfield. The site features a building of approximately 2,550 square feet and a storage shed, positioned on approximately 0.4 acres. Located on 6th Street, a major one-way thoroughfare, the property benefits from high visibility and accessibility, with a daily traffic flow of approximately 12,200 cars. The site is enhanced by an on-site pole sign. Previously a quick lube facility, the property includes overhead doors, access from both streets, and a paved lot. It contains two tax parcels and is ideal for a variety of uses.
Key Highlights
- High‑traffic location on 6th Street with approximately 12,200 cars daily.
- Corner lot with high visibility and accessibility.
- Zoned S‑2, suitable for a variety of uses.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,560
Cap Rate
5.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$591,200
$591.2K
Cap Rate 7%
$422,286
$422.3K
Cap Rate 9%
$328,444
$328.4K
Market Conditions
NOI Build-Up for 2,550 SF
Gross rent
$45.9K $18.00/SF
− Vacancy
−$3.7K −$1.44/SF
EGI
$42.2K $16.56/SF
− OpEx
−$12.7K −$4.97/SF
NOI
$29.6K $11.59/SF
Area
Springfield, IL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$591,200
Cap Rate 7%
$422,286
Cap Rate 9%
$328,444
Alternative Uses
Best Use
Retail
$422.3K
$369.5K – $492.7K
NOI $29,560 @ 7.0% cap · market cap 5.91%
Second Best
Industrial
$218.0K
$190.8K – $254.4K
NOI $15,262 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$626.1K
$547.8K – $730.4K
NOI $43,825 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,512
Businesses Nearby
Well-served
Demand for This Use
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Auto shop - Corner lot with high visibility and accessibility in Springfield, IL.
Where is this auto shop located?
The property is located at 1701 S 6th St 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: High‑traffic location on 6th Street with approximately 12,200 cars daily.; Corner lot with high visibility and accessibility.; Zoned S‑2, suitable for a variety of uses.
