Freestanding Storefront with
For Sale
$300,000
2003 W Monroe Street, Springfield, IL 62704
Existing layout includes retail or dining space, two ADA-compliant restrooms, and back-of-house storage.
Property Size1,815 SF
Price / SF$165.29
Days on Market427
Property Features for 2003 W Monroe Street
General Information
Standard status
Active
Size
1,815 SF
Property subtype
General Commercial
Additional Details
Drive-Thru
Yes
Patio
Yes
Taxes and HOA fees
Annual Taxes
$10,089
Amenities
outdoor patio
Central Air
3
Tile, Concrete
Flat, Membrane
10 Parking Spaces.
Building Details
Year Built
2005
Buildings
1
Stories
1
Listing Agency:
CA2400
(217) 547-6650
Listed By:
Blake Pryor · License #475159138
Source:
Xome
Added: Jun 30, 2025
Changed: Aug 29
Last Checked: Apr 24 at 8:03AM
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 CA2400
Investment Insights
Based on property information with market context.
This 1,815-square-foot freestanding storefront includes a drive-through and outdoor patio. The interior is arranged with a secure vestibule, open retail or dining space, two ADA-compliant restrooms, and a dedicated back-of-house area that can support storage or non-commercial kitchen use.
The property is located at 2003 W Monroe St in Springfield, Illinois. The Seller holds fee simple interest after Starbucks ended its lease early, with eight months remaining at termination. Existing improvements provide a foundation for continued storefront use or repositioning of the building.
The property is located at 2003 W Monroe St in Springfield, Illinois. The Seller holds fee simple interest after Starbucks ended its lease early, with eight months remaining at termination. Existing improvements provide a foundation for continued storefront use or repositioning of the building.
Key Highlights
- 1,815‑square‑foot freestanding storefront building
- Drive‑through facility with outdoor patio
- Open retail or dining area with secure vestibule
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
$25,201
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
8.40%
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%
$504,020
$504.0K
Cap Rate 7%
$360,014
$360.0K
Cap Rate 9%
$280,011
$280.0K
Market Conditions
NOI Build-Up for 1,815 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
$35.9K $19.80/SF
− Vacancy
−$2.3K −$1.29/SF
EGI
$33.6K $18.51/SF
− OpEx
−$8.4K −$4.63/SF
NOI
$25.2K $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%
$504,020
Cap Rate 7%
$360,014
Cap Rate 9%
$280,011
Alternative Uses
Best Use
Specialty Retail
$360.0K
$315.0K – $420.0K
NOI $25,201 @ 7.0% cap · market cap 8.40%
Second Best
Retail
$300.6K
$263.0K – $350.7K
NOI $21,039 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$445.6K
$389.9K – $519.9K
NOI $31,193 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
339
Businesses Nearby
Under-served
Demand for This Use
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?
Storefront property - Existing layout includes retail or dining space, two ADA-compliant restrooms, and back-of-house storage.
Where is this storefront property located?
The property is located at 2003 W Monroe Street Springfield, IL.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 1,815‑square‑foot freestanding storefront building; Drive‑through facility with outdoor patio; Open retail or dining area with secure vestibule
