Flex Building with Warehouse
For Sale
$179,000
201 W Highland Avenue, Springfield, IL 62704
Corner property combining showroom, office, warehouse, and storage areas in one commercial building.
Property Size2,340 SF
Price / SF$76.50
Days on Market315
Property Features for 201 W Highland Avenue
General Information
Standard status
Active
Size
2,340 SF
Property subtype
General Commercial
Warehouse & Industrial
Clear Height
13.5 ft
Warehouse Space
900 SF
Office Build-Out
1,440 SF
Taxes and HOA fees
Annual Taxes
$3,921
Amenities
3
Building Details
Buildings
1
Building Size
2,340 SF
Listing Agency:
The Real Estate Group
(217) 741-0198
Listed By:
Bill Marriott · License #475116051
Source:
Xome
Added: Oct 20, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:47PM
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 The Real Estate Group
Investment Insights
Based on property information with market context.
This 2,340-square-foot flex building combines 1,440 square feet of office and display area with a 900-square-foot warehouse. The front portion includes a reception area, multiple display areas, separate men’s and women’s restrooms, a kitchen, and two large private offices. An unfinished basement beneath the office area provides additional storage space.
The warehouse includes two manual overhead doors measuring 12' X 10' and a separate metal service door. Ceiling clearance measures 11.5 feet at the sidewalls and 13.5 feet at the center. The property occupies the corner of Spring and Highland at 201 W Highland Avenue in Springfield, Illinois.
The warehouse includes two manual overhead doors measuring 12' X 10' and a separate metal service door. Ceiling clearance measures 11.5 feet at the sidewalls and 13.5 feet at the center. The property occupies the corner of Spring and Highland at 201 W Highland Avenue in Springfield, Illinois.
Key Highlights
- 2,340‑square‑foot flex building with 1,440 square feet of office/display area and 900 square feet of warehouse space
- Two 12'X10' manual overhead doors plus a separate metal service door
- Warehouse ceiling height of 11.5 at sidewalls and 13.5 in center
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
$14,005
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
7.82%
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%
$280,100
$280.1K
Cap Rate 7%
$200,071
$200.1K
Cap Rate 9%
$155,611
$155.6K
Market Conditions
NOI Build-Up for 2,340 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
$21.1K $9.00/SF
− Vacancy
−$1.1K −$0.45/SF
EGI
$20.0K $8.55/SF
− OpEx
−$6.0K −$2.56/SF
NOI
$14.0K $5.98/SF
Area
Springfield, IL
Vacancy
5.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$280,100
Cap Rate 7%
$200,071
Cap Rate 9%
$155,611
Alternative Uses
Best Use
Office B
$440.5K
$385.4K – $513.9K
NOI $30,832 @ 7.0% cap · market cap 17.22%
Second Best
Flex RnD
$334.0K
$292.3K – $389.7K
NOI $23,381 @ 7.0% cap · market cap 13.06%
Theoretical Best
Office A
$574.5K
$502.7K – $670.3K
NOI $40,216 @ 7.0% cap · market cap 22.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13 ft
Clear height
Location Intelligence
Trade Area within ½ mile
517
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 Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Utter's Catering & BBQ — 2905 S MacArthur Blvd, Springfield, IL 62704, United States
Frequently Asked Questions
What type of property is this?
Flex space - Corner property combining showroom, office, warehouse, and storage areas in one commercial building.
Where is this flex space located?
The property is located at 201 W Highland Avenue Springfield, IL.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: 2,340‑square‑foot flex building with 1,440 square feet of office/display area and 900 square feet of warehouse space; Two 12'X10' manual overhead doors plus a separate metal service door; Warehouse ceiling height of 11.5 at sidewalls and 13.5 in center
