Building Details

Year Built 1994

Listing Agency: Matthews Real Estate Investment Services - Orange County

Listed By: Conrad Sarreal · License #01982875 (CA) Show Phone

Source: Matthews

Added: Jun 17 Changed: Oct 5 Last Checked: Oct 20 at 5:11PM

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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 Matthews Real Estate Investment Services - Orange County

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Investment Insights

Based on property information with market context.

The Walgreens drug store property contains 13,450 square feet and was built in 1994. Its classification as a drug store places the asset within the retail property sector, with an established format for commercial use.

The property is located at 2140 North Peoria Road in Springfield, Illinois, 62702. The offering is identified with an 8.50% CAP rate, providing a key financial metric for evaluating the asset.

Key Highlights

• 13,450‑square‑foot drug store property
• Walgreens property at 2140 North Peoria Road
• Built in 1994

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$155,912

Cap Rate

8.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,118,240 $3.1M

Cap Rate 7%

$2,227,314 $2.2M

Cap Rate 9%

$1,732,356 $1.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,450 SF

Gross rent

$242.1K $18.00/SF

− Vacancy

−$19.4K −$1.44/SF

EGI

$222.7K $16.56/SF

− OpEx

−$66.8K −$4.97/SF

NOI

$155.9K $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%

$3,118,240

Cap Rate 7%

$2,227,314

Cap Rate 9%

$1,732,356

Alternative Uses

Best Use

Specialty Retail

$2.67M

$2.33M – $3.11M (±1% cap)

NOI $186,750 @ 7.0% cap · market cap 10.54%

Second Best

Retail

$2.23M

$1.95M – $2.60M (±1% cap)

NOI $155,912 @ 7.0% cap · market cap 8.80%

Theoretical Best

Office A

$3.30M

$2.89M – $3.85M (±1% cap)

NOI $231,157 @ 7.0% cap · market cap 13.05%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Walgreens Cosmetic Store Walgreens Photo (Bike/Boat/Book/etc) Store Walgreens Pharmacy Pharmacy LibertyX Bitcoin ATM Atm Redbox Cinema

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Hair Salon Spa & Massage Center Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

392

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 62702, IL

33,712

Population

17,083

Households

2

Avg Household Size

41

Median Age

20%

College-Educated

90%

High-School Grad

15.4 sq mi

ZIP Area

2,189

Density / Sq Mi

$52,748

Median Household Income

$38,160

Median Earnings

$858

Median Rent

$102,300

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Similar Off Market Nearby

• Walgreens Pharmacy — 2140 N Peoria Rd, Springfield, IL 62702
• COVID-19 Drive-Thru Testing at Walgreens — 2140 N Peoria Rd, Springfield, IL 62702
• Bang Le — 2140 N Peoria Rd, Springfield, IL 627021840
• Jonathan Fry — 2140 N Peoria Rd, Springfield, IL 627021840
• Jennifer Ratliff — 2140 N Peoria Rd, Springfield, IL 627021840

Frequently Asked Questions

What type of property is this?

Drug store - Established drug store property with a retail footprint suited to continued commercial use.

Where is this drug store located?

The property is located at 2140 N Peoria Rd Springfield, IL.

What is the asking price?

The asking price for this property is $1,771,400.

What are key features of this property?

This property features: 13,450‑square‑foot drug store property; Walgreens property at 2140 North Peoria Road; Built in 1994