Walgreens Drug
For Sale
Contact for pricing
2140 North Peoria Road, Springfield, IL 62702
Established drug store property with a retail footprint suited to continued commercial use.
Property Size13,450 SF
Price / SF$135.58
Days on Market82
Property Features for 2140 North Peoria Road
General Information
Standard status
Active
Size
13,450 SF
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Additional Details
Cap Rate
8.5%
Building Details
Year Built
1994
Tenancy
Single
Listing Agency:
Matthews
(310) 365-5054
Listed By:
Conrad Sarreal · License #CA 01982875
Source:
Crexi
Added: Jun 10
Changed: Aug 30
Last Checked: Aug 30 at 11:24AM
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
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.
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 = 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
$155,912
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
8.55%
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%
$3,118,240
$3.1M
Cap Rate 7%
$2,227,314
$2.2M
Cap Rate 9%
$1,732,356
$1.7M
Market Conditions
NOI Build-Up for 13,450 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
$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 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%
$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
NOI $186,750 @ 7.0% cap · market cap 10.24%
Second Best
Retail
$2.23M
$1.95M – $2.60M
NOI $155,912 @ 7.0% cap · market cap 8.55%
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,157 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 North Peoria Road Springfield, IL.
What is the asking price?
The asking price for this property is $1,823,529.
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
