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    2345 S Macarthur Blvd Springfield, IL 62704

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    For Lease
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    Turnkey healthcare and medical clinic space for sublease in Springfield.

    Property Features for 2345 S Macarthur Blvd

    General Information

    Standard status
    Active

    Building Details

    Year built
    1961

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    Listing Contact
    Blake Pryor
    Source: Crexi

    Listing Agency: Coldwell Banker Commercial Devonshire Realty Listing Agent: Blake Pryor

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Turnkey Healthcare Space in Springfield

    This turnkey healthcare and medical clinic space is available for sublease within Town & Country Shopping Center in Springfield, Illinois. The space was previously built out for Oak Street Health, a CVS Health affiliate. The existing layout features a high-quality medical office buildout designed for primary care operations, including multiple exam rooms, consultation offices, clinical support areas, reception, and a patient waiting area. Approximately 660 square feet of adjacent shell space, originally planned for a pharmacy, offers flexibility for a variety of uses, allowing customization of the space. The property is located within Town & Country Shopping Center, a large community retail center with excellent visibility, ample parking, and access along a major arterial corridor. Positioned at a signalized intersection, the center serves an established commercial district and features a diverse tenant mix including Dollar Tree, Citi Trends, Chuck E. Cheese, and the Illinois State Board of Education. The property is under new ownership and management, with plans for a façade renovation scheduled for 2026. The property is located within the MacArthur Boulevard Tax Increment Financing (TIF) District and the Springfield-Sangamon Enterprise Zone. These programs may provide financial incentives for businesses investing in the area.
    Location Intelligence

    Current Use by Public Records

    UPS DROPBOX Post Office

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.66826
    Latitude
    39.773892

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    FAQs

    What type of property is this?
    Medical center - Turnkey healthcare and medical clinic space for sublease in Springfield.
    Where is this medical center located?
    The property is located at 2345 S Macarthur Blvd Springfield, IL.
    What are key features of this property?
    This property features: - Turnkey healthcare/medical clinic space, previously built out for Oak Street Health (CVS Health affiliate).; - High-quality medical office buildout with multiple exam rooms, consultation offices, clinical support areas, reception, and patient waiting area.; - Located within Town & Country Shopping Center, offering excellent visibility, ample parking, and access along a major arterial corridor.
    (217) 547-6650
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    2345 S Macarthur Blvd Springfield, IL 62704
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2345 S Macarthur Blvd Springfield, IL 62704
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    Listing Contact
    Blake Pryor
    Real Estate License ID: 475159138
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