Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2524 FARRAGUT Drive #C Springfield, IL 62704

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Executive office suite with unique features available for rent.

    Type:Office
    Added:
    Feb 11, 2024
    Days on Market:
    786
    Last Refresh:
    Mar 17 at 1:21 pm

    Property Features for 2524 FARRAGUT Drive #C

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 2524 FARRAGUT Drive #C Contact us

    C $14 /Mo

    Size
    4,224 SF
    Type
    Office
    Contact us

    We can help!

    Listing Contact
    Curtis Tillett
    Curtis Tillett

    Listing agent Curtis Tillett License #IL 475089421

    Listing office The Real Estate Group Inc

    Listing date Feb 11, 2024

    Source Crexi

    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 Inc

    Overview

    Unique Springfield Office Suite For Rent

    Suite C offers a distinctive executive space, featuring a large office equipped with a fireplace, a conference room, and a bathroom that includes a steam sauna and shower. This space also has a single-car garage and a separate entrance. Adjacent to the executive area is an office section comprising four small offices, a reception area, work areas, a break room, and two private restrooms. This office suite is located in the Springfield market and presents a one-of-a-kind opportunity. The space can be combined with Suite B.
    Location Intelligence

    Current Use by Public Records

    OSF Children's Hospital ... Hospital OSF Children's Hospital ... Medical Clinic OSF Children's Hospital ... Medical Clinic Prairie Speech & Language Physician Pettit Tamara Employment Agency

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.697522
    Latitude
    39.794903

    Nearby Similar for Lease

    • Contact for pricing

      Turn-Key Bar/Retail Space Available

      Prime West Springfield location, ready for immediate operation.
      4117 WABASH Avenue, Springfield, IL 62711
      View Details
    • Contact for pricing

      Springfield Office Space For Lease

      Professional office space for lease near White Oaks Mall.
      2205 W WABASH Avenue unit: 290, Springfield, IL 62704
      View Details
    • Contact for pricing

      Springfield Office Space For Lease

      Professional office space for lease near White Oaks Mall.
      2205 W WABASH Avenue unit: 280, Springfield, IL 62704
      View Details
    • Contact for pricing

      Professional Office Space For Lease

      Professional office space for lease with elevator access and great exposure.
      2205 W WABASH Avenue unit: 230, Springfield, IL 62704
      View Details
    • Contact for pricing

      Springfield Retail Space For Rent

      2,800 SF retail space in a rapidly growing area.
      3252 Ginger Creek Drive, Springfield, IL 62711
      View Details
    • Contact for pricing

      Springfield Office Space For Lease

      Professional office space for lease near White Oaks Mall.
      2205 W WABASH Avenue unit: 250, Springfield, IL 62704
      View Details
    • Contact for pricing

      Springfield Retail Space For Rent

      High-traffic retail space in Southfield Commons, Springfield, Illinois.
      1374 TORONTO Road, Springfield, IL 62712
      View Details
    • Contact for pricing

      Commercial Space with Auto Potential

      2921 SF commercial space suitable for automotive or other businesses.
      3316 ROBBINS Road, Springfield, IL 62711
      View Details
    • Contact for pricing

      Equipped Salon Space in Springfield

      Refined salon space with six stations near downtown Springfield.
      612 W S Grand Avenue, Springfield, IL 62704
      View Details
    • Contact for pricing

      Springfield Commercial Warehouse and Kitchen

      Warehouse and commercial kitchen space available for lease or sale.
      4753 Jeffory Street, Springfield, IL 62703
      View Details
    • Contact for pricing

      Class A Office Suite

      Office suite in Class A building near amenities.
      3161 W WHITE OAKS Drive unit: 302, Springfield, IL 62704
      View Details
    • Contact for pricing

      Former Pet Center with Kennels

      3,200 SF building with kennels, office, and expansion potential.
      3401 GATEWAY Drive, Springfield, IL 62711
      View Details

    FAQs

    What type of property is this?
    Office units - Executive office suite with unique features available for rent.
    Where is this office units located?
    The property is located at 2524 FARRAGUT Drive #C Springfield, IL.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: Unique executive space featuring a fireplace, conference room, and private entrance.; Enjoy a steam sauna with shower in the executive bathroom.; Includes a single‑car garage.
    (217) 553-7022 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Curtis Tillett
    Curtis Tillett
    Real Estate License ID: IL 475089421
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!