Vaulted-Ceiling
New
For Sale
$345,000
2704 Johnathan Place, Springfield, IL 62711
Finished basement, patio, and partially fenced yard expand the property’s practical living and outdoor areas.
Property Size2,611 SF
Price / SF$132.13
Days on Market7
Property Features for 2704 Johnathan Place
General Information
Standard status
Active
Size
2,611 SF
Property subtype
Commercial
Additional Details
Furnished
No
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,345
Amenities
central air conditioning
yard
patio
partially fenced
Building Details
Year Built
2007
Buildings
1
Listing Agency:
RE/MAX Professionals
Listed By:
Jim Fulgenzi (jim@yourhome101.com)
Source:
Curveyrealestate
Added: Sep 18
Last Checked: Sep 24 at 9:32AM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
Built in 2007, this duplex contains 2,611 square feet and offers an open interior with vaulted ceilings. A finished basement adds flexible space, while recent improvements include a newer central air conditioner and ejector pump. The property was pre-inspected by B-Safe.
Located at 2704 Johnathan Place in Springfield, the property sits on a quiet cul-de-sac with a large yard, patio, and partially fenced area. Shopping, dining, parks, and west-side amenities are nearby.
Located at 2704 Johnathan Place in Springfield, the property sits on a quiet cul-de-sac with a large yard, patio, and partially fenced area. Shopping, dining, parks, and west-side amenities are nearby.
Key Highlights
- 2,611‑square‑foot duplex built in 2007
- Finished basement adds flexible living space
- Vaulted ceilings and an open interior layout
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
$24,334
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
7.05%
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%
$486,680
$486.7K
Cap Rate 7%
$347,629
$347.6K
Cap Rate 9%
$270,378
$270.4K
Market Conditions
NOI Build-Up for 2,611 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
$36.0K $13.80/SF
− Vacancy
−$1.3K −$0.49/SF
EGI
$34.8K $13.31/SF
− OpEx
−$10.4K −$3.99/SF
NOI
$24.3K $9.32/SF
Area
Springfield, IL
Vacancy
3.52%
Lease Rate
$13.80 /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%
$486,680
Cap Rate 7%
$347,629
Cap Rate 9%
$270,378
Alternative Uses
Best Use
Multifamily LT 5
$347.6K
$304.2K – $405.6K
NOI $24,334 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$303.5K
$265.5K – $354.0K
NOI $21,242 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$641.1K
$560.9K – $747.9K
NOI $44,874 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
25
Businesses Nearby
Explore this area
Business Placement
Demographics for 62711, IL
18,115
Population
7,885
Households
2.3
Avg Household Size
49
Median Age
57%
College-Educated
98%
High-School Grad
30.9 sq mi
ZIP Area
586
Density / Sq Mi
$123,507
Median Household Income
$65,758
Median Earnings
$1,272
Median Rent
$299,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Finished basement, patio, and partially fenced yard expand the property’s practical living and outdoor areas.
Where is this duplex located?
The property is located at 2704 Johnathan Place Springfield, IL.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 2,611‑square‑foot duplex built in 2007; Finished basement adds flexible living space; Vaulted ceilings and an open interior layout
