5-Unit Strip
For Sale
$2,500,000
2940 Constitution Drive, Springfield, IL 62704
Multi-tenant retail property with four occupied units and Commercial zoning.
Property Size29,000 SF
Price / SF$394.63
Days on Market137
Property Features for 2940 Constitution Drive
General Information
Standard status
Active
Size
29,000 SF
Property subtype
Commercial
Zoning
Commercial
Lease Type
Gross
Taxes and HOA fees
Annual Taxes
$29,205
Building Details
Building Size
29,000 SF
Buildings
1
Tenancy
Multi
Listing Agency:
The Real Estate Group, Inc.
(217) 638-1360
Listed By:
Jerry George · License #475159363
(217) 638-1360
Source:
Craggsrealtors
Added: Apr 14
Changed: Aug 28
Last Checked: Aug 28 at 10:42AM
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.
Investment Insights
Based on property information with market context.
This 6,335-square-foot strip mall at 2940 Constitution Drive in Springfield, Illinois, contains five retail units, with four currently occupied. The property is zoned Commercial and operates within the Parkway Point Development on the west side of the market.
Current occupants are The Music Shoppe, Treasure Hunt Deals, The Vaporium, and Deo Gratias Food Mart. The surrounding commercial setting includes Target, Skyzone, Walmart, Crumbl, Starbucks, Portillo's, and The Crafted Stag Supply, placing the center among a mix of national retailers and local businesses.
Current occupants are The Music Shoppe, Treasure Hunt Deals, The Vaporium, and Deo Gratias Food Mart. The surrounding commercial setting includes Target, Skyzone, Walmart, Crumbl, Starbucks, Portillo's, and The Crafted Stag Supply, placing the center among a mix of national retailers and local businesses.
Key Highlights
- 6,335‑square‑foot strip mall with five total retail units
- Four of five units are currently occupied
- Commercial zoning designation
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
$73,435
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
2.94%
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%
$1,468,700
$1.5M
Cap Rate 7%
$1,049,071
$1.0M
Cap Rate 9%
$815,944
$815.9K
Market Conditions
NOI Build-Up for 6,335 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
$114.0K $18.00/SF
− Vacancy
−$9.1K −$1.44/SF
EGI
$104.9K $16.56/SF
− OpEx
−$31.5K −$4.97/SF
NOI
$73.4K $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%
$1,468,700
Cap Rate 7%
$1,049,071
Cap Rate 9%
$815,944
Alternative Uses
Best Use
Retail
$1.05M
$917.9K – $1.22M
NOI $73,435 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.36M – $1.81M
NOI $108,876 @ 7.0% cap · market cap 4.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Explore this area
Business Placement
Demographics for 62704, IL
39,157
Population
20,706
Households
1.9
Avg Household Size
40
Median Age
42%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
3,210
Density / Sq Mi
$66,352
Median Household Income
$44,793
Median Earnings
$924
Median Rent
$166,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Multi-tenant retail property with four occupied units and Commercial zoning.
Where is this strip mall located?
The property is located at 2940 Constitution Drive Springfield, IL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 6,335‑square‑foot strip mall with five total retail units; Four of five units are currently occupied; Commercial zoning designation
