Fenced Flex
For Sale
$395,000
3107 S PARK Avenue, Springfield, IL 62704
COMMERCIAL - Springfield, IL
Property Size960 SF
Price / SF$411.46
Days on Market17
Property Features for 3107 S PARK Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
Wabash E, right on Junction Circle.
Standard status
Active
APN
22-08.0-403-001
Taxes and HOA fees
Tax Year
2025
Tax Description
N PT L 84 PIERIK PLACE
Tax Annual Amount
6774
Legal Description
N PT L 84 PIERIK PLACE
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Floors in Building
1
Flooring type
Tile, Concrete
Building materials
Steel Frame, Wood Siding, Aluminum Siding, Frame
Roof type
Metal, Composition
Listing Agency:
The Real Estate Group, Inc.
(217) 787-7000
Listed By:
Randy Aldrich · License #475105744
(217) 725-2505
Added: Aug 4
Changed: Aug 7
Last Checked: Aug 20 at 8:06PM
MLS# CA1045605
Copyright © 2026 RMLS Alliance. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes two separate buildings on a commercially zoned parcel. The 24' x 40' office building features a reception area, kitchenette, full bathroom, and two private offices. A finished and insulated 40' x 60' warehouse provides in-floor boiler radiant heat, front and rear overhead doors, and another bathroom with shower.
The property is enclosed by tall fencing topped with barbed wire and entered through a remote-operated electric gate. Interior finishes include tile and concrete flooring, while building systems include natural-gas heating, forced-air service, central air conditioning, public sewer, and metal and composition roofing.
The property is enclosed by tall fencing topped with barbed wire and entered through a remote-operated electric gate. Interior finishes include tile and concrete flooring, while building systems include natural-gas heating, forced-air service, central air conditioning, public sewer, and metal and composition roofing.
Key Highlights
- 24' x 40' standalone office building with reception area, kitchenette, full bath, and two private offices
- Finished and insulated 40' x 60' warehouse
- In‑floor boiler radiant heat in the warehouse
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
$12,649
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
3.20%
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%
$252,980
$253.0K
Cap Rate 7%
$180,700
$180.7K
Cap Rate 9%
$140,544
$140.5K
Market Conditions
NOI Build-Up for 960 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
$21.1K $21.96/SF
− Vacancy
−$4.2K −$4.39/SF
EGI
$16.9K $17.57/SF
− OpEx
−$4.2K −$4.39/SF
NOI
$12.6K $13.18/SF
Area
Springfield, IL
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$252,980
Cap Rate 7%
$180,700
Cap Rate 9%
$140,544
Alternative Uses
Best Use
Office B
$180.7K
$158.1K – $210.8K
NOI $12,649 @ 7.0% cap · market cap 3.20%
Second Best
Flex RnD
$137.0K
$119.9K – $159.9K
NOI $9,592 @ 7.0% cap · market cap 2.43%
Theoretical Best
Office A
$235.7K
$206.2K – $275.0K
NOI $16,499 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
Under-served
Demand for This Use
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Utter's Catering & BBQ — 2905 S MacArthur Blvd, Springfield, IL 62704, United States
Frequently Asked Questions
What type of property is this?
Flex space - Separate office and warehouse buildings provide a combined commercial setup with controlled gated access.
Where is this flex space located?
The property is located at 3107 S PARK Avenue Springfield, IL.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 24' x 40' standalone office building with reception area, kitchenette, full bath, and two private offices; Finished and insulated 40' x 60' warehouse; In‑floor boiler radiant heat in the warehouse
