Freestanding Two-Floor Office
For Sale
Contact for pricing
3167 Robbins Rd, Springfield, IL 62704
Well-maintained 2001-built office building with 16 private offices, workstations, conference rooms, and 41 surface parking spaces.
Property Size10,900 SF
Lot Size1.63 Acres
Price / SF$160.55
Days on Market103
Property Features for 3167 Robbins Rd
General Information
Standard status
Active
Size
10,900 SF
Net Rentable
10,900 SF
Total Parking Spaces
41
Lot size
1.63 Acres
Property subtype
OFFICE
Building Details
Year Built
2001
Buildings
1
Stories
2
Building Size
10,900 SF
Listing Agency:
BARBERMurphy
(618) 277-4400
Listed By:
Katie Bush · License #475209285
Source:
Moodyscre
Added: May 11
Changed: Aug 15
Last Checked: Aug 15 at 9:50AM
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 BARBERMurphy
Investment Insights
Based on property information with market context.
Well-maintained, freestanding office building built in 2001 offering a functional two-floor layout. The space includes 16 private offices, three workstations, and two conference rooms, supporting professional services, medical administration, or a regional headquarters operation. The property provides 41 surface parking spaces and strong identity and signage potential due to its standalone configuration. Recent capital improvements include a roof replacement in July 2022 and a new HVAC chiller installed in December 2025.
Located at 3167 Robbins Road in Springfield, Illinois, the property is positioned within a highly accessible commercial corridor on the west side of the state capital. Major roadways provide straightforward connectivity throughout the greater Springfield market. The surrounding area offers convenient access for employees and clients, with nearby national retailers, dining, and service providers including Target, Walmart, Chick-fil-A, Olive Garden, Best Buy, and Kohl’s.
The building sits on approximately 1.63 acres, and the local trade area within five miles includes nearly 92,000 residents with an average household income exceeding $100,000.
Located at 3167 Robbins Road in Springfield, Illinois, the property is positioned within a highly accessible commercial corridor on the west side of the state capital. Major roadways provide straightforward connectivity throughout the greater Springfield market. The surrounding area offers convenient access for employees and clients, with nearby national retailers, dining, and service providers including Target, Walmart, Chick-fil-A, Olive Garden, Best Buy, and Kohl’s.
The building sits on approximately 1.63 acres, and the local trade area within five miles includes nearly 92,000 residents with an average household income exceeding $100,000.
Key Highlights
- Freestanding professional office building built in 2001 with 10,900 rentable SF across two floors
- Layout includes 16 private offices, 3 workstations, and 2 conference rooms for professional or administrative use
- Approximately 1.63 acres with 41 surface parking spaces
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
$143,618
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
8.21%
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%
$2,872,360
$2.9M
Cap Rate 7%
$2,051,686
$2.1M
Cap Rate 9%
$1,595,756
$1.6M
Market Conditions
NOI Build-Up for 10,900 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
$239.4K $21.96/SF
− Vacancy
−$47.9K −$4.39/SF
EGI
$191.5K $17.57/SF
− OpEx
−$47.9K −$4.39/SF
NOI
$143.6K $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%
$2,872,360
Cap Rate 7%
$2,051,686
Cap Rate 9%
$1,595,756
Alternative Uses
Best Use
Office B
$2.05M
$1.80M – $2.39M
NOI $143,618 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.68M
$2.34M – $3.12M
NOI $187,332 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,102
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained 2001-built office building with 16 private offices, workstations, conference rooms, and 41 surface parking spaces.
Where is this office building located?
The property is located at 3167 Robbins Rd Springfield, IL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Freestanding professional office building built in 2001 with 10,900 rentable SF across two floors; Layout includes 16 private offices, 3 workstations, and 2 conference rooms for professional or administrative use; Approximately 1.63 acres with 41 surface parking spaces
