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    Small Office Suites Available Title is generated by Realmo AI

    386 S Koke Mill Rd, Springfield, IL 62711

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    For Lease
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    Second-story office suites with utilities and internet included.

    Type:Office
    Property size:
    261 SF
    Added:
    Feb 18, 2021
    Days on Market:
    1918
    Last Refresh:
    May 12 at 10:42 pm

    Property Features for 386 S Koke Mill Rd

    General Information

    Standard status
    Active
    Size
    261 SF
    Property subtype
    Office

    Building Details

    Year Built
    1996

    Spaces For Lease

    at 386 S Koke Mill Rd Contact us

    Suite E $22/Mo

    Size
    227 SF
    Type
    Office
    1-room office space on second story. The Landlord updated the paint and installed...
    show more
    Contact us

    Suite H $18/Mo

    Size
    261 SF
    Type
    Office
    2-room office space on second story. The Landlord updated the paint and installed...
    show more
    Contact us

    Suite D $18/Mo

    Size
    212 SF
    Type
    Office
    1-room office space available for lease on the second story. There is a shared meeting...
    show more
    Contact us

    We can help!

    Listing Contact
    Blake Pryor

    Listing agent Blake Pryor License #475159138

    Listing office Coldwell Banker Commercial Devonshire Realty

    Listing date Feb 18, 2021

    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 Coldwell Banker Commercial Devonshire Realty

    HighLights

    • Lease rate includes utilities and internet.
    • Ample parking available.
    • Shared meeting room/break room for tenants.
    • Quiet, secluded west side location with very little traffic.
    • Updated paint and LED lighting installed in 2021.
    • Suites available in various sizes (212 SF to 261 SF) to suit different needs.

    Overview

    Available for lease are several office suites located on the second story of a building in a quiet, secluded west side location with very little traffic, suitable for a small business owner seeking a peaceful environment. The area is primarily residential, with some professional and medical offices nearby. Suite D offers a one-room office space with 212 square feet at $370 per month. Suite E features a one-room office space with 227 square feet at $430 per month. Suite H provides a two-room office space with 261 square feet at $400 per month. The landlord updated the paint and installed LED lighting in 2021. Tenants have access to a shared meeting room and break room. Ample parking is available on-site. The lease rate includes utilities and internet. Access to the second story is via stairs only. The property is situated north of Old Jacksonville Road on the east side of Koke Mill Road.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Onward Accident & Injury ... Law Firm Barcom Security Security Service Sylvia Cassady Foster Care Service Golden Rule Handyman General Contractor acorn logistics management Warehouse & Storage

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.715726
    Latitude
    39.806489

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    FAQs

    What type of property is this?
    Office units - Second-story office suites with utilities and internet included.
    Where is this office units located?
    The property is located at 386 S Koke Mill Rd Springfield, IL.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Lease rate includes utilities and internet.; Ample parking available.; Shared meeting room/break room for tenants.
    (217) 547-6650 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Blake Pryor
    Real Estate License ID: 475159138
    Learn More
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    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.

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    386 S Koke Mill Rd, Springfield, IL 62711
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