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    Springfield Office Space For Rent Title is generated by Realmo AI

    400 W MONROE Street, Springfield, IL 62704

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    COMMERCIAL - Springfield, IL

    Added:
    Mar 3, 2025
    Days on Market:
    445
    Last Refresh:
    May 22 at 2:06 am

    Property Features for 400 W MONROE Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    R-5b
    Parking
    2
    Standard status
    Active
    APN
    14330207022

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    62229

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Zoned, Natural Gas, Forced Air, Hot Water(Heating)
    Cooling system
    Multi Units, Central Air

    Building Details

    Year built
    1989
    Floors in Building
    4
    Flooring type
    Carpet
    Building materials
    Brick, Steel Frame, Aluminum Siding
    Roof type
    Membrane

    We can help!

    Listing Contact
    Tom Frost
    Tom Frost

    Listing agent Tom Frost

    Listing office The Real Estate Group, Inc. 3701 West Wabash, Springfield, IL

    Listing date Mar 3, 2025

    MLS# CA1034741

    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.

    HighLights

    • Gross lease with minimal additional expenses (communications only).
    • Class A building with modern features.
    • Ample on‑site parking with 175 spaces.
    • Handicapped accessible restrooms.
    • Convenient access via two elevators and three stairways.
    • Zoned commercial heating and cooling.

    Overview

    This 467 square foot office space is configured into one private office and an L-shaped open area. The space includes access to common handicapped-accessible restrooms. The gross lease structure means the tenant's only additional expense is for communications, such as internet and phone services. The Class A building features a monitored wet sprinkler system, brick and steel I-beam exterior construction, and metal stud interior walls. On-site parking is available for 175 vehicles in assigned spaces. All floors are accessible via two elevators and three stairways, two of which lead directly from the covered parking area. Commercial heating and cooling plants serve the second floor, separate from the third and fourth floors. The property is located in Springfield, Illinois.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    US Secret Services Federal Government Office Appellate Defender Law Firm Illinois Auditor General State Government Office Chemical Industry Council ... Chemical Plant Illinois Juvenile Defender ... Consultant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.65905
    Latitude
    39.799285

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    FAQs

    What type of property is this?
    Office units - 467 SF office space in Class A building.
    Where is this office units located?
    The property is located at 400 W MONROE Street Springfield, IL.
    What are key features of this property?
    This property features: Gross lease with minimal additional expenses (communications only).; Class A building with modern features.; Ample on‑site parking with 175 spaces.
    (217) 652-8972
    We can help!
    Listing Contact
    Tom Frost
    Tom Frost
    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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    400 W MONROE Street, Springfield, IL 62704
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