Durable Commercial Building with Flex
For Sale
Contact for pricing
402 Dawson Street, Springfield, IL 62702
Near 1,700 SF commercial building with ample parking.
Property Size1,700 SF
Price / SF$117.06
Days on Market181
Property Features for 402 Dawson Street
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Industrial, Office
Zoning
R-2
Listing Agency:
The Real Estate Group Inc
(217) 816-9405
Listed By:
Joshua Kruse · License #IL
Source:
Crexi
Added: Feb 20
Changed: Aug 14
Last Checked: Aug 14 at 6:05AM
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 commercial building, offering nearly 1,700 square feet, is located at the end of a minimally traveled cul-de-sac street, just off West Jefferson. The building features a full steel shell, providing durability for all four exterior walls and the roof. Ample parking is available on both the north and south ends of the property. Inside, there is a kitchenette equipped with a full-sized refrigerator, sink, and dishwasher. Male and female restrooms are already in place. A dividing partition wall creates two separate spaces, but it can be easily removed without compromising the structure. The building offers huge flex space, suitable for various opportunities.
Key Highlights
- Durable full steel shell construction (walls and roof).
- Ample parking on both North and South sides of the property.
- Convenient kitchenette with full‑sized refrigerator, sink, and dishwasher.
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
$16,986
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
8.54%
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%
$339,720
$339.7K
Cap Rate 7%
$242,657
$242.7K
Cap Rate 9%
$188,733
$188.7K
Market Conditions
NOI Build-Up for 1,700 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
$28.6K $16.80/SF
− Vacancy
−$2.4K −$1.43/SF
EGI
$26.1K $15.37/SF
− OpEx
−$9.1K −$5.38/SF
NOI
$17.0K $9.99/SF
Area
Springfield, IL
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$339,720
Cap Rate 7%
$242,657
Cap Rate 9%
$188,733
Alternative Uses
Best Use
Flex RnD
$242.7K
$212.3K – $283.1K
NOI $16,986 @ 7.0% cap · market cap 8.54%
Second Best
Industrial
$145.4K
$127.2K – $169.6K
NOI $10,175 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$417.4K
$365.2K – $487.0K
NOI $29,217 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62702, IL
33,712
Population
17,083
Households
2
Avg Household Size
41
Median Age
20%
College-Educated
90%
High-School Grad
15.4 sq mi
ZIP Area
2,189
Density / Sq Mi
$52,748
Median Household Income
$38,160
Median Earnings
$858
Median Rent
$102,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Smucks Smokin Kitchen❤️ — 1101 N Amos Ave, Springfield, IL 62702
- Robert's Seafood Market — 1615 W Jefferson St, Springfield, IL 62702
Frequently Asked Questions
What type of property is this?
Flex space - Near 1,700 SF commercial building with ample parking.
Where is this flex space located?
The property is located at 402 Dawson Street Springfield, IL.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Durable full steel shell construction (walls and roof).; Ample parking on both North and South sides of the property.; Convenient kitchenette with full‑sized refrigerator, sink, and dishwasher.
