Flex Space Building with Full Steel
For Sale
$199,000
402 Dawson Street, Springfield, IL 62702
COMMERCIAL - Springfield, IL
Property Size1,700 SF
Lot Size0.57 Acres
Price / SF$117.06
Days on Market180
Property Features for 402 Dawson Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-2
Directions
West Jefferson to Dawson Street
Standard status
Active
APN
14-29.0-403-034
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOTS 33 & 34 & THE VAC ALLEY LYING BETWEEN LOTS 29-34 OF HENRY SELINGERS EST SUB
Tax Annual Amount
2917
Legal Description
LOTS 33 & 34 & THE VAC ALLEY LYING BETWEEN LOTS 29-34 OF HENRY SELINGERS EST SUB
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
Kitchenette
Building Details
Floors in Building
1
Flooring type
Tile
Building materials
Aluminum Siding, Frame
Roof type
Metal
Listing Agency:
The Real Estate Group, Inc.
(217) 787-7000
Listed By:
Joshua Kruse · License #475144896
(217) 816-9405
Added: Feb 19
Changed: Aug 4
Last Checked: Aug 18 at 1:06AM
MLS# CA1041844
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 space building offers an approximately 1,700 SF interior with a full steel shell on all four exterior walls and a metal roof for durable exterior construction. The parcel is 0.57 acres and the building sits at the end of a minimally traveled cul-de-sac street. Ample parking is provided on both the north and south ends of the property.
Inside, a kitchenette includes a full-sized refrigerator, sink, and dishwasher. Male and female restrooms are already in place, and there is one dividing partition wall creating two separate useful spaces. The partition wall could be removed without compromising the integrity of the structure.
The building features tile flooring and is served by natural gas forced air heating and central air cooling. Public sewer is available. Zoning is R-2.
Inside, a kitchenette includes a full-sized refrigerator, sink, and dishwasher. Male and female restrooms are already in place, and there is one dividing partition wall creating two separate useful spaces. The partition wall could be removed without compromising the integrity of the structure.
The building features tile flooring and is served by natural gas forced air heating and central air cooling. Public sewer is available. Zoning is R-2.
Key Highlights
- Approximately 1,700 SF flex space building with full steel shell on all four exterior walls
- 0.57‑acre parcel at the end of a minimally traveled cul‑de‑sac
- Ample parking on both the north and south ends of the property
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
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
537
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 - Flex space building on a 0.57-acre parcel with parking at both ends and male and female restrooms already in place.
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: Approximately 1,700 SF flex space building with full steel shell on all four exterior walls; 0.57‑acre parcel at the end of a minimally traveled cul‑de‑sac; Ample parking on both the north and south ends of the property
