Two-Story Brewery and
For Sale
Contact for pricing
406 East Adams Street, Springfield, IL 62701
Two-story masonry building with full unfinished basement, built-out bars, production space, and updated plumbing and electrical systems.
Property Size3,740 SF
Price / SF$69.52
Days on Market131
Property Features for 406 East Adams Street
General Information
Standard status
Active
Size
3,740 SF
Property subtype
Retail
Additional Details
Grease Trap
Yes
Building Details
Year Built
1900
Year Renovated
2024
Stories
2
Listing Agency:
Coldwell Banker Commercial Devonshire Realty
Listed By:
Blake Pryor · License #475159138
(217) 547-6650
Source:
Crexi
Added: Apr 30
Changed: Jul 20
Last Checked: Sep 6 at 8:58AM
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
Investment Insights
Based on property information with market context.
This former craft brewery and taproom property consists of a two-story masonry building with a full unfinished basement. The space has been extensively renovated between 2017 and 2024 and is currently configured with substantial hospitality and production infrastructure. The first floor includes a built-out bar and seating area, a production room, and two ADA-compliant restrooms. It also features a 3-compartment sink, handwashing sink, and a walk-in cooler with tap lines, including updated glycol and CO2 systems. The second floor provides additional seating areas, a secondary bar with a 3-compartment sink and handwashing sink, two restrooms, and a small kitchen with a range hood, 3-compartment sink, handwashing sink, and an above-grade grease interceptor.
Improvements include an EPDM rubber roof and exterior stucco improvements in 2024, plus a glass garage door entrance. Interior and systems work includes extensive electrical upgrades (including a new exterior panel and 240 V service and lighting throughout), CAT5 cabling, custom shelving, and structural reinforcements supporting prior brewery operations in 2017. Plumbing updates were completed in the basement up to the City connection between 2018 and 2021. Furniture and equipment are not included, but may be available for purchase.
The property is situated along Adams Street in downtown Springfield and is positioned along the Old Capitol Farmers Market route, which has drawn consistent seasonal and weekend traffic since 1999.
Improvements include an EPDM rubber roof and exterior stucco improvements in 2024, plus a glass garage door entrance. Interior and systems work includes extensive electrical upgrades (including a new exterior panel and 240 V service and lighting throughout), CAT5 cabling, custom shelving, and structural reinforcements supporting prior brewery operations in 2017. Plumbing updates were completed in the basement up to the City connection between 2018 and 2021. Furniture and equipment are not included, but may be available for purchase.
The property is situated along Adams Street in downtown Springfield and is positioned along the Old Capitol Farmers Market route, which has drawn consistent seasonal and weekend traffic since 1999.
Key Highlights
- Two‑story masonry former craft brewery and taproom with a full unfinished basement (built in 1900).
- First floor offers 1,820 SF with a built‑out bar and seating, production room, and two ADA‑compliant restrooms.
- Second floor offers 1,920 SF with additional seating, a secondary bar, two restrooms, and a small kitchen with grease interceptor.
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
$22,384
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
8.61%
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%
$447,680
$447.7K
Cap Rate 7%
$319,771
$319.8K
Cap Rate 9%
$248,711
$248.7K
Market Conditions
NOI Build-Up for 3,740 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
$33.7K $9.00/SF
− Vacancy
−$1.7K −$0.45/SF
EGI
$32.0K $8.55/SF
− OpEx
−$9.6K −$2.56/SF
NOI
$22.4K $5.98/SF
Area
Springfield, IL
Vacancy
5.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$447,680
Cap Rate 7%
$319,771
Cap Rate 9%
$248,711
Alternative Uses
Best Use
Specialty Retail
$741.8K
$649.1K – $865.5K
NOI $51,929 @ 7.0% cap · market cap 19.97%
Second Best
Industrial
$319.8K
$279.8K – $373.1K
NOI $22,384 @ 7.0% cap · market cap 8.61%
Theoretical Best
Office A
$918.2K
$803.5K – $1.07M
NOI $64,277 @ 7.0% cap · market cap 24.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
3,767
Businesses Nearby
Explore this area
Business Placement
Demographics for 62701, IL
1,354
Population
832
Households
1.6
Avg Household Size
36
Median Age
35%
College-Educated
86%
High-School Grad
0.4 sq mi
ZIP Area
3,385
Density / Sq Mi
$32,444
Median Household Income
$31,472
Median Earnings
$667
Median Rent
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Brewery - Two-story masonry building with full unfinished basement, built-out bars, production space, and updated plumbing and electrical systems.
Where is this brewery located?
The property is located at 406 East Adams Street Springfield, IL.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Two‑story masonry former craft brewery and taproom with a full unfinished basement (built in 1900).; First floor offers 1,820 SF with a built‑out bar and seating, production room, and two ADA‑compliant restrooms.; Second floor offers 1,920 SF with additional seating, a secondary bar, two restrooms, and a small kitchen with grease interceptor.
