Office Building with Central
For Sale
$2,400,000
4234 WABASH Avenue, Springfield, IL 62711
Commercial Sale, Springfield, IL
Property Size9,900 SF
Lot Size0.00 Acres
Price / SF$242.42
Days on Market473
Property Features for 4234 WABASH Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-1
Directions
West Wabash - Near Meadowbrook
Standard status
Active
APN
21140200045
Lot size
0.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
30174
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Floors in Building
1
Flooring type
Concrete
Building materials
Brick, Wood Siding, Block
Roof type
Composition
Listing Agency:
RE/MAX Professionals · RE/MAX International
(217) 787-7215
Listed By:
Melissa Vorreyer · License #475100751
(217) 652-0875
Added: May 5, 2025
Changed: Aug 19
Last Checked: Aug 20 at 7:06PM
MLS# CA1036177
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 office building totals 9,900 sq ft and features a brick exterior with wood siding and block construction. The interior flooring is concrete. Heating is provided by natural gas forced air, and cooling includes central air. Public sewer service supports the property.
The property is located at 4234 Wabash Avenue on the west side of Springfield, IL, with access to Wabash Avenue and visibility to the surrounding commercial area.
An additional 20+/- acres contiguous land is also available for sale alongside the building, providing flexibility for future expansion or related development within the same property footprint.
The property is located at 4234 Wabash Avenue on the west side of Springfield, IL, with access to Wabash Avenue and visibility to the surrounding commercial area.
An additional 20+/- acres contiguous land is also available for sale alongside the building, providing flexibility for future expansion or related development within the same property footprint.
Key Highlights
- 9,900 sq ft office building
- Zoned I‑1
- Central air and natural gas forced‑air heating
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
$130,442
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
5.44%
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%
$2,608,840
$2.6M
Cap Rate 7%
$1,863,457
$1.9M
Cap Rate 9%
$1,449,356
$1.4M
Market Conditions
NOI Build-Up for 9,900 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
$217.4K $21.96/SF
− Vacancy
−$43.5K −$4.39/SF
EGI
$173.9K $17.57/SF
− OpEx
−$43.5K −$4.39/SF
NOI
$130.4K $13.18/SF
Area
Springfield, IL
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$2,608,840
Cap Rate 7%
$1,863,457
Cap Rate 9%
$1,449,356
Alternative Uses
Best Use
Office B
$1.86M
$1.63M – $2.17M
NOI $130,442 @ 7.0% cap · market cap 5.44%
Second Best
Retail
$1.64M
$1.43M – $1.91M
NOI $114,761 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,145 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
521
Businesses Nearby
Explore this area
Business Placement
Demographics for 62711, IL
18,115
Population
7,885
Households
2.3
Avg Household Size
49
Median Age
57%
College-Educated
98%
High-School Grad
30.9 sq mi
ZIP Area
586
Density / Sq Mi
$123,507
Median Household Income
$65,758
Median Earnings
$1,272
Median Rent
$299,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office building zoned I-1 with central air, natural gas forced-air heat, public sewer, and a brick and block exterior.
Where is this office units located?
The property is located at 4234 WABASH Avenue Springfield, IL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 9,900 sq ft office building; Zoned I‑1; Central air and natural gas forced‑air heating
