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    Downtown Springfield Office/Retail Opportunity Title is generated by Realmo AI

    427 MONROE Street, Springfield, IL 62701

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    Claim this Listing
    For Sale
    $637,500

    COMMERCIAL - Springfield, IL

    Property size:
    6,000 SF
    Lot size:
    0.50 Acres
    Price / SF:
    $106/SF
    Added:
    Dec 1, 2024
    Days on Market:
    530
    Last Refresh:
    May 15 at 8:06 pm

    Property Features for 427 MONROE Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    S-3
    Standard status
    Active
    APN
    14340107051
    Size
    6,000 SF
    Lot size
    0.50 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    23059

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Floors in Building
    4
    Flooring type
    Carpet, Tile
    Building materials
    Brick, Frame
    Roof type
    Membrane

    We can help!

    Listing Contact
    Curtis Tillett
    Curtis Tillett

    Listing agent Curtis Tillett License #475089421

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

    Listing date Dec 1, 2024

    MLS# CA1034952

    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

    • Prime downtown Springfield location at the corner of 5th and Monroe
    • Variety of office suites available on the third floor
    • 6,000 sq. ft. entertainment space with open floor plan, 2 bars, stage, and 2 outdoor seating areas
    • Close proximity (3 blocks) to the State Capitol and Amtrak station
    • Ground level retail space available
    • Located next door to the post office and near 3 banks

    Overview

    This commercial property offers excellent office space on a prime corner in downtown Springfield. Third-floor suites are available, making it an ideal location for professionals such as lobbyists, attorneys, architects, and accountants. Ground-level retail space is also available. The property includes 6,000 sq. ft. of entertainment space featuring an open floor plan, two bars, a stage, and two outdoor seating areas. Other reputable tenants are located in the building. The property is located on the corner of 5th and Monroe in the heart of downtown Springfield, just three blocks from the State Capitol and Amtrak station, and next door to the post office. Three banks are within one to two blocks, and multiple restaurants and gift shops are minutes away. The building is approximately one mile from Memorial Medical Center, St. John's Hospital, and other facilities in the Medical District. The lot size is 0.5 acres. The zoning is S-3.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Brown Management Corp. Business Management Consultant Coldwell Banker Commercial ... Real Estate Agency Upper Echelon Marketing ... Advertising Agency Veloxinet Telecommunications Service Kristi Mitchell Photography Photography Service

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.649721
    Latitude
    39.799663

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    FAQs

    What type of property is this?
    Office units - Prime corner location in downtown Springfield with office and retail space.
    Where is this office units located?
    The property is located at 427 MONROE Street Springfield, IL.
    What is the asking price?
    The asking price for this property is $637,500.
    What are key features of this property?
    This property features: Prime downtown Springfield location at the corner of 5th and Monroe; Variety of office suites available on the third floor; **6,000 sq. ft. entertainment space with open floor plan, 2 bars, stage, and 2 outdoor seating areas**
    (217) 553-7022
    We can help!
    Listing Contact
    Curtis Tillett
    Curtis Tillett
    Real Estate License ID: 475089421
    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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