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6000 S 6th Street Frontage Rd E, Springfield, IL 62712
Cleared land near I-55, suitable for development or lease.
Property Size2,500 SF
Price / SF$220
Days on Market1127
Property Features for 6000 S 6th Street Frontage Rd E
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Mixed Use
Zoning
B-1
Building Details
Buildings
1
Stories
1
Listing Agency:
Keller Williams Capital
(217) 971-6775
Listed By:
James Skeeters · License #475097981
Source:
Crexi
Added: Jul 21, 2023
Changed: Aug 8
Last Checked: Aug 19 at 7:13AM
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 Keller Williams Capital
Investment Insights
Based on property information with market context.
This property presents a development opportunity near I-55, situated off the on and off-ramps at Toronto Road and South Sixth. The land has been cleared, and the gully is being filled. Neighboring businesses include Motel 6, Circle K, McDonald’s, Cracker Barrel, Taco Bell, and Subway, with a large strip mall nearby. The property currently features an old gas/service station structure and an NFR certificate. The owner is open to selling or leasing the property and is willing to discuss a build-to-suit option.
Key Highlights
- Prime development location with high visibility and accessibility off I‑55.
- Cleared land with gully being filled, creating a ready‑to‑build site.
- High‑traffic area surrounded by established businesses.
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
$34,712
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
6.31%
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%
$694,240
$694.2K
Cap Rate 7%
$495,886
$495.9K
Cap Rate 9%
$385,689
$385.7K
Market Conditions
NOI Build-Up for 2,500 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
$49.5K $19.80/SF
− Vacancy
−$3.2K −$1.29/SF
EGI
$46.3K $18.51/SF
− OpEx
−$11.6K −$4.63/SF
NOI
$34.7K $13.88/SF
Area
Springfield, IL
Vacancy
6.50%
Lease Rate
$19.80 /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%
$694,240
Cap Rate 7%
$495,886
Cap Rate 9%
$385,689
Alternative Uses
Best Use
Specialty Retail
$495.9K
$433.9K – $578.5K
NOI $34,712 @ 7.0% cap · market cap 6.31%
Second Best
Retail
$414.0K
$362.3K – $483.0K
NOI $28,980 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$613.8K
$537.1K – $716.1K
NOI $42,966 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
455
Businesses Nearby
Explore this area
Business Placement
Demographics for 62712, IL
10,321
Population
4,938
Households
2.1
Avg Household Size
44
Median Age
48%
College-Educated
99%
High-School Grad
23.9 sq mi
ZIP Area
432
Density / Sq Mi
$108,730
Median Household Income
$59,805
Median Earnings
$1,156
Median Rent
$244,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - Cleared land near I-55, suitable for development or lease.
Where is this gas station located?
The property is located at 6000 S 6th Street Frontage Rd E Springfield, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Prime development location with high visibility and accessibility off I‑55.; Cleared land with gully being filled, creating a ready‑to‑build site.; High‑traffic area surrounded by established businesses.
